Japan Health Insurance Market is fueled by Public Insurance Provider in the Forecast Period
Increasing
government initiatives and raising awareness of the advantages of health
insurance policies are the leading factors driving the Japan health insurance
market during the forecast period.
According to
TechSci Research report, “Health Insurance – Japan Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2018-2028F”, The Japan Health Insurance Market is expected to grow
during the forecast period due to several factors such as an increase in the
number of health insurance plans due to an increase in private service
providers driving market demand throughout the forecast period.
Health insurance
covers all kinds of surgical costs as well as medical expenses, incurred due to
disease or injury. It is applicable to a broad or narrow spectrum of medical
services, offering full or partial reimbursement of the price of treatments. As
it pays for all medical costs incurred when the policyholder is hospitalized
for treatment, it offers the policyholder financial support. Additionally, pre and
post-hospitalization costs are all covered.
The health
insurance policy offers several coverage options, including reimbursement
claims and cashless coverage. A cashless benefit is offered, when a
policyholder receives medical attention at one of the insurance company's
network hospitals. If the policyholder receives treatment from a hospital that
is not a part of the list provided, the policyholder pays all medical costs and
then submits all related medical bills to the insurance company, to request
reimbursement.
Additionally, insurance companies offer free services to
their customers. These services cover a wide range, including the ability for
policyholders to seek second opinion from a specialty doctor and use mobile
AI-powered applications to manage chronic diseases on a regular basis.
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The Japan health insurance market is segmented based on type of insurance provider, type of coverage, mode of purchase, premium types, end
users, region, and competitional landscape. Based on type of insurance
provider, the market is fragmented into public vs private. In public sector, the government is the primary insurer and provider of
specific healthcare services, and remains heavily involved in healthcare.
Furthermore, public healthcare insurance is less expensive than private
healthcare insurance because it generally does not require co-pays or
deductibles and has lower administrative costs.
Similarly in a private health insurance, private insurers
provide services for advanced medical care and are becoming more prevalent.
Private health insurance primarily serves as a supplement to the public health
insurance system, guaranteeing services that are not covered by public
benefits, covering extra costs incurred while being unwell, and ensuring
financial stability during absence duration, from the workplace.
On the basis of premium type, the Japan health insurance market is
divided into regular premium and single premium. If a person chooses a single
premium health insurance policy, the payment must be made in full before the
policy begins. In a regular premium policy, the insured person pays the
insurance coverage at regular intervals over the course of the policy. The
intervals can range from monthly to yearly. The majority of customers prefer
regular premium policies because they can automate payments through various
apps.
Based on type of coverage, the
market is divided into individual vs family. Based on mode of purchase, the
market divided into insurance companies, insurance agents/brokers, and others (insurtech
companies, third party, etc.)). Based
on end users, the market is fragmented into minors, adults, senior citizens.
Among these, adult segment is the fastest growing segment in the market. Because
of adult population has a high prevalence of lifestyle diseases, which can
increase future health risks.
Key market players in the Japan health
insurance market include:
- AXA Life Insurance Co., Ltd.
- MetLife Insurance Co., Ltd.
- Aetna Inc.
- AIG General Insurance Co., Ltd.
- Meiji Yasuda Life Insurance
Company
- MS&AD Insurance Group
Holdings, Inc.
- National Mutual Insurance Federal
Agricultural Cooperation
- Nippon Life Insurance Company
- Pacific Prime Insurance Brokers
Limited (PPIB)
- Sumitomo Life Insurance Company
- Tokio Marine Holdings, Inc.
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“Rising government initiatives is one of the prominent trends that is
expected to have a positive impact on the growth of health insurance market, over
the forecasted period, including online services provided as a result of
consultation with a trained medical professional and managing health
conditions, which are expected to play a significant role in boosting demand
for health insurance in the coming years. Additionally, rising health risks
because of unhealthy life and accidents are expected to boost the industry
growth in the forecast period.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
Japan management consulting firm.
Japan
Health Insurance Market, By Type of Insurance Provider (Public Vs Private), By
Type of Coverage (Individual Vs Family), By Mode of Purchase (Insurance
Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third
Party, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users
(Minors, Adults, Senior Citizens)), By Region, By Company, Forecast &
Opportunities, 2018-2028F, has evaluated the future growth potential health
insurance and provides statistics and information on market structure, size,
share, and future growth. The report is intended 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 present in Japan Health
Insurance Market.
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