July 12, 2024

Healthcare Insurance Market Revenue to Reach Nearly US$ 3,948.7 Billion By 2030

The global healthcare insurance market size is forecasted to reach from US$  1,899 billion in 2021 to US$ 3,948.7 billion by 2030, growing at a CAGR of 7.6% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The healthcare insurance market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.

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The high costs associated with the healthcare are a major factor behind the burgeoning demand for the healthcare insurance market. The rising prevalence of various chronic diseases, 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.

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.

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.

Competitive Intelligence

The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.

Some of the prominent players in the global healthcare insurance market are listed as below:

  • Aetna Inc.
  • AIA Group Limited
  • Allianz
  • 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

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global healthcare insurance market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for healthcare insurance are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable. 

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