What's driving the Health Insurance Market trends? Aetna, Alliance, Cigna, Blue Cross Blue Shield Companies, HCSC, Humana, Kaiser Permanente, Highmark, Wellcare and United Healthcare
North America health insurance market was valued over 30% revenue share in 2018 owing to presence of numerous providers coupled with growing prevalence of chronic diseases. Moreover, insurance providers formulate various policies for minimizing the healthcare expenditure that should propel regional growth over the coming years.
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Major industry players in the health insurance market include Aetna, Alliance, Cigna, Blue Cross Blue Shield Companies, HCSC, Humana, Kaiser Permanente, Highmark, Wellcare and United Healthcare. Prominent industry players undertake various initiatives for maintaining their financial stability. For instance, in April 2019, Wellcare expanded its Medicaid programs to three different countries. This expansion will provide firm to expand its territorial coverage along with better outcome for various patients in financial crises.
Health maintenance organization (HMO) segment will grow around 4% during the forecast timeline. Tremendous benefits of care and minimum cash premiums will facilitate segment growth in coming years. Moreover, modest health maintenance organization plans for families with lower expenses are factors that will further accelerate the demand for HMO.
Term insurance segment was valued more than USD 855 billion in 2018. These policies have lower initial cost as compared to premium life insurance schemes. It provides ample amount of coverage at correct time for families with financial crises. Such polices are fully designed for financial needs when required in circumstances. These factors help to gain more segmental revenue.
Health Insurance Market will exceed USD 1.5 billion by 2025; as per a new research report. Rising prevalence of chronic diseases across the globe due to changing lifestyle will fuel health insurance industry growth during the forecast timeline. Risk of acquiring chronic diseases increases owing to lack of physical activity, changing dietary habits and many other factors dependent on lifestyle changes thus upsurges the need for health insurance.
According to CDC data reviewed in April 2019, six in ten adults are affected with chronic disease in the U.S. Additionally, factors such as poor nutrition, excessive alcohol use, tobacco consumption and lack of physical activity are major lifestyle risks of chronic diseases. Above-mentioned factors are expected to drive health insurance market growth.
Hospitalization insurance segment held more than 20% revenue share in 2018 and will witness robust growth during the analysis timeframe. Availability of reimbursement plans for an individual member as well as family health insurance schemes are expected foster the segmental growth. Moreover, daily cash benefits plans surges the demand for health insurance that will further enhance business growth.
Private segment was valued over USD 530 billion in 2018 and will have substantial growth over the forecast period. Rising importance regarding insurance schemes in developing economies will enhance greater demand for segmental growth. Numerous benefits associated with ambulance expenses, secondary and tertiary care hospitalization provided by private health insurance firms is expected to boost the demand.
Adult segment accounted for over 55% revenue share in 2018 and is expected to experience significant growth over the coming years owing to high risk of chronic diseases among adults. Change in lifestyle is the major concern in adults thus, increases risk of acquiring new diseases. Moreover, the population is inclined towards chronic diseases and other cardiac diseases that requires hospitalization. To minimize health risk and health expenses, adults opt for various life insurance schemes to avoid financial instability. Such factors render positive impact on segmental growth.
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Table of Contents:
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Health Insurance Industry Insights
Chapter 4. Health Insurance Market, By Service Provider
Chapter 5. Health Insurance Market, By Type
Chapter 6. Health Insurance Market, By Network Provider
Chapter 7. Health Insurance Market, By Demographics
Chapter 8. Health Insurance Market, By Time Period
Chapter 9. Health Insurance Market, By Region
Chapter 10. Company Profiles
Global Health Insurance Market Size, Status and Forecast 2019-2025
The global revenue of the health insurance in 2015 reach over 7029 (100 M USD); the growth rate is around 25.16%. In 2015, USA premium income reached 2629 (100 M USD) with growth rate of 22%; European premium income reached 2924 (100 M USD) with growth rate of 24%; China premium income was 355 (100 M USD) with growth rate of 41%. Health insurance is a means for financing a person?s health care expenses. While the majority of people have private health insurance, primarily through an employer, many others obtain coverage through programs offered by the government. Other individuals do not have health insurance at all.
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