Health Insurance Market to Witness Significant Growth During Forecast Period
According to a new report published by KD
Market Insights, titled, “Health
Insurance Market by
Provider, Insurance Type, Coverage Type, Demographics, Network, and Region:
Global Opportunity Analysis and Industry Forecast, 2019–2026," the global
health insurance market was valued at $3,153 billion in 2018, and is estimated
to reach $4,475 billion by 2026, registering a CAGR of 4.4% from
2019 to 2026. North America was the highest contributor to health insurance in
the analyzed period.
Health insurance is an insurance coverage that
involves the expenses incurred through illness. health insurance provides
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. The insurer is obliged to cover medical expenses
for the policyholder up till the tenure of the policy. Depending on the policy,
the coverage may vary for numerous factors including diseases, age group,
government policies, and others.
Upsurge in prevalence of chronic diseases such
as cardiovascular disease, cancer, and diabetes is the key factor that boosts
the growth of the global health insurance industry. Furthermore, health
insurance market growth owing to mandatory provision of health insurance to
private and public sectors employees. However, limitation of availability of
reimbursement in certain specified clinics & hospitals and exclusion of
advanced & expensive treatment for diseases such as cancer and
cardiovascular disease restrict the growth of the health insurance market size.
Conversely, development of advanced technology in health settings serves as an
emerging opportunity for the market.
The private providers segment is expected to
be the fastest growing segment during the forecast period. The private
providers offer prompt referral to a consultant, advanced treatment options, quick
& flexible treatment time in private hospitals to subscribers.
Based on region, North America occupied the largest contribute health insurance market share in 2018, owing to increased awareness of the availability of multi-value health insurance policies. In addition, favorable health insurance landscape in the U.S. has a positive impact on the growth of the market. Moreover, provision of health insurance to all employees as a job benefit contributes toward the growth of the market. Furthermore, availability of expensive Health facilities in the U.S. fuels the demand for health insurance.
According to Onkar Sumant, Manager, at KD Market Insights, “Rise in cost of medical expenses and mandatory provision of health insurance to public & private sector employees accelerate the growth of the global health insurance market.”
KEY FINDINGS of THE STUDY
- Depending on provider, the public providers
segment is the largest contributor towards the growth of health insurance
market.
- Medical insurance is anticipated to dominate the market in 2018, and will continue health insurance market trends throughout the forecast period.
- Preferred providers organization is expected to grow at the highest rate during the forecast period.
- North America contributed the largest revenue in 2018 to the health insurance market.
- Medical insurance is anticipated to dominate the market in 2018, and will continue health insurance market trends throughout the forecast period.
- Preferred providers organization is expected to grow at the highest rate during the forecast period.
- North America contributed the largest revenue in 2018 to the health insurance market.
The key players operating in the global health
insurance market include Allianz Group, Assicurazioni Generali S.p.A., AIA
Group Limited, Anthem, Inc., AXA Equitable Life Insurance Company, China Life
Insurance Company Limited, Munich Re, Ping An Insurance (Group) Company of China,
Ltd., State Farm Group, and Zurich Insurance Group.
Other prominent players in the value chain analysis (not included in this report) are Berkshire Hathaway Inc., Prudential plc, Nippon Life Insurance Company, Dai-ichi Life Holdings, Inc., Kaiser Foundation Group of Health Plans, Berkshire Hathaway Inc., New York Life Insurance Company, and Life Insurance Corporation of India.
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