An absolute insights and know-how of the greatest market opportunities into the relevant markets or industry required for successful business growth can be accomplished only with the best market research report. The Health Insurance Market business report provides market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, their preferences for particular product and market demand & supply scenarios. All the studies performed to generate this industry report are based on large group sizes and also at global level. This Health Insurance Market research report provides clients with the supreme level of market data and information which is specific to their niche and their business requirements.
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Market Analysis and Insights: Global Health Insurance Market
Global health insurance market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.4% in the forecast period of 2020 to 2027 and expected to reach USD 2,259,670.09 million by 2027. High cost of healthcare and need for efficient flow of processes without the inconvenience caused due to payment processes is expected to fuel the market.
The major players covered in the Health Insurance Market report are Unitedhealth Group, Anthem Insurance Companies, Inc. (A Subsidiary Of Anthem, Inc.), Aetna Inc. (A Subsidiary of CVS Health), Centene Corporation, Cigna, Allianz Care (A Subsidiary of Allianz), Axa, Assicurazioni Generali S.P.A., Bupa, AIA Group Limited, Aviva, BMI Healthcare, Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., International Medical Group, Inc. (A Subsidiary Of Sirius International Insurance Group Ltd.), Mapfre, Now Health International, Oracle, VHI Group, Vitality Corporate Services Limited (A Subsidiary Of Discovery Limited) among other players domestic and global. Health Insurance market share data is available for global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Increased cost of healthcare services coupled with high prevalence of lifestyle diseases as compared to the earlier years will accelerate the market growth. Governments across the globe are taking initiatives in funding health insurance sector on different scales. For instance, in 2019, Medicare, a national health insurance program in the U.S. started in 1966, claimed roughly USD 583 billion in the fiscal year 2018. As per the 2019 Medicare Trustees Report, Medicare provided health insurance for over 59.9 million individuals including approximately 8 million younger people and above 52 million people aged 65 and older. In India, the government launched the Ayushman Bharat National Health Protection Scheme in 2018 to cover poor and vulnerable families. Such policies support the global health insurance market growth in the forecast period to 2027.
This health insurance market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic decisions, product launches, geographic expansions, and innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Global Health Insurance Market Scope and Market Size
Health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user and distribution channel. The growth among segments helps you to analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Based on type, the market is segmented into products and solutions. Rising demand of health insurance as well as government policies are calling for more efficient systems to handle the collection of premiums for the processing of claims and in addition to increase the number of insurance beneficiaries. This has propelled the market for solutions required in the health insurance industry. However, the volume of health insurance beneficiaries is expected to increase at significant rate as the cost of healthcare increases which will allow market to grow with high CAGR in the forecasted period of 2027.
- The increasing medical costs especially in the private sector have made people buying a health insurance policy for oneself as well as for family. A few days of hospitalisation as a result of illness or surgery can derail the financial cycle of an individual; this problem is grave when the earner is hospitalized. The problems associated with such circumstances can be avoided by just paying a timely annual or monthly premium as a planned expense instead of the sudden burden of medical emergencies. A variety of health insurance policies are available in the market that cover a multitude of expenses including the doctor consultation fees, medical tests, ambulance charges, hospitalization and even post-hospitalization recovery. The variety of insurance products is the primary factor behind increasing sales of health insurance policies.
- Based on services, the market is segmented into inpatient treatment, outpatient treatment, medical assistance and others. Inpatient treatment is dominating the market as most of insurance companies offer health plans with high cover or limit along with other types of plans. Inpatient treatment includes cost of the hospital room, charges of operation theatre, consultation fees, cost of nursing staff, medicines, anaesthesia and others. By availing health insurance for inpatient treatment, one can also avail cashless service which is a very convenient feature at the time of trouble. These factors are propelling the market for health insurance for inpatient services.
- Based on level of coverage, the market is segmented into bronze, silver, gold and platinum. Insurance policies with bronze level of coverage are dominating the market as a major share of customers prefers policies with low monthly or annual premiums. For instance, according to the U.S. centers for Medicare & Medicaid Services, in addition to low monthly premiums, these plans also provide free preventive services.
- Based on service providers, the market is segmented into public health insurance providers and private health insurance providers. Public health insurances are dominating the market as the government authorities in major health insurance markets including U.S. and China, are the primary health insurance providers. For instance, China has increased government investments in health and established basic medical insurance to reduce out-of-pocket (OOP) health payments. The continuous input in public health services has improved the accessibility of residents to basic healthcare facilities.
- Based on health insurance plans, the market is segmented into 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) and others. Point of service (POS) plans is dominating the global health insurance market as these plans are generally available across all countries while the name can differ.
- Based on demographics, the market is segmented into adults, minors and senior citizens. Adults are dominating the market as they are primarily working class in any country and as part of health coverage by employers; they are covered under the aforementioned policies making them the segment with higher share.
- Based on coverage type, the market is segmented into lifetime coverage and term coverage. Lifetime coverage is dominating the market as most insurance payers, especially publically funded health insurance plans offer lifetime coverage. For instance, IRDAI regulations mandate provision of health insurance for an entry age up to 65 years. The policyholder has the right to renew the policy for lifelong, once the policy is issued, even if there is a claim made in the previous year; the insurance company cannot deny renewal on arbitrary grounds.
- Based on end user, the market is segmented into corporates, individuals and others. Corporates are dominating the market due to regulations in several countries mandating employers to provide health insurance to all salaried employees. For instance, as per the French government’s employment security law, employers are required to provide mandatory health insurance to employees with minimum plan coverage.
- Based on distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics and others. Direct sales are dominating the market as it includes insurance companies, agents as well as brokers. These are the primary point of contacts between the beneficiary and the insurer whether it is a publically funded insurance program or a provided by the employer. Thus, direct sales are the major source to cater the fuelling demand of health insurance.
Global Health Insurance Market Country Level Analysis
Health insurance market is analysed and market size information is provided by country, type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user and distribution channel as referenced above.
The countries covered in the health insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, South Africa, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.
North America dominates the health insurance market as the U.S. is the leader in health insurance provision in the region with a well-established public health insurance system providing coverage to a large population. The country also has a well-established employer-based medical coverage for employees. The U.S. is expected to grow with the highest growth rate in the forecast period of 2020 to 2027 because of large number of uninsured population offering the scope for growth. In the European region, Germany holds the largest market share primarily due to large population complemented with superior public health insurance infrastructure. In Asia-Pacific region, China holds the largest market share in both the segments whereas Japan is expected to show steady growth with increasing demand for private health insurance along with increasing requirement for long-term care.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Penetration of Private Health Insurers
Global health insurance market also provides you with detailed market analysis for every country growth in the private health insurers with health insurance sales, impact of demand and rising healthcare costs with their support for the health insurance market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Health Insurance Market Share Analysis
Global health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, company strengths and weaknesses, product launch, product width and breadth and growth. The above data points provided are only related to the companies’ focus related to global health Insurance market.
Customization Available : Global Health Insurance Market
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