Healthcare Insurance Market Size, Share, Key Players and Forecast to 2024

From valuing $1.7 trillion in 2018, the global healthcare insurance market is predicted to reach $2.2 trillion by 2024, registering a 4.3% CAGR during the forecast period (2019–2024). The factors positively influencing the market growth are the high medical costs, rising prevalence of chronic diseases, surging geriatric population, and the growing gross domestic product (GDP) and healthcare expenditure across the globe. Healthcare insurance covers the surgical and medical expenses of a policy owner. It reimburses the treatment cost of a patient incurred due to an injury or an illness.

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Based on insurance type, the healthcare insurance market is classified into income protection, disease, and medical. The highest revenue in the market was contributed by the medical insurance type during the historical period (2014–2018). In the forecast period as well, this classification is expected to grow the fastest with a CAGR of 4.8%. This can be majorly attributed to the presence of hospitals offering medical services covered under different panels that provide insurance cover. Further, the rising geriatric population and chronic diseases, such as cardiovascular diseases have added to the demand for medical insurance.

The categories of the healthcare insurance market based on insurance network are home maintenance organization (HMO), point of service (POS), preferred provider organization (PPO), and exclusive provider organization (EPO). In the forecast period, the largest category is expected to be of the EPO with a contribution of $0.9 trillion revenue by 2024. This can be mainly ascribed to the fact that this insurance network covers a large number of physicians and offers low-cost consultation and premiums. The fastest growing category would be PPO, which allows the flexibility to choose the physician outside the network.

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The healthcare insurance market is growing due to the rising number of product launches that offer benefits to customers. For instance, by 2020, Anthem Inc. is planning to launch its own Pharmacy Benefit Manager — IngenioRx. Additionally, CVS Health Corporation has entered into a five-year agreement with the company, where the former would manage certain services, such as prescription fulfillment and claims processing, for IngeionRx. In another example, Cigna Corporation and Express Scripts Holdings entered into a partnership in December 2018, and launched a program, “Healthier Kids for Our Future”, aimed at improving the health and well-being of children.

Therefore, the market for healthcare insurance is expected to witness a significant growth in the forecast period, as the incidence of chronic diseases and cost of healthcare services continue to rise.

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