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

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.