DUBLIN--(BUSINESS WIRE)--The "Global Health Insurance Market Size, Share, Growth Analysis, By Service Provider, By Product Type, By Network Provider, By End User - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global health insurance market size was valued at USD 2098.41 billion in 2021 and is poised to grow from USD 2240.85 billion in 2022 to USD 3793.4 billion by 2030, growing at a CAGR of 6.8% in the forecast period (2023-2030).
An insured person's financial losses due to a medical emergency are protected by health insurance. It covers medical treatment expenses such ambulance fees, doctor visits, hospital stays, medication, and nursery treatments. The payout is often based on actual hospital costs incurred with the aid of original medical bills or, less frequently, on a sickness diagnosis without the submission of invoices.
Health insurance also makes it simple to get access to medical care at the insurer's network of hospitals using a cashless system. Health insurance, however, offered tax benefits for a variety of medical issues aside from that. Nowadays, a number of health insurance companies support domiciliary care, or medical supervision given at home for particular disorders.
Significant growth drivers for the health insurance market over the projection period include the increased prevalence of chronic diseases and rising treatment expenses. Additionally, increased knowledge, a rise in the number of services with advanced healthcare policies, and the introduction of new government programmes would all aid in growth.
Ayushman Bharat, Awaz Health Insurance Scheme, and Aam Aadmi Bima Yojana are a few of the programmes the Indian government offers. In the United States, both the federal and state governments offer Medicare and Medicaid insurance. Other nations offer their residents various insurance options in a similar manner. In addition, using the internet makes buying and renewing easier, which promotes growth.
Segments covered in this report
The global health insurance market is segmented based on the service provider, product type, network provider, end user and region. Based on the service provider, it is segmented into private providers, and public providers. Based on product type, it is segmented medical insurance, and critical illness insurance.
Based on the network provider, it is segmented into preferred provider organizations (PPOS), point of services (POS), and health maintenance organization (HMOS). Based on end user, it is segmented corporates, and individuals. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The rising elderly population is one of the major driving forces that will support the health insurance business. The elderly have a higher prevalence of chronic conditions including heart disease, cancer, type 2 diabetes, or arthritis, which raises the demand for HI policies among this age group.
In addition, the adult population is developing more chronic diseases due to the adoption of sedentary lifestyles. The National Cancer Institute predicts that in 2020, there will be 1,806,590 new instances of cancer identified and 606,520 cancer-related deaths in the United States.
Restraint
One of the things preventing expansion is insurance fraud, which has led to strict government verification standards. For instance, bogus claims for accidents that never happened, exaggerated claims for deaths, and a lack of understanding of the value of insurance in developing and poor nations would all have a detrimental effect on market growth. Less than half of the population has health insurance in developing countries like Asia and Africa.
Market Trends
The introduction of new products by health insurers is contributing to a new trend in the market for health insurance. One can add single disease packages to basic insurance from a number of firms, which exclusively cover one ailment like high blood pressure, diabetes, or cancer.
These businesses' flexibility benefits their clients by making switching between insurance providers simpler. The increased usage of the internet has also improved the convenience of insurance distribution. Due to the ability for customers to compare various policies and make informed decisions, online sales of insurance policies have emerged as the most practical distribution method for businesses.
Companies Mentioned
- Allianz
- UnitedHealth Group Inc.
- Anthem Inc.
- Aetna Inc.
- Cigna Corporation
- Humana Inc.
- Bupa Group
- AXA S.A.
- Zurich Insurance Group Ltd.
- Munich Re Group
- Ping An Insurance (Group) Company of China Ltd.
- China Life Insurance Company Limited
- Prudential plc
- MetLife Inc.
- Dai-ichi Life Holdings Inc.
- Manulife Financial Corporation
- Assicurazioni Generali S.p.A.
- Aviva plc
- AIA Group Limited
- The Chubb Corporation
For more information about this report visit https://www.researchandmarkets.com/r/x9tjc1
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