Global Health Insurance Market Analysis By Type (Individual Health Insurance, Family Health Insurance, Group Health Insurance, Others), By Provider (Public Health Insurance Providers, Private Health Insurance Providers, Others), By Service (Outpatient Services, Inpatient Services, Medical Assistance Services, Others), By Coverage (Hospitalization Coverage, Critical Illness Coverage, Accidental Coverage, Others) & Forecast
- PUBLISHED ON
- 5/10/2023
- NO OF PAGES
- 273
- CATEGORY
- Banking & Finance
The global Health Insurance market was worth valued at USD 1,019.4 million in 2022 and is projected to reach USD 2,030.1 million by 2028, growing at a CAGR of 8.9% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 1,019.4 million |
Market Forecast in 2033 | USD 2,030.1 million |
CAGR % 2023-2033 | 8.9% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | UnitedHealth Group; Anthem; Aetna; Cigna; Humana; Kaiser Permanente; Bupa; Allianz Care AXA; Zurich Insurance Group; AIA Group Limited Ping An Insurance; MetLife; Manulife; Prudential Financial; Berkshire Hathaway Specialty Insurance; Liberty Mutual Insurance; Munich Re Generali Group; China Life Insurance Company Limited |
Global Health Insurance Market- Description
The global health insurance market is a rapidly growing industry that provides coverage for various medical expenses, including hospitalization, surgeries, diagnostic tests, and prescription drugs. The demand for health insurance is driven by factors such as rising healthcare costs, aging populations, and increasing prevalence of chronic diseases. In addition, government initiatives to increase healthcare access and the growing popularity of health savings accounts (HSAs) are also contributing to the growth of the market.
The global health insurance market is expected to experience significant growth in the coming years, driven by factors such as increasing healthcare costs, aging populations, and rising prevalence of chronic diseases. The market is characterized by a diverse range of products and services, including indemnity plans, preferred provider organization (PPO) plans, health maintenance organization (HMO) plans, and point of service (POS) plans.
North America is currently the largest market for health insurance, followed by Europe and Asia Pacific. However, the Asia Pacific region is expected to experience the highest growth during the forecast period, due to increasing healthcare access and growing awareness of the importance of health insurance.
Global Health Insurance market: Key Trends
• Digitalization:
The use of digital technologies such as mobile apps, wearables, and telemedicine is becoming increasingly popular in the health insurance market. Insurance providers are leveraging these technologies to improve the customer experience, offer personalized health management services, and enhance the efficiency of claims processing. For example, some health insurance providers now offer mobile apps that allow customers to access their insurance information, track their health data, and schedule appointments with healthcare providers. Additionally, telemedicine services are gaining traction as a cost-effective way to provide medical consultations, especially in remote or underserved areas.
• Focus on preventive healthcare:
There is a growing trend among health insurance providers to shift their focus from reactive healthcare to preventive healthcare. This involves incentivizing customers to adopt healthier lifestyles and proactively manage their health to prevent illnesses and chronic conditions. Health insurance providers are offering wellness programs, health coaching, and disease management services to help customers stay healthy and reduce their risk of developing chronic conditions. This approach benefits both the customers and the insurers, as it can lead to lower healthcare costs in the long run.
Global Health Insurance market: Segmental Analysis
By Type:
• Individual Health Insurance
• Family Health Insurance
• Group Health Insurance
• Others
The individual health insurance segment is slated to register notable gains by 2033.
By Provider:
• Public Health Insurance Providers
• Private Health Insurance Providers
• Others
By Service:
• Outpatient Services
• Inpatient Services
• Medical Assistance Services
• Others
By Coverage:
• Hospitalization Coverage
• Critical Illness Coverage
• Accidental Coverage
• Others
Global Health Insurance market: Geographical landscape
The major regions defining the geographical terrain of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. North America health insurance market is poised for significant growth in the coming years, driven by factors such as the rising cost of healthcare, increasing prevalence of chronic diseases, and the need for better access to healthcare services.
Global Health Insurance Market- Recent Developments
• In April 2021, UnitedHealth Group, one of the largest health insurance providers in the United States, reported strong Q1 2021 earnings, driven by growth in its Optum health services business and increased demand for healthcare services due to the COVID-19 pandemic.
• In March 2021, Bupa, a UK-based health insurance provider, announced the acquisition of Square Health, a digital health company that provides health assessment and screening services to individuals and businesses.
• In February 2021, Cigna, another large US health insurance provider, reported better-than-expected Q4 2020 earnings, driven by growth in its health services and group disability businesses.
Global Health Insurance Market: Key Companies
• UnitedHealth Group
• Anthem
• Aetna
• Cigna
• Humana
• Kaiser Permanente
• Bupa
• Allianz Care
• AXA
• Zurich Insurance Group
• AIA Group Limited
• Ping An Insurance
• MetLife
• Manulife
• Prudential Financial
• Berkshire Hathaway Specialty Insurance
• Liberty Mutual Insurance
• Munich Re
• Generali Group
• China Life Insurance Company Limited.
• Others
Global Health Insurance Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification.
Frequently Asked Questions
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• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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