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 Region, By Company, Forecast & Opportunities, 2018-2028

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Summary

Report Description

The Japan Health Insurance Market is expected to be driven by rising demand for health insurance due to increasing medical services costs. The rising number of daycare procedures drives the sustainable growth of health insurance in Japan.

In addition, certain income-based deductions are available to taxpayers who pay health insurance premiums, long-term care insurance premiums, or individual annuity premiums. These are referred to as health insurance deductions. They minimize the financial burdens of income and residence tax, which has increased market demand over the anticipated period.

The insurer of a health insurance plan pays the policyholder's medical expenses, such as hospitalization, surgeries, and treatments for injuries. A health insurance policy is a contract where the policyholder agrees to pay the premium amount by the insurance plan, and the insurance company promises payment for treatment costs, in the event of future medical concerns. As a result, during the anticipated years, the market for health insurance will be improved by the advantages of health insurance policies.

Moreover, the increased awareness of the advantages of health insurance policies that allow reimbursement claims and cashless coverage is one of the variables that are projected to promote the expansion of the Japan health insurance market growth over the forecast period. When a policyholder obtains medical treatment at one of the insurance company's network hospitals, a cashless benefit is offered. Similarly, in response to the growing consumer demand for an insurance policy, insurance providers are increasing their number of policies. This is expected to further fuel the expansion of the global leather goods industry growth.

Due to the increasing demand for health insurance policies, private health insurance companies now provide quality health insurance for expats and international citizens. For instance, US citizens or expats residing in Japan might prefer a certain plan that is suited to their requirements. The GeoBlue Xplorer plan offers high qualities of benefits, premier service, and a range of options that make it possible to customize coverage to meet individual needs. The plan offers annual coverage in the USA for up to 9 months (compared to other plans that will limit coverage in the US to 3-6 months per year). In case when an individual need to care back in the USA, the Blue Cross/Blue Shield network of hospitals and medical professionals is available in order to support an individual for the duration of policy term with the medical insurance plan that an individual select. The Xplorer plan offers a premium network of physicians and medical facilities outside of the USA so that individuals be sure to have access to high-quality care wherever in the world. As a result, these factors will contribute to the expansion of profitable business opportunities in the Japan health insurance market during the forecast period.

Japan's over 3,000 insurers are roughly divided into three types of insurance include employer-based health insurance, residence-based National Health Insurance (NHI), and health insurance for people aged 75 and up. Health insurance for people 75 and older is primarily supported by public funds, as well as contributions from employer-based health insurance and NHI.

Government Initiatives to Boost the Market Growth

In Japan, it is mandatory to enroll in health insurance policies. In Japan, residents can choose between two types of health insurance. All residents in the country, both citizens and long-term visa holders are required by law to enroll in either Employee Health Insurance or National Health Insurance. As a result, the advantages of enrolling in health insurance policies improve the market for health insurance during the forecasted years.

In Japan, a national health insurance programme is available to help with medical expenses. The National Health Insurance programme (NHI) must be subscribed by foreign residents who intend to stay in Japan for three months or more (NHI also known as "Kokuho"). Since, around 70% of the medical expenses are covered by the National Health Insurance system and the remaining 30% of patients' medical expenses will need to be covered by their own pocket.

Similarly, Employee Health Insurance (EHI) is an employment-based health insurance programme in which the employer pays half of the EHI premium. The remaining half is simply deducted from each person's monthly paycheck. The insurance pays for 70% of the medical bills and any of the dependent family members as well.

Growth of Private Health Insurance Sector Will Further Boom the Market Growth

The demand for private health insurance is gradually changing because of epidemiologic shifts, rising demand for cancer treatments which is the major cause of death in Japan, and the expansion of advanced medical care services. As a result, the role of private health insurance is expected to shift in the future, alongside reforms in the public health insurance system. Japan's declining birth rate, aging population, and technological innovations are expected to increase national medical care expenditures, so revisions to public health insurance may result in reduced coverage ranges. However, it is anticipated that the demand for health insurance will rise as these private plans to include medical services, grow.

Moreover, insurance providers give their clients free services. These services range widely, allowing policyholders to consult a specialized physician for a second opinion and manage chronic conditions in daily life, using mobile applications created with artificial intelligence (AI).

Similarly, private insurers provide services for advanced medical care and are becoming more common in private health insurance. Private health insurance primarily serves as a supplement to the public health insurance system, guaranteeing services not covered by public benefits, covering additional costs incurred while ill, and assuring financial stability during extended absences from the workplace.


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Rising Medical Services’ Cost to Boost the Market Growth

Rising costs for high-quality healthcare and a rise in daycare procedures have increased the need for health insurance. Among other things, the cost of surgery, doctor appointments, hospital stays, ER visits, and diagnostic tests are included in the cost of medical services. Therefore, the rising cost of medical services has made it necessary for consumers to purchase health insurance to improve coverage and support the market for health insurance. For instance, according to the Ministry of Health, Labor, And Welfare’s Healthcare Expenditure Trends report, healthcare expenditures paid to medical institutions are expected to reach a record USD320 billion in fiscal 2021, which is an increase of USD15 billion, or 4.6%, over the 2020. The value of hospitalization increased by 2.8% to USD130 billion. Meanwhile, expenditure on prescription medicines and dental services increased by 2.7% and 4.8%, respectively in 2021.

Market Segmentation

The global health insurance market is segmented based on the type of insurance provider, type of coverage, mode of purchase, and premium types. Based on the type of insurance provider, the market is fragmented into public vs. private. Based on the type of coverage, the market is divided into individual vs. family. Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurance companies, third parties, etc.)). The market is divided into regular premium and single premium, based on premium type.

Company Profiles

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. are among the major market players in the platform that lead the market growth of the Japan Health Insurance market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Type of Insurance Provider

·         Type of Coverage

·         Mode of Purchase

·         Premium Type

·         Region

Regional Scope

Hokkaido & Tohoku, Chubu, Chugoku, Kyushu, and Rest of Japan.

Key Companies Profiled

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.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)


Report Scope:

In this report, the Japan health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Japan Health Insurance Market, By Type of Insurance Provider:
    • Public
    • Private
  • Japan Health Insurance Market, By Type of Coverage:
    • Individual
    • Family
  • Japan Health Insurance Market, By Mode of Purchase:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • Japan Health Insurance Market, By Premium Type:
    • Regular Premium
    • Single Premium
  • Japan Health Insurance Market, By Region:
    • Hokkaido & Tohoku
    • Chubu
    • Chugoku
    • Kyushu
    • Rest of Japan.
  • Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Japan health insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Japan health insurance market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

4.6.  Challenges Faced

5.    Japan Health Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type of Insurance Provider Market Share Analysis (Public Vs Private)

5.2.2.     By Type of Coverage Market Share Analysis (Individual Vs Family)

5.2.3.     By Mode of Purchase Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)).

5.2.4.     By Premium Type Market Share Analysis (Regular Premium, Single Premium)

5.2.5.     By Regional Market Share Analysis

5.2.5.1.         Hokkaido & Tohuku Market Share Analysis

5.2.5.2.         Chubu Market Share Analysis

5.2.5.3.         Chugoku Market Share Analysis

5.2.5.4.         Kyushu Market Share Analysis

5.2.5.5.         Rest of Japan Market Share Analysis

5.2.6.     By Top 5 Companies Market Share Analysis, Others (2022)

5.3.  Japan Health Insurance Market Mapping & Opportunity Assessment

5.3.1.     By Type of Insurance Provider Market Mapping & Opportunity Assessment

5.3.2.     By Type of Coverage Market Mapping & Opportunity Assessment

5.3.3.     By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.4.     By Premium Type Market Mapping & Opportunity Assessment

5.3.5.     By Region Market Mapping & Opportunity Assessment

6.    Japan Public Health insurance Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type of Coverage Market Share Analysis

6.2.2.     By Mode of Purchase Market Share Analysis

6.2.3.     By Premium Type Market Share Analysis

7.    Japan Private Health insurance Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Type of Coverage Market Share Analysis

7.2.2.     By Mode of Purchase Market Share Analysis

7.2.3.     By Premium Type Market Share Analysis

8.    Market Dynamics

8.1.  Drivers

8.1.1.     Government Initiatives

8.1.2.     Rising cost of medical services

8.1.3.     Advantages of health insurance policies

8.2.  Challenge

8.2.1.     High cost of insurance premiums

8.2.2.     Lack of awareness

9.    Impact of COVID-19 on Japan Health Insurance Market

9.1.  Impact Assessment Model      

9.1.1.     Key Segments Impacted

9.1.2.     Key Regions Impacted

10.  Market Trends & Developments

10.1.              Increasing healthcare expenditure

10.2.              Increasing number of daycare procedures

10.3.              Increasing online purchase

10.4.              Rising health risks

10.5.              Growing private health insurance.

11.  SWOT Analysis

11.1.              Strengths

11.2.              Weaknesses

11.3.              Opportunities

11.4.              Threats

12.  Competitive Landscape

12.1.              Company Profiles

12.1.1.  AXA Life Insurance Co., Ltd.

12.1.1.1.      Company Details

12.1.1.2.      Products

12.1.1.3.      Financials (As Per Availability)

12.1.1.4.      Key Market Focus & Geographical Presence

12.1.1.5.      Recent Developments

12.1.1.6.      Key Management Personnel

12.1.2.  MetLife Insurance Co., Ltd.

12.1.2.1.      Company Details

12.1.2.2.      Products

12.1.2.3.      Financials (As Per Availability)

12.1.2.4.      Key Market Focus & Geographical Presence

12.1.2.5.      Recent Developments

12.1.2.6.      Key Management Personnel

12.1.3.  Aetna Inc.

12.1.3.1.      Company Details

12.1.3.2.      Products

12.1.3.3.      Financials (As Per Availability)

12.1.3.4.      Key Market Focus & Geographical Presence

12.1.3.5.      Recent Developments

12.1.3.6.      Key Management Personnel

12.1.4.  Meiji Yasuda Life Insurance Company

12.1.4.1.      Company Details

12.1.4.2.      Products

12.1.4.3.      Financials (As Per Availability)

12.1.4.4.      Key Market Focus & Geographical Presence

12.1.4.5.      Recent Developments

12.1.4.6.      Key Management Personnel

12.1.5.  MS&AD Insurance Group Holdings, Inc.

12.1.5.1.      Company Details

12.1.5.2.      Products

12.1.5.3.      Financials (As Per Availability)

12.1.5.4.      Key Market Focus & Geographical Presence

12.1.5.5.      Recent Developments

12.1.5.6.      Key Management Personnel

12.1.6.  National Mutual Insurance Federal Agricultural Cooperation

12.1.6.1.      Company Details

12.1.6.2.      Products

12.1.6.3.      Financials (As Per Availability)

12.1.6.4.      Key Market Focus & Geographical Presence

12.1.6.5.      Recent Developments

12.1.6.6.      Key Management Personnel

12.1.7.  Nippon Life Insurance Company

12.1.7.1.      Company Details

12.1.7.2.      Products

12.1.7.3.      Financials (As Per Availability)

12.1.7.4.      Key Market Focus & Geographical Presence

12.1.7.5.      Recent Developments

12.1.7.6.      Key Management Personnel

12.1.8.  Pacific Prime Insurance Brokers Limited (PPIB)

12.1.8.1.      Company Details

12.1.8.2.      Products

12.1.8.3.      Financials (As Per Availability)

12.1.8.4.      Key Market Focus & Geographical Presence

12.1.8.5.      Recent Developments

12.1.8.6.      Key Management Personnel

12.1.9.  Sumitomo Life Insurance Company

12.1.9.1.      Company Details

12.1.9.2.      Products

12.1.9.3.      Financials (As Per Availability)

12.1.9.4.      Key Market Focus & Geographical Presence

12.1.9.5.      Recent Developments

12.1.9.6.      Key Management Personnel

12.1.10.                Tokio Marine Holdings, Inc

12.1.10.1.    Company Details

12.1.10.2.    Products

12.1.10.3.    Financials (As Per Availability)

12.1.10.4.    Key Market Focus & Geographical Presence

12.1.10.5.    Recent Developments

12.1.10.6.    Key Management Personnel

13.  Strategic Recommendations/Action Plan

13.1.              Key Focus Areas

13.2.              Target Type of Coverage

13.3.              Target Mode of Purchase

14.   About Us & Disclaimer

 (Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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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. are some of the major players operating in the industry.

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In general, the government covers 70% of the costs of medical appointments, hospital visits, and even prescriptions. Patients pay the remaining 30% of healthcare costs, which is beneficial to pay the entire price of medical services.

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The Financial Services Agency ("FSA") regulates both insurance and reinsurance companies.

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Health insurance covers hospitalization, outpatient care, mental health care, prescription drugs, home health care, and dental care.

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Srishti Verma

Business Consultant
Press Release

Japan Health Insurance Market is fueled by Public Insurance Provider in the Forecast Period

Dec, 2022

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.

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