Health Insurance Market Size, Share, Growth, Comprehensive Research, Analysis by Leading Companies with Forecast till 2027

The effect of the pandemic has reiterated the need for insurance coverage especially that of the health insurance market. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. With a CAGR of 4.1%, the market is poised to achieve an income of USD 141.3 Billion by 2025.

The presence of strong and well-established contenders in the market is predicted to motivate the Health Insurance Market share in the impending period. Moreover, the uncertainty around the situation created by the pandemic is estimated to spur consumers to plan their future healthcare plans seriously, motivating the health insurance market.

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Segmentation
The segmentation of the global health insurance market has been done into type, demographics, term, service providers and region.

The global market for health insurance, by demographics, is segmented into minor, adult and senior citizens. According to Insurance Sweden 2017, about 643,000 employed people between the age of 16-64 had private health insurance in Sweden.

Based on type, the market is segmented into health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans and preferred provider organizations (PPOs).

Based on the period, the market is segmented into life-time coverage and term insurance. The healthcare status of the population is directly linked with the economic development of a country. According to the World Bank, the global healthcare expenditure as a percentage of GDP rose from 9.52% in 2010 to 9.9% in 2015. Factors such as the rise in disposable income and increasing per capita is expected to propel the global health insurance market.

Detailed Regional Analysis
The regional examination of the health insurance market includes the Americas, Africa, Europe, Asia Pacific, and the Middle East. The Americas health insurance market led the global market due to the collective understanding among the people about persistent ailments and many companies are launching new insurance concepts for the wellbeing of the individuals. Technical improvements, along with the obtainability of funding prospects in research and innovation will back the advance of health insurance throughout the forecast period. The influences such as a promising repayment scenario, increase in government spending on healthcare, and an upsurge in the geriatric population in this region can be credited to the health insurance market development. The Asia Pacific health insurance market is anticipated to observe phenomenal development in health insurance during the forecast period owing to the mounting contribution of market companies in introducing advanced health insurance strategies and the mounting demand for the handling of chronic diseases, implementation of innovative technologies, relaxed regulations, and an upsurge in medical tourism.

Competitive Analysis
The competition in the market is estimated to flare-up following the disruption created by the COVID- pandemic. The emphasis on ensuring sustainability in long-term operations is estimated to be a key cause for development in the upcoming period. The trends in the market are estimated to bolster the progress in the worldwide market. The tendency to invest and expand capacities is estimated to create a promising scope for the market in the impending years. The change in several regulations that are running the development of the market is estimated to impact the innovations that can be seen in the global market. The increased contribution of online channels towards the swell in transactions is predicted to further encourage the advancement of the market in the future. The government intervention in the creation of opportunities that can incentivize the development of key regions in the market is predicted to further add an optimistic touch to the proceedings in the market. The market is appraised to be stimulated by an increased development upsurge that is bracing the contenders who are active in the market.

Key Players
Some of the key players in the global health insurance market are Integra Global Health Limited (UK), Blue Cross (US), Allianz SE (Germany), William Russell (UK), International SOS (Asia), MediCare International (UK), IHI-Bupa (UK), Aetna (US), Expacare (UK), MultiNational Underwriters (US). CIGNA (US), HealthCare International (UK)

Industry Updates:
Mar 2021 AccuRisk Solutions LLC, an industry frontrunner in delivering creative and cost-effective solutions to its nationwide network of broker associates, has announced that they have partnered with Briella Insurance, Inc. to advance a new supplemental health insurance advantage to Texas-based employers. The novel product, AccuRisk Supplemental Health Powered by Brella, is the first plan to result from AccuRisk’s subsidiary, AccuRisk Ancillary Solutions that was founded in October 2020.
Mar 2021 ManipalCigna Health Insurance has revealed the introduction of their ‘Lifetime Health’ plan taking into deliberation increasing occurrences of healthcare problems, and also the increasing costs, and to speak to the current worries that consumers have. The firm claims that the ‘Lifetime Health’ regular premium renewable scheme is thoughtfully created after a period of research that recognized that post Covid-19 pandemic as a main driver of demand.
Mar 2021 A cross-sector union between the Singaporean healthcare and insurance industries is receiving proposals for the advance of an end-to-end claims program that seeks to modernize the health insurance procedure. The association is comprised of the Life Insurance Association, Singapore (the General Insurance Association Singapore (GIA Singapore), LIA Singapore,) and the Integrated Health Information Systems (IHiS), with the backing of the Monetary Authority of Singapore (MAS) and the Ministry of Health.

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