According to the latest report by IMARC Group, “Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″, The global health insurance market reached a value of US$ 1,590 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2426.6 Billion by 2027, exhibiting at a CAGR of 7.2% during 2022-2027.
Health insurance refers to a type of insurance that periodically charges a predefined amount from the individual and pays for medical and surgical expenses incurred by the policyholder in case of a medical emergency. A health insurance plan usually covers services such as diagnosis and treatment for chronic ailments, psychiatric care, emergency evacuation, in-patient and out-patient treatment, maternity, dental care, etc. Nowadays, several health insurance companies offer health coverage, wherein medical supervision is provided at home for specific ailments.
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Market Trends
The rising costs of healthcare services, along with the increasing prevalence of cancer, stroke, kidney failure, etc., are primarily driving the demand for health insurance policies. Moreover, the governing agencies across several countries have launched regulatory norms that mandate employers to provide health insurance to their employees. Besides this, with the sudden outbreak of COVID-19, there is an escalating demand for health insurance coverage, which in turn is propelling the market on a global level. Other factors, like growing health awareness, improving healthcare infrastructures, and reduced hassle in insurance claiming process, will continue to further augment the market for health insurance policies in the coming years.
Breakup by Provider:
- Private Providers
- Public Providers
At present, private providers dominate the market globally, accounting for the majority of the total market.
Breakup by Type:
- Life-Time Coverage
- Term Insurance
Among these, life-time health insurance holds the largest market share.
Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
- Others
Medical insurance represents the leading plan type in the market.
Breakup by Demographics:
- Minor
- Adults
- Senior Citizen
Adults represent the leading demographics segment, account for the largest market share.
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
In 2020, PPOs represented the largest provider type in the market.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape with Key Player:
- Aetna Inc. (CVS Health Corporation)
- AIA Group Limited, Allianz SE
- Aviva Plc
- Berkshire Hathaway Inc.
- Cigna Corporation
- International Medical Group Inc. (Sirius International Insurance Group Ltd.)
- Prudential Plc
- United Health Group Inc. and Zurich Insurance Group AG.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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