Health Insurance Market to Reach Over USD2777 Billion by 2026
Increasing geriatric
population, rising health expenses, and increasing prevalence of chronic
diseases across the globe to drive the growth of the global health insurance
market.
According
to TechSci Research report, “Global Health
Insurance Market By Type of Insurance Provider (Public, Private, Standalone
Health Insurers), 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, Competition, Forecast & Opportunities, 2026F”, the global health insurance market is expected to grow at
a CAGR of over 8% during the forecast period on account of growing healthcare
expenditure in various economies. Additionally, increasing hospital stays and
expensive treatment procedures have increased the affordability concerns for
the patients. The growing need to ensure an efficient flow of treatment without
any kind of inconvenience being caused to the patients is further expected to
propel the market growth over the next few years. Besides, increasing
healthcare awareness coupled with supportive government policies & schemes
is further expected to fuel the market growth. However, heavy competition due
to the emergence of new players and low-profit margins might hamper the market
growth through 2026F. Also, stringent regulations and a longer duration of
claim reimbursement might further restrict the market growth. Moreover, lack of awareness and adoption of
health insurance policies, especially in underdeveloped economies is expected
to impede the market growth. Furthermore, the global health insurance market is
likely to be hampered by the restricted availability of health insurance plans
that are only available for particular hospitals and clinics, as well as the
absence of some costly medical treatments.
Browse 93 market Figures spread through 110
Pages and an in-depth TOC on "Global Health Insurance Market".
The global health insurance market is segmented based on type of
insurance provider, type of coverage, term of coverage, mode of purchase,
end-users, company and region. Based on term of coverage, the global health
insurance market can be split into term and lifetime. Among these, the lifetime
segment is expected to dominate the global health insurance market since most
of the health insurance providers offer lifetime coverage in their health
insurance plans with high discount rates. Due to the high cost of medical
services, health insurance is turning into a necessity. In terms of end users,
the global health insurance market can be fragmented into minors, adults, and
senior citizens. Here, the adult segment is expected to dominate the market
owing to the increased susceptibility to sedentary lifestyle-associated
diseases and chronic diseases. On the other hand, the minor segment is expected
to witness significant growth in the market on account of the availability of
attractive policies for children, which are available at a lower premium and
include additional perks such as cashless hospitalization.
Based on the type of insurance provider, the global health insurance
market can be segmented into public, private, and standalone. Among these,
public health insurance companies are dominating the market. In most cases,
public insurance is less costly than private insurance with lower operating
costs than private insurance and also does not include co-pays or deductibles.
The government is taking initiatives to promote health insurance by offering
various health insurance plans to the citizens. In several nations, the
government is making health insurance mandatory for people.
In terms of regional analysis, the global health insurance market is
segmented into North America, Europe, Asia-Pacific, South America, and Middle
East Africa. Out of which, Asia-Pacific is the fastest-growing region among the
rest of the regions in the global health insurance market and is anticipated to
maintain its growth rate over the next five years as well. Moreover, this
demand is driven by emerging economies in this area, rapid urbanization, and an
expanding middle-class population. Major Asian countries such as India and
China are registering high population levels and increased disposable income.
UnitedHealth Group, Anthem Inc., CVS Health, Allianz Group, Cigna
Corporation, and others are some of the leading players operating in the global
health insurance market. The companies operating in the market are using
strategies such as product launches, mergers, and collaborations to boost their
share.
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“North America is expected to dominate the global health insurance
market during the forecast period, owing to the availability of favorable
health insurance landscape in the region. Additionally, the growing geriatric
population and prevalence of chronic diseases on account of the sedentary
lifestyle of the population are further expected to spur the market growth.
Furthermore, increasing healthcare costs and expenses in the region, especially
in the United States, are expected to create lucrative opportunities for the
market growth.” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Global Health Insurance Market By Type of Insurance
Provider (Public, Private, Standalone Health Insurers), 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, 2026”, has
evaluated the future growth potential of global health insurance market and
provides statistics and 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 global health insurance market.
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