DUBLIN--(BUSINESS WIRE)--The "Domiciliary Insurance Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global domiciliary insurance market as it emerges from the COVID-19 shut down.
The global domiciliary insurance market is expected to grow from $27.15 billion in 2021 to $32.42 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%. The market is expected to grow to $59.01 billion in 2026 at a compound annual growth rate (CAGR) of 16.2%.
Companies Mentioned
- Cigna Corporation
- AIA Insurance Group
- Allianz SE
- AXA
- Aviva plc.
- Aetna Inc.
- HDFC Ergo
- Munich Re
- ICICI Lombard General Insurance Company
- Religare Health Insurance Company Limited
- Edelweiss Health Insurance
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies
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- Identify growth segments for investment
- Outperform competitors using forecast data and the drivers and trends shaping the market
- Understand customers based on the latest market research findings
- Benchmark performance against key competitors
- Utilize the relationships between key data sets for superior strategizing
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
The domiciliary insurance market consists of sales of domiciliary insurance services by entities that are engaged in direct underwriting insurance policies for home-based treatment done for a disease, illness, or injury. The home treatment could be because of a lack of accommodation at the hospital or because the patient's condition does not permit them to get admitted to the hospital.
The main types of domiciliary insurance are diseases insurance, medical insurance, income protection insurance, and other insurance. Diseases insurance refers to the domiciliary insurance that is issued to an individual that covers the policy for critical diseases. The various coverages are lifetime coverage, term coverage. The demographics included are minors, adults, and senior citizens. The different networks involved are preferred provider organizations (PPOs), point of services (pos), health maintenance organizations (HMOs), exclusive provider organizations (epos). The various service providers are private, public.
North America was the largest region in the domiciliary insurance market in 2021. Asia Pacific was the second largest market in domiciliary insurance market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing geriatric population is expected to propel the domiciliary insurance market. The population of the world is growing older, with the age group of 65 and above being the fastest growing. For instance, according to World Population Prospects 2019 data released by the Population Division of the United Nations Department of Economic and Social Affairs, by 2050, one out of six people in the world will be over 65 (16%), a rise from the one in 11 in 2019 (9 %) and the number of people aged 80 or over is estimated to triple, from 143 million in 2019 to 426 million in 2050.
The rise in the geriatric population means a population with more health problems that require constant care and have limited ability to move which makes them depend on health services at the comfort of their homes. Moreover, even healthcare providers prefer treating them at home unless there is a major emergency, as these services are of high cost. People are opting for domiciliary insurance as a separate policy or along with the health insurance plan to cover these home hospitalization treatment costs which further contributes towards the growth of the market.
Limited coverage of domiciliary insurance is expected to hamper the market growth. Domiciliary insurance offers very limited coverage as this is not applicable for chronic ailments and treatments below three days. For instance, Reliance (India) domiciliary insurance covers only up to 10% of the base sum insured subject to a maximum of INR 50,000 in aggregate during the policy period.
Also, domiciliary insurance does not cover ailments such as bronchitis, epilepsy, asthma, cough, cold, influenza, diabetes mellitus and insipidus, pyrexia of unknown origin for a period of fewer than ten days, chronic nephritis, psychiatric or psychosomatic disorders, diarrhea, dysentery, gastroenteritis, arthritis, gout or rheumatism, hypertension, tonsillitis, upper respiratory tract infection, and laryngitis, or pharyngitis. The lack of insurance coverage for all the ailments and emergency care makes it less opted, which in turn hinders the growth of the market.
Companies are concentrating on the release of policies specific to COVID-19. With the surge in the coronavirus pandemic cases, a large number of people getting affected have strained the hospital and healthcare services further making bed availability a challenge. However, as all cases do not require hospitalization, hospitals are requesting the affected people to take treatment at their homes.
Even people are opting for home treatment to ensure safe and effective treatment due to the fear of contracting a secondary infection from other patients in public hospitals, and the high price charges of private hospitals. This has allowed the companies in the domiciliary insurance market to cater the domiciliary insurance services along with the normal health insurance policy specific to COVID.
For more information about this report visit https://www.researchandmarkets.com/r/nkn1g8
