Health Insurance Market 2021 Size, Share, Development History, Top Key Players-Cigna, ALLIANZ CARE, Aviva, BMI Healthcare, Oracle, VHI Group

A report by DBMR on the Health Insurance Market discusses the growth of the market in great detail. It discusses thoroughly all factors promoting and deterring the market. The report also focuses on the competitive dynamics in the market by monitoring the strengths and weaknesses of prominent contributors and their key products. This report also put strong focus over some of the significant sections of the Health Insurance market the chief active factors boosting or obstructing the market growth, application of the product or services in different fields, major market holders, regional analysis, and the market’s financial condition by taking into consideration various factors such supply chain, demand, size, manufacture analysis, forecast trends, share, production, sales, growth of Health Insurance Market.

DBMR Analyses that the Health Insurance 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.

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Overview:

According to Data Bridge Market Research, in the market for health insurance, the market leader UnitedHealth Group accounts an estimated market share of approximately 10% to 15% in the global health insurance market. In North America health insurance market, an estimated market share of approximately 30% to 33% is held by UnitedHealth Group which is a leader in health insurance in the U.S. Additionally, the company is continuously involved in the business expansion activities to increase its global and regional presence in health insurance policies. The health insurance sales revenue of United Health Group has increased drastically by approximately 12% as compared to 2018 to generate sales revenue of USD 226 billion in 2019.

In November 2019, UnitedHealth Group care announced that the company will open 14 UnitedHealthcare Medicare services centers in partnership with Walgreens. The move will help the company to provide access to its services to a greater pool of customers.

According to this report Global Health Insurance Market will rise from Covid-19 crisis at moderate growth rate during 2020 to 2027. Health Insurance Market includes comprehensive information derived from depth study on Health Insurance Industry historical and forecast market data. Global Health Insurance Market Size to Expand moderately as the new developments in Health Insurance and Impact of COVID19 over the forecast period 2020 to 2027.

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Health Insurance Market report provides depth analysis of the market impact and new opportunities created by the COVID19/CORONA Virus pandemic. Report covers Health Insurance Market report is helpful for strategists, marketers and senior management, And Key Players in Health Insurance Industry.           

The Segments and Sub-Section of Health Insurance Market are shown below:

By Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others)

By Level of Coverage (Bronze, Silver, Gold, Platinum)

By Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (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), Demographics (Adults, Minors, Senior citizens)

By Coverage Type (Lifetime Coverage, Term Coverage)

By End User (Corporates, Individuals, Others), Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, Others)

The Top Driving Players Operating in the Market Covered in this report:

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
….
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Health Insurance Market Competitive Analysis

The Competitive Analysis chapter of the report highlights key developments of the major players in the Health Insurance Market. The report provides insights into the most recent mergers, acquisitions, partnerships, and other strategic alliances in the Health Insurance Market. In addition, each company’s pricing, sales, advertising, and marketing strategies are included in the report. 

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.

To Be Continued…..!!!

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Reason to Buy                                                                                                                                         

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Health Insurance market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Health Insurance market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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