The healthcare insurance market value is projected to grow from USD 1,899 billion in 2021 and is projected to reach USD 3,948.7 billion by 2030; it is expected to grow at a CAGR of 7.6 % from 2021 to 2030.
The report contains 150+ pages with detailed analysis. The market report also covers the estimated market sizes and trends for different countries across major regions, globally.
The high costs associated with healthcare are a major factor behind the burgeoning demand for the healthcare insurance market. The rising prevalence of various chronic diseases, the high expense associated with the latest treatments, alarming rise in the number of road accidents, and improved services of the insurer regarding the claim settlement are the significant factors that are contributing towards the growth of the global healthcare insurance market.
The COVID-19 had a very evident impact on the global healthcare insurance market. The rapidly spreading COVID-19 disease among the population made people scared. Moreover, the private hospitals were offering very expensive treatment for the COVID-19 patients. This high cost of the COVID virus and higher chances of getting affected with the virus compelled the population to increasing opt for a healthcare insurance.According to Policybazaar.com, an online portal for all types of insurance products, it sold one million insurance policies between April and December in 2020.
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Report Scope of the Healthcare Insurance Market
| Report Highlights | Details |
| Market Size | USD 3,948.7 Billion by 2030 |
| Growth Rate | CAGR of 7.6% From 2021 to 2030 |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Provider Type, Coverage Type, Health Insurance Plans Type, End-Use Type, Level of Coverage Type, Demographics Type |
| Regional Scope |
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Research Objective
the market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2017 to 2020. This research report evaluates healthcare insurance market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global healthcare insurance market for the period from 2017 to 2030. This research study offers historic data for years 2017 to 2020 along with a forecast from 2021 to 2030 based on value.
This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the healthcare insurance market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
North America dominated the market in 2020. The rising awareness regarding the healthcare insurance, increased adoption of technologically advanced treatments, and growing geriatric population are the major driving force of the market. Moreover, the increased disposable income and higher demand for the latest and expensive treatment methods is fueling the growth of the market.
Asia Pacific is expected to be the fastest growing market during the forecast period. Rapid urbanization, increased healthcare costs in the region, rising disposable income, rapidly growing healthcare and the insurance sector, and growing demand for saving medical expenses. The rising number of young population in the region are expected to be an important driver of the healthcare insurance market in the region.
The rising burden of diseases and associated expensive treatments remains the major driver of the healthcare insurance market. According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe. According to the World Health Organization, diabetes is a major cause of blindness, kidney failure, heart attacks, and strokes. According to the WHO, road accidents are the major cause of death among the children and young adults, aged 5 years to 29 years. All these health risks are the major drivers of the healthcare insurance market.
The low awareness and less public confidence on the private players especially in the developing and underdeveloped nations is a major challenge for the healthcare insurance players. For instance, LIC Corporation is a Indian government controlled and funded insurance company and it enjoys 100% consumer confidence, while the private insurance companies lacks in building the confidence of the consumers.
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The low disposable income of the consumers in the developing and the underdeveloped economies is a major factor that may hamper the market growth. The low income group utilizes all their income in fulfilling their basic needs and has no intention to invest in any kind of insurance policies. Moreover, the increased penetration of government hospitals that offers treatment and medicines at low cost or free of cost is the major factor that may hinder the market growth during the forecast period.
Based on the provider, the public segment dominated the market in 2020. This is because consumers seeks confidence and trust with their money and when the government itself becomes the insurer, it gets rapid traction in the market. For instance, Medicare and Medicaid are the government operated insurance companies in the US that has no trust issues in the minds of the common public.
Based on the coverage type, the term insurance segment is expected to be the fastest-growing segment during the forecast period. Term insurances provides higher coverage at lower cost as it mainly involves health insurance and it covers the expenses of any medical emergencies or critical health conditions. The healthcare costs are very high and consumers are opting for term insurance policies owing to the rising burden of diseases across the globe.
Based on the provider type, the preferred provider organization (PPO) was the dominating segment in 2020. The PPO offers huge number of options in the hospitals and doctors to choose from. The customers or the insurance policy holders have full independence of choosing his doctor or hospital. This is also the most common provider type, which is a major reason behind its dominance.
Some of the prominent players in the global healthcare insurance market include:
- Aetna Inc.
- AIA Group Limited
- Allianz
- ASSICURAZIONI GENERALI
- Aviva
- AXA
- Cigna
- Ping An Insurance (Group)
- UnitedHealth Group
- Zurich
Segments Covered in the Report
By Provider Type
- Public
- Private
By Coverage Type
- Term Insurance
- Life-time Coverage
By Health Insurance Plans Type
- Point of Service
- Preferred Provider Organizations
- Exclusive Provider Organizations
- Health Maintenance Organizations
By End-use Type
- Individuals
- Corporates
- Adults
By Level of Coverage Type
- Bronze
- Silver
- Gold
- Platinum
By Demographics Type
- Minors
- Adults
- Seniors
By Geography
- North America
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- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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