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Domiciliary Insurance Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players
Domiciliary Insurance Market
As per the report, the domiciliary insurance market size has grown rapidly in recent years. It will grow from $38.35 billion in 2023 to $44.72 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The domiciliary insurance market size is expected to see rapidly grown in the next few years. It will grow to $75.49 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
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Rising Geriatric Population Fuels Demand For Domiciliary Insurance
The growing geriatric population is expected to drive the domiciliary insurance market. The population of the world is growing older, with the age group of 65 and above being the fastest growing. For instance, according to World Health Organization, there were about 1 billion people aged 60 years and above in the world. The number is expected to reach 1.4 billion by 2030 and 2.1 billion by 2045. The rise in the geriatric population means a population with more health problems that require constant care and have limited ability to move, which makes them dependent on health services in the comfort of their homes. Moreover, even healthcare providers prefer treating them at home unless there is a major emergency, as these services are expensive. People are opting for domiciliary insurance as a separate policy or along with their health insurance plan to cover these home hospitalization treatment costs, which further contributes towards the growth of the market.
Innovative Domiciliary Insurance Solutions
The companies in the domiciliary insurance market are focusing on the launch of the home treatment programs for overseas patients. The home treatment program provides healthcare services to patients at their home. It takes place when a therapist provides counseling in a person's home. For example, in September 2022, Allianz Care Australia, an Australia based a medical assistance and insurance company, launched a home treatment program for overseas student health insurance members who require cancer treatment in Australia. The program enables members to receive cancer treatment at home instead of a hospital, improving the lives of overseas students and providing another option for persons requiring cancer treatment. As part of the program, Allianz Care members will receive repeat cycle treatment, including chemotherapy, immunotherapy, chronic illness infusions, and other supportive therapies commonly prescribed for cancer treatment.
The domiciliary insurance market covered in this report is segmented -
1) By Insurance Type: Diseases Insurance, Medical Insurance, Income Protection Insurance, Other Insurance Types
2) By Coverage Type: Lifetime Coverage, Term Coverage
3) By Demographics: Minors, Adults, Senior Citizen
4) By Network: Preferred Provider Organizations (PPOs), Point Of Services (POS), Health Maintenance Organization (HMOs), Exclusive Provider Organizations (EPOs)
5) By Service Provider: Private, Public
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Major companies operating in the domiciliary insurance market include Cigna Group, AIA Group Limited, Allianz SE, AXA SA, Aviva plc, Aetna Inc., HDFC ERGO General Insurance Company Limited, Munich Re Group, ICICI Lombard General Insurance Company Limited, Religare Health Insurance Company Limited, Edelweiss General Insurance Company Limited, Anthem Insurance Companies Inc., Blue Cross Blue Shield Association, Humana Inc., Health Care Service Corporation, Highmark Inc., Kaiser Foundation Health Plan Inc., UnitedHealth Group Incorporated, WellCare Health Plans Inc., Centene Corporation, Allianz Care, BMI Healthcare Ltd., Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., Aditya Birla Health Insurance Limited, Bajaj Allianz Health Insurance Company Limited, Bharti AXA General Insurance Company Limited, Kotak Mahindra General Insurance Company Limited, Oriental Insurance Company Ltd., Reliance General Insurance Company Limited, SBI General Insurance Company Limited, Next Insurance Inc., Ethos Life Insurance Services
Contents of the report:
1. Executive Summary
2. Domiciliary Insurance Market Report Structure
3. Domiciliary Insurance Market Trends And Strategies
4. Domiciliary Insurance Market - Macro Economic Scenario
5. Domiciliary Insurance Market Size And Growth
…..
27. Domiciliary Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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