Health Insurance Market is expected to grow at a CAGR of 9.8% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Health Insurance Market size accounted for USD 63.5 Billion in 2022, growing at a CAGR of 9.8% from 2023 to 2033. The health insurance market refers to the sector of the financial industry that deals with the buying and selling of health insurance policies. In this market, insurance companies provide coverage to individuals or groups in exchange for premium payments. Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It can also provide coverage for other types of health-related expenses, such as prescription drugs, preventive care, and mental health services.
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The health insurance market is influenced by factors such as regulatory policies, healthcare costs, advancements in medical technology, and demographic trends. The goal of health insurance is to provide financial protection to individuals and groups in the event of unexpected medical expenses, fostering access to healthcare services and promoting overall health and well-being.
Key Players
Some of the major Health Insurance Market players holding high market shares include International Medical Group Inc., AIA Group Limited, Allianz SE, Aviva Plc and Berkshire Hathaway Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include United Health Group, Humana, Bupa and Kaiser Foundation.
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Segmental Analysis
Based on Type, the Health Insurance Market is segmented into Health Maintenance Organizations, Exclusive Provider Organizations, Point-Of-Service (POS) Plans and Preferred Provider Organizations. The point-of-service segment dominated the market. This is due to the high benefits offered as compared to the traditional plan as well as growing awareness also boosting the segment growth.
Based on Period, the Health Insurance Market is segmented into Lifetime Coverage and Term Insurance. The term insurance segment dominated the market. The term insurance plan offers financial security for the whole family as well as optional coverage for critical accidents and illnesses.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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