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Health Insurance Market Size to Surpass USD 4,648.47 Billion by 2027 at 5.3% CAGR |By ReportCrux

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ReportCrux Market Research
Health Insurance Market Size to Surpass USD 4,648.47 Billion by 2027 at 5.3% CAGR |By ReportCrux

ReportCrux Market Research has published a Latest report titled Health Insurance Market by Service Provider (Public, Private); by Network Provider (Point of Service (POS), Exclusive Provider Organization (EPO), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO) and Others); by Insurance Type (Medical insurance, Critical Illness insurance, Income protection insurance, Hospitalization insurance and Others); by Coverage (Term insurance, Life insurance); by Demographics (Senior Citizens, Adults, Minors) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027

Heath Insurance Market Size

The Health Insurance Market is estimated to grow from USD 3,164.92 Billion in 2019 to USD 4,648.47 Billion by 2027, at a CAGR of 4.9% from 2020-2027.

The quick reimbursement with minimum premium amounts for the people suffering from diseases, coverage of most of the critical illness and major type of surgeries coupled with its affordable health services like hospitalization, immunization and others is expected to boost the growth of the market for Health Insurance across the globe.

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COVID-19 Impact analysis on Health Insurance Market

The health insurance market is growing rapidly as the COVID-19 pandemic has created a very positive impact and is seeing rapid growth since past 6months. People have started investing more and more in different health insurance plans. It has been like an eye-opener for many people as health cover security has been the priority now.

The outbreak of this pandemic is expected to boost the health insurance market and increase the penetration rate of health coverage in the near future. People are slowly realizing the importance of health insurance due to the pandemic and thus making sure to be financially protected by buying the health insurance policy.

Before the outbreak of the pandemic, only 10% population of India were purchased and were interested in covering the healthcare emergencies which included pandemic and infectious diseases. Now more than 70% of the population feels it as a necessity to purchase the health insurance to fight pandemics like COVID-19.

Segmentation Analysis:

Life Insurance segment by Coverage contributed for the maximum share of 55% of Health Insurance market in 2019

Life Insurance policies offer various advantages to the working professionals in terms of saving taxes when invested in these policies. They also guaranty death benefits, permanent coverage and many more to its customers. These factors make the life insurance segment dominate the current market and to cover maximum share of the market in the forecast period as well.

Term insurance segment is expected to grow at a faster CAGR of 5.3% due to the advantages it offers to its customers. Factors like security against critical illness, health emergencies and rising cost of the medical treatments. It also offers a high coverage and the lost cost.

Adult segment by Demographics dominated the health insurance market by 61% in 2019

Adult segment dominated the market in 2019 and is expected to grow at the fastest CAGR of 5.1% during the forecast period of 2020 to 2027. The diseases associated with the sedentary lifestyle, working cultures are affecting a lot of adult population and can also increase the health risks in the coming future. The adult population is more prone to the life-threatening disease like cardiac arrest or other similar disease which can require hospitalization.

According to the data published by CDC in September 2020,

·        In 2019, from the adults ranging in between 18–64 age, 66.8% were probably to have private coverage

·        20.4% of the total adult population in U.S. opted for public insurance

Senior citizens segment is expected to grow with the CAGR of 4.9% during the forecast period. People in this group are more likely to suffer from different chronic diseases and can require hospitalization on a frequent basis. The health insurance plans for senior citizens includes different advantages like benefits with annual checkup free of cost, coverage of outpatient department and many more.

Regional Analysis:

Asia Pacific to grow at the fastest rate of 5.2% of the global health insurance market in 2019

Increasing geriatric population, large number of health insurance companies offering various feasible plans in the developing countries coupled with favorable government policies are the factors responsible for growing market in this region. Rapidly growing middle-class population, rising disposable income and shift of life insurers towards protection-based products in the developing countries are making a positive impact on the Asia Pacific health insurance market.

Increasing awareness amongst the population regarding the benefits related to health insurance policies, proliferation of the technology, various insurance companies penetrating in the urban and rural centers and rising private and public health expenditure are also contributing for boosting the growth in the developing regions. Constantly increasing cost of the healthcare services is motivating various consumers in this region for investing in a stronger protection against the healthcare-driven economic devastation in their personal finances as well as in the families.

Health Insurance Companies

·        United Healthcare (U.S.)

·        Wellcare (U.S.)

·        Humana (U.S.)

·        HCSC (U.S.)

·        Anthem Health Insurance U.S.)

·        Cigna (U.S.)

·        Blue Cross Blue Shield Companies (U.S.)

·        Kaiser Permanente (U.S.)

·        Highmark (U.S.)

·        Aetna (U.S.)

·        State Farm Group (U.S.)

·        Allianz Group (Germany)

·        Munich Re (Germany)

·        Zurich Insurance Group (Switzerland)

·        China Life Insurance Company Limited (China)

The report provides key player analysis along with company revenue shares in order to give a broader overview of the market players in the Health Insurance market.

Healthcare Insurance Market Segmentation:’

By Service Provider

·        Public

·        Private

By Network Provider

·        Point of Service (POS)

·        Exclusive Provider Organization (EPO)

·        Preferred Provider Organization (PPO)

·        Health Maintenance Organization (HMO)

·        Others

By Insurance Type

·        Medical insurance

·        Critical Illness insurance

·        Income protection insurance

·        Hospitalization insurance

·        Others

By Coverage

·        Term insurance

·        Life insurance

By Demographics

·        Senior Citizens

·        Adults

·        Minors

By Region

·        North America

o   U.S.

o   Canada

o   Rest of North America

·        Europe

o   UK

o   Germany

o   France

o   Italy

o   Spain

o   Russia

o   Rest of Europe

·        Asia Pacific

o   China

o   Japan

o   India

o   Australia

o   Southeast Asia

o   Rest of Asia Pacific

·        Latin America

o   Brazil

o   Mexico

o   Rest of Latin America

·        Middle East and Africa

o   Saudi Arabia

o   South Africa

o   UAE

o   Rest of Middle East and Africa

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Table of Content

1.        Preface

2.        Research Methodology

2.1.       Research Methodology

2.2.       Models

2.3.       Research limitations

3.        Executive Summary

4.        Procurement Analysis

5.        Post COVID-19 Industry Dynamics

6.        COVID-19 Impact Analysis on Industry

6.1.   Restrictions due to COVID-19

6.2.   Demand-side Constraints

6.3.   Supply-side Constraints

7.        Market Price & Cost Analysis

7.1.   Process Analysis of the Market

8.        Industrial Chain, Sourcing Strategy and Downstream Buyers

9.        Market Dynamics and Industry Analysis

9.1.       Global Health Insurance Market: Introduction

9.2.       Market Drivers

9.2.1.      Increasing geriatric population

9.2.2.      Increases in the prevalence of chronic diseases

9.2.3.      Increase in healthcare expenses

9.3.       Market Restraint

9.3.1.      Strict regulations and longer time for claim reimbursement

9.3.2.      Lack of awareness of healthcare insurance in rural region

9.4.       Market Opportunity

9.4.1.      Government initiatives for developing reimbursement policies

9.4.2.      Innovation in healthcare insurance products

9.5.       Porter’s Five Forces Analysis

10.    Trending Insights on Current Market Scenario

10.1.    Current Market Trends

10.2.    SWOT Analysis

10.3.    PESTEL Analysis

11.    Market Growth Attractiveness Analysis

12.    Competitive Share Analysis

12.1.    Company Share Analysis

12.2.    Strategic Developments

12.3.    Supplier Benchmarking

13.    Global Health Insurance Market: Service Provider Segment Analysis

14.    Global Health Insurance Market: Network Provider Segment Analysis

15.    Global Health Insurance Market: Insurance Type Segment Analysis

16.    Global Health Insurance Market: Coverage Segment Analysis

17.    Global Health Insurance Market: Demographics Segment Analysis

18.    Global Health Insurance Market: Regional Analysis

18.1.    Regional Overview

18.2.    North America

18.2.1.        U.S.

18.2.2.        Canada

18.2.3.        Rest of North America

18.3.    Europe

18.3.1.        Germany

18.3.2.        U.K.

18.3.3.        France

18.3.4.        Italy

18.3.5.        Spain

18.3.6.        Russia

18.3.7.        Rest of Europe

18.4.    Asia Pacific

18.4.1.        China

18.4.2.        Japan

18.4.3.        India

18.4.4.        Australia

18.4.5.        Southeast Asia

18.4.6.        Rest of Asia Pacific

18.5.    Latin America

18.5.1.        Brazil

18.5.2.        Mexico

18.5.3.        Rest of Latin America

18.6.    Middle East and Africa

18.6.1.        Saudi Arabia

18.6.2.        South Africa

18.6.3.        UAE

18.6.4.        Rest of Middle East and Africa

19.    Company Profiles

Browse Full Report Access here: https://www.reportcrux.com/summary/2854/Health-Insurance-Market

About Us:

ReportCrux is a global market intelligence aggregator and publisher of market research reports, business information reports, economic and equity reports. We cater a diverse range of industrial sectors along with niche domains and sub-domains within the industry. We offer exclusive blend of cutting-edge market insights for the critical business needs.

Contact us:

Name: Ms. Samantha M.

Email: [email protected]

Website: https://www.reportcrux.com

Phone: +1-888-526-5515 (US/Canada), +91 89561 57215 (India)

 

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