USD 2098.41 billion
Health Insurance Market Size, Share, Growth Analysis, By Service Provider(Private Providers, Public Providers), By Product Type(Medical Insurance, Critical Illness Insurance), By Network Provider(Preferred Provider Organizations (PPOs), Point of Services (POS), Health Maintenance Organization (HMOs)), By End User(Corporates, Individuals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40N2008 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
114
|Figures:
77
Health Insurance Market Insights
Health Insurance Market size was valued at USD 2098.41 billion in 2022 and is poised to grow from USD 2240.85 billion in 2023 to USD 3793.4 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).
Health insurance protects an insured person from financial losses caused by a medical emergency. It pays for medical treatment costs such as ambulance fees, doctor consultation fees, hospitalisation, medicines, and day-care procedures. The pay-out is typically based on actual hospital expenses incurred using original medical bills or disease diagnosis without submitting bills. Health insurance also provides easy access to medical treatment with a cashless facility at the insurer's network hospitals. However apart from that, health insurance provided tax advantages for a wide range of medical conditions. Various health insurance companies now provide coverage for domiciliary care, which is medical supervision provided at home for specific diseases.
The rising prevalence of chronic diseases and rising treatment costs are key factors driving health insurance market growth during the forecast period. Furthermore, rising awareness, an increase in the number of offerings with evolved healthcare policies, and the launch of new government schemes would all contribute to growth. Some of the schemes offered by the Indian government include Ayushman Bharat, Awaz Health Insurance Scheme, and Aam Aadmi Bima Yojana. Medicare and Medicaid insurance are provided by the federal and state governments in the United States. Similarly, other countries provide various insurance plans for their citizens. Furthermore, the use of the internet aids growth by making the purchasing and renewing process simple.
US Health Insurance Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Medical Insurance
Fastest Growth
Medical Insurance
Growth Rate
6.8% CAGR
Global Health Insurance Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
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Health Insurance Market Segmental Analysis
The global health insurance market is segmented based on the service provider, product type, network provider, end user and region. Based on the service provider, it is segmented into private providers, and public providers. Based on product type, it is segmented medical insurance, and critical illness insurance. Based on the network provider, it is segmented into preferred provider organizations (PPOS), point of services (POS), and health maintenance organization (HMOS). Based on end user, it is segmented corporates, and individuals. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Health Insurance Market Analysis by Service Provider
The health insurance market is segmented based on service provider into private providers, and public providers. During the forecast period, the private providers segment is expected to dominate the market in terms of health insurance market share. This is due primarily to the growing penetration of private providers in developing regions or countries. Furthermore, private providers are offering innovative policies with all of the benefits, which is increasing public preference. The public providers segment is expected to grow favourably during the industry forecast period due to low premium costs and the requirement of basic medical insurance in many countries such as Germany, Denmark, and others. In addition, the introduction of new government programmes for the low- and middle-income classes would aid segmental growth.
Health Insurance Market Analysis by Product
The health insurance market is segmented based on product into medical insurance, and critical illness insurance. Due to the increasing adoption of a sedentary lifestyle, the surging obese population with multiple health issues, and rising accidental cases, the medical insurance segment is expected to account for the largest market share during the forecast period. The critical illness insurance segment is the second-largest contributor. Chronic diseases such as cancer, heart disease, diabetes, and others are becoming more common, which would support segmental growth. According to the World Health Organization, 17.9 million people worldwide suffer from cardiovascular diseases (CVDs) each year. The other product type is income protection insurance, which has a lower CAGR due to low demand.
Global Health Insurance Market By Product, 2021(%)
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Health Insurance Market Regional Insights
The global health insurance market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the global health insurance market. Government initiatives to provide low-cost Medicare and Medicaid insurance, as well as increase the population covered by health-care policies, are expected to drive regional growth. Furthermore, the high cost of medical products in this region, as well as favourable healthcare reimbursement policies, support market growth. Europe is expected to be the second-largest market during the forecast period, owing to stringent federal laws requiring citizens to have at least one health insurance policy. Furthermore, rising public awareness of the importance of insurance plans will drive market growth in this region.
Due to the increasing penetration of private providers in this region and the increasing launch of schemes by central and state governments, the Asia Pacific market is expected to be the fastest-growing market with the highest CAGR during the forecast period. Furthermore, the rising prevalence of chronic diseases and densely populated countries such as China and India would support market growth. Due to the limited penetration of insurance companies in these regions, the emerging markets of Latin America and the Middle East and Africa are expected to account for lower market shares during the forecast period.
Global Health Insurance Market By Geography, 2021 - 2028
- Largest
- Fastest
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Health Insurance Market Dynamics
Health Insurance Market Drivers
- One of the key driving factors that would fuel the health insurance market is the growing geriatric population. A large proportion of the elderly population suffers from one or more chronic diseases, such as heart disease, cancer, type 2 diabetes, or arthritis, which increases the demand for HI policies among this age group. Furthermore, the adoption of sedentary lifestyles among the adult population is increasing the patient pool with various chronic diseases. According to the National Cancer Institute, approximately 1,806,590 new cancer cases will be diagnosed in 2020, with 606,520 people dying from the disease in the United States.
Health Insurance Market Restraints
- Insurance fraud, which has resulted in stringent government regulations for verification purposes, is one of the factors limiting growth. For example, a false claim for an accident that never occurred, fabricated death claims, and a lack of awareness about the importance of insurance in developing and underdeveloped countries would all have a negative impact on market growth. In developing markets such as Asia and Africa, less than half of the population has health insurance.
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Health Insurance Market Competitive Landscape
United Healthcare Services, Inc., Centene Corporation, and Anthem Health Insurance dominate the global health insurance industry's competitive landscape, accounting for the majority of market share. Cigna Corporation, Humana Inc., and WellCare Health Plans, Inc. are some of the other major players in the global market. These key players are implementing a variety of strategic initiatives in order to increase their market share in this sector. For example, in September 2019, CCI approved Napean Opportunities LLP and Honey Wheat's acquisition of shares in State Bank of India (SBI) General Insurance. These strategic steps are taken by businesses in order to increase their market revenue share during the forecast period.
Health Insurance Market Top Company Profiles
- Allianz
- UnitedHealth Group Inc.
- Anthem Inc.
- Aetna Inc.
- Cigna Corporation
- Humana Inc.
- Bupa Group
- AXA S.A.
- Zurich Insurance Group Ltd.
- Munich Re Group
- Ping An Insurance (Group) Company of China Ltd.
- China Life Insurance Company Limited
- Prudential plc
- MetLife Inc.
- Dai-ichi Life Holdings Inc.
- Manulife Financial Corporation
- Assicurazioni Generali S.p.A.
- Aviva plc
- AIA Group Limited
- The Chubb Corporation
Health Insurance Market Recent Developments
- In June 2021, Anthem Inc. completed its acquisition of MMM Holdings Inc, which included its Medicare Advantage (MA) Plan, affiliated companies, and Medicaid plan. Anthem will be able to provide Medicare and Medicaid plans to residents of Puerto Rico as a result of this acquisition.
- In April 2021, Molina Healthcare Inc. and Cigna Corporation signed a merger agreement in which Molina Healthcare Inc purchased Cigna's Texas Medicaid and Medicare-Medicaid Plan (MMP).
Health Insurance Key Market Trends
- Market evolution is causing a new trend in the health insurance market with the launch of new products by health insurers. Several companies offer various policies, such as single disease packages that cover only one disease, such as high blood pressure, diabetes, and cancer, and can be added to standard insurance. Customers benefit from the flexibility provided by these companies, making it easier to transfer from one insurance company to another. Furthermore, the widespread use of the internet has made insurance distribution more convenient. Online sales of insurance policies have become the most convenient distribution channel for businesses because they allow customers to compare different policies and make better decisions.
Health Insurance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global health insurance market analysis, The rising cost of healthcare services, combined with the rising prevalence of diabetes, cancer, stroke, and kidney failure, is one of the primary factors driving up demand for health insurance around the world. Furthermore, several countries' governments are making it mandatory for employers to provide health insurance to their employees. These agencies are also enforcing laws that require tourists to have international health insurance. Aside from that, the growing geriatric population encourages the use of government health insurance programmes or schemes with low premium rates. Growing health awareness and improved healthcare infrastructure are two other factors driving market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2098.41 billion |
| Market size value in 2031 | USD 3793.4 billion |
| Growth Rate | 6.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Health Insurance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Health Insurance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Health Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Health Insurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Health Insurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Health Insurance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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