Press release
Health Insurance Market is projected to Reach USD 3.1 trillion by 2027, Expanding at a CAGR of 9.7% | Size, Growth, Share & Forecast
Health Insurance Market
The Health Insurance Market is expected to reach USD 3.1 trillion by 2027, growing at a CAGR of 9.7% over the forecast period (2020-2027).
The factors driving the growth of Health Insurance Market includes rising prevalence of cancer, dengue, and diabetes around the world, growing awareness amongst consumers about the benefits of health insurance in rural areas, and increasing cost of medical services. According to the report published by World Health Organization (WHO), the cases of dengue worldwide have increased from 505,430 cases in 2000 to 5.2 million in 2019, which will boost the demand for health insurance in the approaching years. Moreover, the growing ageing population, increasing number of daycare procedures, availability of affordable insurance plans, rise in the launch of attractive health insurance plans by insurance companies and expansion of the healthcare sector, are some of the additional factors supplementing the Health Insurance Market share. In addition, the increasing investments by leading players on research and development, sedentary lifestyles, strategic mergers, and acquisitions between the key industry players, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, the growth of Health Insurance Market is hindered attributed strict regulations imposed by Governments to verify insurance claims.
The major players operating in the Health Insurance Market are China Life Insurance (Overseas) Company Limited, Cigna, Health Care Service Corporation, ASSICURAZIONI GENERALI S.P.A, Allianz, Anthem, Inc., Highmark Inc., United HealthCare Services, Inc. AIA Group Limited, and WellCare Health Plans, Inc., among others.
Based on Providers, the Private Providers segment is predicted to expand at a significant CAGR during the forecast period
Private health provides flexible treatment options and offers advanced treatment solutions to their subscribers, are some of the factors responsible for the segment's growth.
Based on Insurance Type, the Insurance Type segment is projected to grow at a remarkable CAGR over the forecast period
As per the Health Insurance Market Trends, increasing number of road accidents, rise in the cost of medical treatments and Government initiatives to promote woman's health insurance, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
Rise in the number of chronic diseases, availability of low-premium term insurance plans, attractive insurance policies offered by private players, rapid urbanization, increasing per capita income and high population growth rates, are some of the important factors augmenting the Health Insurance Market size in Asia-Pacific.
Key Development
In 2020, Highmark Inc. and HealthNow New York Inc. announced affiliation agreement to serve the communities situated in North-eastern and Western New York and Highmark's Pennsylvania, Delaware, and West Virginia regions.
Market Segmentation
Segmentation by Providers
Private Providers
Public Providers
Segmentation by Insurance Type
Disease Insurance
Medical Insurance
Income Protection Insurance
Segmentation by Coverage Type
Lifetime Coverage
Term Coverage
Segmentation by Demographics
Minors
Adults
Senior Citizens
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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