The Global Health Insurance Market is anticipated to reach $ 5, 278 million, exhibiting a CAGR of 8.5% from 2021 to 2027.
This health insurance market report provides details of recent new developments, trade regulations, import and export analysis, production analysis, value chain optimization, market share, impact of local and national market players, analysis of opportunities in terms of emerging revenue groups, changes in market regulations, strategic market growth analysis, market size, category market growths, domain and application niches, product approvals, product launches, geographic expansions, technological innovations in the market. For more information on the health insurance market, contact Introspective Market Research for an analyst overview, our team will help you make an informed market decision to achieve market growth.
Health insurance covers medical expenses incurred during the treatment of any illness, injury or other physical or mental impairment. It acts as compensation in exchange for a monthly / semi-annual / annual premium or payroll tax to provide health care benefits. The insurer is obliged to cover the insured's medical expenses until the validity and coverage of the policy. Depending on the policy, coverage can vary due to numerous factors, including illness, age group, government policies, and others. The increase in cases of various diseases, such as cancer, dengue and diabetes, during the COVID-19 pandemic is seen as a major factor driving the growth of the global health insurance market. In addition, improved claims management services and increased awareness of health insurance in rural areas are some of the main factors driving the growth of the market.
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The report focuses on the growth prospects, constraints and trends of the health insurance market analysis. The study provides Porter's Five Forces analysis to understand the impact of various factors, such as the bargaining power of suppliers, the competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the power of negotiation of buyers, in the health insurance market.
Top Key Players Covered in Health Insurance Market are:
Berkshire Hathaway, AXA, Allianz, Assicurazioni General, Munich Re Group, Prudential, China Life Insurance (Group) Company, Zurich Financial Services, American International Group, Japan Post Holdings Co. Ltd., China Ping An Insurance (Group) Co. Ltd., State Farm Insurance, MetLife Inc., Nippon Life Insurance, Aegon, AVIVA, UK Legal & General, The Dai-ichi Life Insurance Company Limited, Caisse Nationale de Prévoyance, PICC, Cardinal Health, Asahi Mutual Life Insurance, Sumitomo Life Insurance, Samsung Life Insurance
Companies offering health insurance have increased the cost of the insurance premium due to increased health care expenses, such as the cost of medications, the costs of admission to the hospital, and the cost of various other treatments. In addition, most of the consumers around the world have been infected with various chronic diseases such as heart disease, Alzheimer's and diabetes. Health professionals have imposed an enormous cost for the treatments of these chronic diseases. Therefore, insurance companies are responsible for addressing the enormous costs of claims settlement, which makes it difficult for the market to grow.
Global Health Insurance: Market Segmentation
The health insurance market is segmented by type, services, level of coverage, service providers, health insurance plans, demographics, type of coverage, end user, and distribution channel. Growth in these segments will help you analyze the scarce growth segments across industries and provide users with valuable market overview and market insights to help them make strategic decisions to identify core market applications.
The Health Insurance: market is segmented on the basis of Coverage Type such as:
- Term
- Lifetime Coverage
The Health Insurance: market is segmented on the basis of Insurance Type such as:
- Disease
- Medical
- Income Protection
The Health Insurance: market is segmented on the basis of Insurance Network such as:
- Preferred Provider Organization (PPO)
- Exclusive Provider Organization (EPO)
- Point Of Service (POS)
- Health Maintenance Organization (HMO)
The Health Insurance: market is segmented on the basis of Distribution Channel such as
- Agents / Brokers
- Bancassurance
- Direct Marketing
By region, the health insurance market is classified into Latin America, North America, Europe, Asia Pacific, the Middle East, and Africa. North America dominated the health insurance industry and accounted for total sales. During the forecast period, the area is expected to maintain its leadership. This is due to the large number of insurance providers that sell health and life insurance policies. In addition, in the United States, the Affordable Care Act made it mandatory to provide health insurance. The federal government was going to punish states that didn't follow the rules.
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COVID-19 impact analysis
The COVID-19 outbreak has affected the lives and businesses of all people globally. The pandemic has increased the need to purchase health insurance among customers to improve medical facilities and health treatments amid the increasing spread of the coronavirus. Additionally, there is a rapid growth in hospitalizations due to the COVID-19 outbreak. Therefore, health insurance claims have increased tremendously. In addition, the spread of this health crisis around the world is one of the main reasons for the increase in the health insurance premium, as the situation has put enormous pressure on the insurance companies in the market.
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Key benefits for stakeholders
- The study provides an in-depth analysis of the global health insurance market share along with current and future trends to illustrate impending investment pockets.
- The report provides information on key drivers, constraints and opportunities, and its impact analysis on the size of the global health insurance market.
- Porter's Five Forces analysis illustrates the potency of buyers and providers operating in the health insurance market.
- Comprehensive analysis of key industry segments helps to understand global health insurance market trends.
- The quantitative analysis of the size of the global health insurance market from 2021 to 2027 is provided to determine the market potential.
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