Report Code : BII984 Jan-2022 Healthcare Format : PDF Pages : 215
Rising medical prices or medical care expenses are driving the health insurance market. The rapid growth of chronic diseases such as heart disease, cancer, type 2 diabetes, and arthritis among the global population, as well as the ageing population, have contributed to the market's expansion during the forecast period.
Additionally, the combination of solutions through data analytics, cloud computing, and other modeling practices is also projected to propel the growth of the global market. There are constant strategies undertaken by the participants, their numerous developmental plans such as mergers, acquisitions, and new product launches have a significant impact on the market. Moreover, the healthcare insurance industry is predicted to be driven by the development of various treatments and pharmaceuticals for addressing chronic diseases such as cancer, diabetes, and cardiovascular problems. However, the high cost of health insurance, lack of knowledge about the coverages included in health insurance policies, rigorous regulations, and longer time for claim reimbursement may limit the market's growth.
The unanticipated outbreak of Covid 19 has had a positive influence on market growth. The COVID-19 epidemic impacted all industries around the world, but it placed the pharmaceutical industry in the spotlight. During the early days of the pandemic, there was a lot of uncertainty about whether existing insurance plans covered coronavirus infection. To protect their citizens from the epidemic, many countries implemented various health insurance schemes and laws. In addition, the pandemic impacted people's attitudes toward medical and health insurance plans. People realized the value of health insurance and the advantages it provides. The threat of a pandemic, as well as the increasing expense of medical services, supported the growth of the health insurance industry during the pandemic. Thus, even though the other industries suffered a lot during covid19 outbreak, the health insurance industry was growing significantly
Life Insurance category dominated the market with more than 52% of the market share
In 2021, the market for health insurance was dominated by life insurance and accounted for more than 52% of the market share during the forecast period. People choose life insurance as an investment opportunity that also offers significant tax advantages. Furthermore, the various market operators' availability of a greater range of life insurance products serves a broader range of customers with diverse needs.
PPOs category dominated the market with more than 36.3% of the market share
The different plans in which healthcare insurances can be taken are Point of Service (POS), Exclusive Provider Organization (EPOS), Indemnity Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), Others. In the worldwide healthcare insurance industry, PPOs is the most popular application mode. PPOs treat patients with well-managed healthcare plans and provide more flexibility in their plans. Patients can choose from several pre care providers, doctors, and hospitals. This will boost the acceptance rate, which will help the segment expand. Furthermore, the PPO plan requires less paperwork, which may increase the industry importance of health insurance.
By “Provider Outlook
By Coverage Type Outlook
By Health Insurance Plans Outlook
By Level of Coverage Outlook
By Demographics Outlook
By End-use Outlook
List of Key Players in the Global Health insurance Market:
World map title will be here...
Asia Pacific dominated the market with largest share of 41.0% in the market
In both developed and emerging countries, the North America health insurance market grew rapidly over the upcoming years. The healthcare insurance market in the country is being driven by increasing awareness of the benefits of health insurance, rising disposable money, increasing disease prevalence, and a growing senior population. Leading players are also expected to sell their products in a readily comprehensible manner. Similarly, the growth of the health insurance market is expected to exhibit a considerable increase in the use of dietary products in the next years, particularly in Asia Pacific and Europe.
|Market Size Value in 2021||USD 2.50 trillion|
|Market Size Value in 2030||USD 4.106 trillion|
|Forecast Units||(USD Trillion)|
|Countries Covered||North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE|
|Segments Covered||By “Provider Outlook, By Coverage Type Outlook, By Health Insurance Plans Outlook, By Level of Coverage Outlook, By Demographics Outlook, By End-use Outlook, By Region|
|Competitive landscape||Leading companies, Competitive strategies and Consumer engagement scope|
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