Sun. Nov 28th, 2021

Increasing geriatric population, rising health expenses, and increasing prevalence of chronic diseases across the globe to drive the growth of the global health insurance market.

According to TechSci Research report, Global Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Type of Coverage (Individual v/s Family), By Term of Coverage (Term v/s Lifetime), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Competition, Forecast & Opportunities, 2026F, the global health insurance market is expected to grow at a CAGR of over 8% during the forecast period on account of growing healthcare expenditure in various economies. Additionally, increasing hospital stays and expensive treatment procedures have increased the affordability concerns for the patients. The growing need to ensure an efficient flow of treatment without any kind of inconvenience being caused to the patients is further expected to propel the market growth over the next few years. Besides, increasing healthcare awareness coupled with supportive government policies & schemes is further expected to fuel the market growth. However, heavy competition due to the emergence of new players and low-profit margins might hamper the market growth through 2026F. Also, stringent regulations and a longer duration of claim reimbursement might further restrict the market growth.  Moreover, lack of awareness and adoption of health insurance policies, especially in underdeveloped economies is expected to impede the market growth. Furthermore, the global health insurance market is likely to be hampered by the restricted availability of health insurance plans that are only available for particular hospitals and clinics, as well as the absence of some costly medical treatments.

Browse 93 market Figures spread through 110 Pages and an in-depth TOC on   “Global Health Insurance Market”

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The global health insurance market is segmented based on type of insurance provider, type of coverage, term of coverage, mode of purchase, end-users, company and region. Based on term of coverage, the global health insurance market can be split into term and lifetime. Among these, the lifetime segment is expected to dominate the global health insurance market since most of the health insurance providers offer lifetime coverage in their health insurance plans with high discount rates. Due to the high cost of medical services, health insurance is turning into a necessity. In terms of end users, the global health insurance market can be fragmented into minors, adults, and senior citizens. Here, the adult segment is expected to dominate the market owing to the increased susceptibility to sedentary lifestyle-associated diseases and chronic diseases. On the other hand, the minor segment is expected to witness significant growth in the market on account of the availability of attractive policies for children, which are available at a lower premium and include additional perks such as cashless hospitalization.

Based on the type of insurance provider, the global health insurance market can be segmented into public, private, and standalone. Among these, public health insurance companies are dominating the market. In most cases, public insurance is less costly than private insurance with lower operating costs than private insurance and also does not include co-pays or deductibles. The government is taking initiatives to promote health insurance by offering various health insurance plans to the citizens. In several nations, the government is making health insurance mandatory for people.

In terms of regional analysis, the global health insurance market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East Africa. Out of which, Asia-Pacific is the fastest-growing region among the rest of the regions in the global health insurance market and is anticipated to maintain its growth rate over the next five years as well. Moreover, this demand is driven by emerging economies in this area, rapid urbanization, and an expanding middle-class population. Major Asian countries such as India and China are registering high population levels and increased disposable income.

UnitedHealth Group, Anthem Inc., CVS Health, Allianz Group, Cigna Corporation, and others are some of the leading players operating in the global health insurance market. The companies operating in the market are using strategies such as product launches, mergers, and collaborations to boost their share.

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“North America is expected to dominate the global health insurance market during the forecast period, owing to the availability of favorable health insurance landscape in the region. Additionally, the growing geriatric population and prevalence of chronic diseases on account of the sedentary lifestyle of the population are further expected to spur the market growth. Furthermore, increasing healthcare costs and expenses in the region, especially in the United States, are expected to create lucrative opportunities for the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Type of Coverage (Individual v/s Family), By Term of Coverage (Term v/s Lifetime), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2026”, has evaluated the future growth potential of global health insurance market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global health insurance market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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