Due to the increasing incidence of chronic diseases, rising GDP, soaring healthcare expenditure, and surging geriatric population around the world, the global healthcare insurance market is predicted to demonstrate huge expansion in the coming years.
The increasing geriatric population is a major factor propelling the progress of the healthcare insurance market. As per the World Population Prospects report published by the United Nations in 2017, the global geriatric population is predicted to rise at a faster rate than the population of the people in the low age brackets in the coming years. According to the report, there were 962 million people in the age bracket 60 years and above in the world in 2017.
Furthermore, the report predicted that this number would rise to as much as 1.4 billion and 2.1 billion by 2030 and 2050 respectively. The report also estimates that this number would grow to nearly 3.1 billion by 2100. Apart from the increasing geriatric population, the growing incidence of chronic diseases is also fueling the expansion of the market. As per the World Health Organization (WHO), chronic diseases are one of the leading causes of disability and death across the globe.
The organization also predicts that 43.0% of all diseases around the world would be chronic diseases in 2020. This would increase the healthcare expenditure of people and augment the financial burden on them, owing to which, many people are increasingly investing in health insurance plans. These insurance plans would reduce the out-of-pocket healthcare expenses of people. The healthcare insurance market is divided, on the basis of coverage type, into lifetime and term coverages.
The bancassurance category would also exhibit rapid advancement in the market in the upcoming years. Globally, the North American healthcare insurance market is currently the most lucrative one in the world. This is credited to the presence of well-established and -structured healthcare facilities and insurance systems, the mandatory provision of health insurance by employers, and the rising prevalence of chronic diseases in several regional countries. In the future years, the market would demonstrate the fastest growth in Asia-Pacific (APAC).
Thus, it is safe to say that the market would exhibit huge expansion all over the world in the upcoming years, primarily because of the growing incidence of chronic diseases, surging costs of healthcare and medical treatments, and the rising geriatric population in several countries around the world.
