Press release
Health Insurance Market is expected to reach USD 5.72 Billion by 2028 |Global Industry Trends, Share, Size, Growth, Opportunity
The Global Health Insurance Market size was valued at USD 3.23 Billion in 2021 and is expected to reach USD 5.72 Billion by the year 2028, at a CAGR of 8.5%.
Any medical costs incurred during the treatment of a sickness, injury, or other mental or physical impairment are covered by health insurance. The provision of healthcare benefits serves as compensation in exchange for a monthly, semi-annual, or annual premium or payroll tax. Up until the policy's coverage and tenure, the insurer is required to pay the policyholder's medical costs. The coverage may differ depending on the policy for a number of things, including diseases, age group, governmental policies, and others.
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Market Dynamics:
Driver:
The key market developments, such as the introduction of innovative apps by public or private companies, the launch of new insurance schemes by governments, mergers and acquisitions, or any partnership agreements, are among the main factors that are likely to contribute to the market growth during the forecast period. For instance, the Competition Commission of India (CCI) authorized ICICI Lombard General Insurance Ltd.'s acquisition of the general insurance business of Bharti AXA General Insurance Company Limited (Bharti AXA) in November 2020. Through this acquisition, the business will be able to offer a wide variety of insurance products through a number of distribution channels for health and accident insurance, vehicle insurance, and other insurance kinds.
Opportunities:
A new trend is emerging in the industry as a result of market evolution and the introduction of new products by health insurers. Many businesses provide various policies, including single condition packages that only cover one ailment, such as high blood pressure, diabetes, and cancer, and can be added to standard insurance. Customers are given freedom by these businesses, which would simplify the process of switching insurance providers. Since they enable customers to compare different policies to make better decisions, online insurance policy sales have developed into the easiest distribution channel for businesses.
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Segmentation Analysis of the Health Insurance Market
By Product Type
• Medical Insurance
• Critical Illness Insurance
By Coverage Type
• Lifetime Coverage
• Term Coverage
By End-user
• Corporates
• Individuals
• Others
By Distribution Channel
• Direct Sales
• Financial Institutions
• E-commerce
• Hospitals
• Clinics
• Others
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Regional Outlook of Health Insurance Market
Based on regions, the Health insurance market is classified across Latin America, North America, Europe, Asia Pacific, Middle East and Africa. North America dominated the Health insurance industry, accounting for 44% of the total sales. Over the forecast period, the area is expected to maintain its lead. This is due to the vast number of insurance providers that sell health and life insurance policies. In addition, in the United States, the Affordable Care Act made it obligatory to provide health insurance. The federal government was going to punish the states that didn't follow the rules.
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
Players Covered in Health Insurance Market are:
• Berkshire Hathaway
• AXA
• Allianz
• Assicurazioni General
• Munich Re Group
• Prudential
• China Life Insurance (Group) Company
• Zurich Financial Services
• American International Group
• Japan Post Holdings Co. Ltd.
• China Ping An Insurance (Group) Co. Ltd.
• State Farm Insurance
• MetLife Inc.
• Nippon Life Insurance
• Aegon
• AVIVA
• UK Legal & General
• The Dai-ichi Life Insurance Company Limited
• Caisse Nationale de Prévoyance
• PICC
• Cardinal Health
• Asahi Mutual Life Insurance
• Sumitomo Life Insurance
• Samsung Life Insurance
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