Analyzing Growth Drivers in the Global Health Insurance Market - 2028

According to a recent report published by Allied Market Research, the global health insurance industry size was valued at $1,983.28 billion in 2020, and is projected to reach $4,153.32 billion by 2028, growing at a CAGR of 9.7% from 2021 to 2028.

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Healthcare insurance provides quick reimbursement for insurers suffering from diseases with a minimal premium amount. In addition, it provides coverage for all mentioned treatments such as critical illness and large & small surgeries.

Moreover, it offers affordable healthcare services such as preventive care, hospitalization, office visits, immunizations, and others. Health insurance offers compensation for such medical expenses that may incur, owing to sickness or injury to the insured people in exchange for a monthly premium or a payroll tax to provide health benefits.

Mandatory provision of health insurance in private & public sectors employees and surge in prevalence of chronic diseases, such as cardiovascular disease, cancer, and diabetes, are the key factors that boost the global health insurance market growth.

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However, the limitation of availability of reimbursement in certain specified clinics & hospitals and increase in health insurance premium cost restrict the growth of the market. Conversely, development of advanced technology in the healthcare sector and increase in medical treatment cost are expected to create an immense opportunity for the market in the coming years.

Based on coverage, the preferred provider organizations (PPOs) segment is considered as a lucrative opportunity, attributed to the fact that policyholders are provided healthcare services at discounted rates while opting a certain specified network of doctors and hospitals.

By region, the global health insurance market share is being dominated by North America in 2021, and is expected to maintain this trend during the forecast period. Attributed to increased awareness of the availability of multi-value health insurance policies and favorable health insurance landscape in the U.S., there is a positive impact on the growth of the market.

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However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period due to continuous increase in healthcare costs and steady income of people, which act as factors that boost the growth of the health insurance market demand in the region.

The health insurance market has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trends toward health insurance are changing and key players in the market are adopting technologies such as artificial intelligence-based solutions for claim processing & cognitive automation for real-time interaction with consumers. For instance, the U.S.-based health insurance company, Humana, has partnered with Oracle to enable the usage of artificial intelligence for providing an automated, transparent, and real-time claim processing experience to consumers.

The health insurance market has been experiencing significant growth globally. Factors driving this growth include increasing healthcare costs, rising prevalence of chronic diseases, aging populations in many countries, and expanding government initiatives to provide healthcare coverage. Technological advancements, such as digital health platforms and telemedicine, have also played a crucial role in enhancing service delivery and efficiency within the industry.

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Moreover, the COVID-19 pandemic highlighted the importance of health insurance, further boosting demand as individuals sought better coverage and protection against unforeseen health crises. Looking ahead, the market is expected to continue expanding as healthcare needs evolve and insurance providers innovate to meet changing consumer expectations and regulatory requirements.

Key findings of the study

1. By coverage, the preferred provider organizations (PPOs)

2. By age group, the adult segment accounted for the highest health insurance market share in 2020.

3. By region, North America generated the highest revenue in 2020.

The key players profiled in the health insurance market analysis are Aetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI S.P.A., Aviva, AXA, Cigna, Ping An Insurance (Group) Company of China, Ltd., UnitedHealth Group, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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