
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
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