US Health Insurance Market to Grow at an Impressive Rate until 2025
Increasing employment
opportunities to drive the growth of United States health insurance market
According
to TechSci Research report, “UnitedStates Health Insurance Market By Type of Insurance Provider (Public,
Private, Standalone Health Insurers), By Insurance Type (Disease, Medical,
Income Protection), By Type of Scheme (Voluntary, Mandatory, Community-based,
Employer based), By Type of Coverage (Individual v/s Family), By Term of
Coverage (Term v/s Lifetime), By Mode of Purchase (Direct Company
Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults,
Senior Citizens), By Region, Forecast & Opportunities, 2025”, the United States health insurance market is expected to grow
at an impressive rate during the forecast period on account of the growing
geriatric population in the country which is susceptible to various chronic
diseases such as cancer, cardiovascular diseases, renal disorders, diabetes,
among others. Also, increasing prevalence of obesity and sedentary lifestyle
diseases have increased the number of patients requiring treatment in the
country. This has led to an increase in the healthcare associated costs, which
has increased the adoption of health insurance plans by the majority of
population in order to avail effective treatment for diseases. Additionally,
technological advancements such as adoption of cloud computing, AI, big data
analytics, among others in the healthcare industry for providing effective
treatment to the patients, is further expected to create lucrative
opportunities for the market growth. Besides, major players operating in the
market keep on coming with attractive insurance plans & packages driving
customer attention. However, heavy competition due to emergence of new players
and low profit margins might hamper the market growth through 2025. Also,
stringent regulations and longer duration of claim reimbursement might further
restrict the market growth. Moreover, health
insurance plans do not cover against some critical diseases and for dermatology
and dental recovery related treatments. This in turn is negatively impacting
the market growth.
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The United States health insurance market is segmented based on type of
insurance provider, insurance type, type of scheme, type of coverage, term of
coverage, mode of purchase, end users, company and region. Based on type of
insurance providers, the market can be categorized into public, private and
standalone health insurers. The private segment is expected to dominate the
market since they provide prompt referral to a consultant, advanced treatment
option, and quick & flexible treatment time. Based on insurance type, the
market can be grouped into disease, medical and income protection. Among these,
the medical insurance segment is expected to dominate the market owing to the
growing prevalence of chronic diseases and increasing incidences of road
accidents. Based on term of coverage, the market can be split into term and
lifetime. Here, the lifetime segment is expected to dominate the market since
most of the health insurance providers offer lifetime coverage in their health
insurance plans.
Anthem, Inc, AXA Equitable Life Insurance Company, Unitedhealth Group
Inc., State Farm Group, Centene Corporation, Cigna, Berkshire Hathaway Inc.,
International Medical Group, Inc., Humana Group, HCSC Group and others are some
of the leading players operating in United States health insurance market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share.
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“The United
States healthcare market is the one of the largest healthcare markets in the
world and is expected to maintain its dominance during the forecast period. The market is expected to grow
significantly on account of the improving healthcare infrastructure coupled
with the use of advanced technologies in the healthcare industry. Additionally,
increasing expenditure by the government on promoting health and disease
prevention is further expected to propel the market through 2025.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“United States Health Insurance Market By Type of
Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance
Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary,
Mandatory, Community-based, Employer based), By Type of Coverage (Individual
v/s Family), By Term of Coverage (Term v/s Lifetime), By Mode of Purchase
(Direct Company Representatives, Online Portal, Insurance Agent), By End Users
(Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities,
2025”, has evaluated the future growth potential of United
States health insurance market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in United States health
insurance market.
Contact
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