Global Health Insurance Market Report 2021: Insurance Provider (Public, Private, Standalone Health Insurers), & Type of Coverage (Individual v/s Family) - ResearchAndMarkets.com
The "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, By Mode of Purchase, By End Users, By Region, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Health Insurance Market was valued USD1721 billion in 2020 and is forecast to grow at CAGR of 8.55%.
The Global Health Insurance Market is driven by the growing prevalence of chronic diseases such as diabetes, cardiovascular diseases, renal disorders, cancer, among others, and has drastically increased the patient pool and rate of hospitalization. This in turn increases the healthcare expenditure incurred by the patients, thereby increasing the demand for healthcare policies covering critical illnesses and treatments.
Additionally, mandates about health insurance of employees in different private and public sectors are further expected to fuel the market growth. Furthermore, the sudden outbreak and spread of the COVID-19 pandemic has made many health insurance policy provider companies expand coverage for the disease in healthcare policies, especially in the United States.
Also, Chinese healthcare insurance provider companies are now providing coverage for the after-effects of COVID-19 in their insurance plans as it has been identified that the disease causes long-term organ damages. Moreover, the adoption of advanced techniques and treatment options in the healthcare industry is further expected to create lucrative opportunities for the market growth through 2026F.
The unhealthy lifestyle patterns of people have resulted in an increase in the number of people suffering from chronic illnesses and an increase in the number of road accidents, and healthcare costs such as high medication costs, among other things. The expansion of the Global Health Insurance Market has been fueled by rising GDP in many countries.
Increased demand for health insurance has resulted from increasing costs of quality healthcare and medical services, especially in private hospitals. If a person does not have benefits, hospital care expenses are enough to eplete a person's savings. This necessitates the purchase of health insurance.
The Global Health Insurance Market is segmented into type of insurance provider, type of coverage, term of coverage, mode of purchase, end-users, company and region.
Based on type of insurance providers, the Global Health Insurance Market can be categorized into public, private, and standalone health insurers. Among these, the public segment is expected to dominate the market since they provide affordable treatment options which do not include extra deductibles.
Based on the term of coverage, the market can be grouped into lifetime and term. Out of these, the lifetime segment is expected to dominate the market owing to the growing prevalence of chronic diseases.
In terms of region, the Global Health Insurance Market has been segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa.
Among these regions, Asia-Pacific is expected to witness significant growth in the overall health insurance market owing to the increasing healthcare expenditure and expensive health facilities in the region. Additionally, increasing demand for health insurance policies, especially in countries like China and India, is expected to drive the market in highly populated countries over the coming years.
Major players operating in the Global Health Insurance Market include UnitedHealth Group, CVS Health, Anthem Inc., Cigna Corporation, Allianz Group, AXA Equitable Life Insurance Company, and others.
The companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
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