February 11, 2020
According to the research report titled ‘Health Insurance Market Size By Service Provider (Private, Public), By Type (Hospitalization Insurance, Critical Illness Insurance, Income Protection Insurance, Medical Insurance), By Network Provider (Health Maintenance Organization [HMO], Preferred Provider Organization [PPO], Exclusive Provider Organization [EPO]), By Demographics (Minors, Adults, Senior Citizens), By Time Period (Life Insurance, Term Insurance), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, Mexico, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global health insurance market is expected to surpass USD 1.5 billion by the year 2025.
According to the report, increased pervasiveness of chronic disorders owing to rising adoption of sedentary lifestyle is a major factor driving the health insurance market growth. Changing dietary habits and lack of physical activity have resulted in increased risk of chronic diseases. This factor along with increasing consumption of tobacco, alcohol, and poor nutrition are fostering the demand for health insurance across the globe. Favorable government initiatives which promote health insurance plans along with escalating healthcare expenditure are further aiding the market expansion. However, claim reimbursement is a time consuming process which may hinder the health insurance market growth.
As per provider, the report states that private health insurance market segment was worth USD 530 billion in the year 2018 and is expected to register consistent growth during the forecast period. Increasing awareness pertaining to the benefits of insurance schemes in developing nations are fueling the segmental growth.
Speaking of type, hospitalization insurance market segment held 20% share in the year 2018 and is presumed to witness consistent growth during the estimated timeframe. Availability of reimbursement policies for family as well as individuals health insurance schemes coupled with daily cash benefit policies are stimulating the industry outlook.
In terms of network provider, the report cites that HMO (health maintenance organization) segment is expected to grow by 4% in the subsequent years. Increasing awareness regarding minimum cash premiums along with availability of modest HMO plans for low income families are facilitating the business scenario.
By demographics, the adult segment held 55% revenue share in the year 2018 and is set to acquire commendable gains in the forthcoming years. Evolving lifestyles and rising prevalence of chronic disorders among adults are contributing towards the popularity of health insurance among adults.
Speaking of time period, the report states that term insurance segment amassed sizable returns in the year 2018 and is projected to witness decent growth in approaching years. Factors such as low initial cost and abundant amount of coverage are favoring the health insurance market outlook from term insurance segment.
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As per the regional analysis, the North America health insurance industry held 30% revenue share in the year 2018 due to high concentration of insurance providers and growing occurrence of chronic disorders. Various insurance providers are offering several policies in order to reduce the healthcare expenditure which in turn is augmenting the regional demand for the product.
United Healthcare, Wellcare, Kaiser Permanente, Humana, Highmark, HCSC, Cigna Corporation, Blue Cross Blue Shield Companies, Alliance, and Aetna are the prominent companies operating in the health insurance market.
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