USD 2.6 trillion
Healthcare Insurance Market Size, Share, Growth Analysis, By Provider type(public and private), By Coverage type(life-time coverage, term insurance), By Health insurance plans(Point of service, preferred provider organizations, exclusive provider organizations, and health maintenance organizations), By Level of coverage(bronze, silver, gold, and platinum.), By Demographics(minors, adults, and seniors), By End-use(individuals, corporates, and adults), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40O2004 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
170
|Figures:
79
Healthcare Insurance Market Insights
Healthcare Insurance Market size was valued at USD 2.6 trillion in 2019 and is poised to grow from USD 2.71 trillion in 2023 to USD 4 trillion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).
A health insurance plan is an agreement between a company and a consumer. In exchange for payment of a monthly premium, the company agrees to pay all or part of the insured person's healthcare costs. The agreement is typically for one year, wherein the insurer is liable for paying particular expenses related to illness, injury, pregnancy, or preventative care. It is a type of insurance that covers all types of surgical costs as well as medical assistance incurred as a result of an injury or illness. It provides financial assistance to the policyholder by covering all medical expenses incurred while the policyholder is hospitalised for treatment. It also covers both pre and post-hospitalization expenses.
Factors driving market growth include rising healthcare costs, the prevalence of chronic diseases, and rising disposable income. Furthermore, the federal government plays a crucial role in defining all aspects of the health-care industry. For example, the Affordable Care Act (ACA) in the United States focuses on expanding health coverage to low-income individuals. The act's aim is to strengthen the quality of healthcare services while also lowering the cost of care, thereby expanding insurance coverage. However, the cost of insurance premiums is greater in the lot of instances, depending on the insurance plan, impeding market growth.
US Healthcare Insurance Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
public sector
Fastest Growth
public sector
Growth Rate
4.4% CAGR
Global Healthcare Insurance Market ($ Tn)
Country Share for North America Region (%)
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Healthcare Insurance Market Segmental Analysis
Healthcare Insurance Market is segmented based on the provider type, coverage type, health insurance plans, level of coverage, demographics, end-use, and region. Based on provider type, global Healthcare Insurance Market is segmented into public, and private. Based on coverage type, the global Healthcare Insurance Market is segmented into life-time coverage, term insurance. Based on health insurance plans, the global healthcare insurance market is segmented into Point of service, preferred provider organizations, exclusive provider organizations, and health maintenance organizations. Based on level of coverage, the global Healthcare Insurance Market is segmented as bronze, silver, gold, and platinum. On the basis of demographics, the Healthcare Insurance Market is bifurcated into minors, adults, and seniors. On the basis of end-use, the market is bifurcated as individuals, corporates, and adults. Based on region, Healthcare Insurance Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Healthcare Insurance Market Analysis by provider type
Based on provider type, global healthcare insurance market is segmented into public, and private. The public sector is expected to dominate the market during the forecast period because the state or federal government is the primary insurer and direct provider of healthcare services. Furthermore, public healthcare insurance is less expensive than private insurance because it generally does not require co-pays or deductibles and has lower administrative costs.
Because private players are offering enhanced healthcare services and premium options to customers, the private segment is expected to grow at the fastest rate. Furthermore, certain inefficiencies related to public sector healthcare insurance companies are being countered by private market players, which is gaining market attention. Furthermore, they provide greater benefits than the public sector.
Healthcare Insurance Market Analysis by coverage type
Based on coverage type, the global healthcare insurance market is segmented into life-time coverage, term insurance. Because of the benefits provided by life policies, such as permanent coverage and a guaranteed death benefit, the life-time coverage segment is anticipated to dominate the market. In addition, investing in these types of plans allows working professionals to save taxes.
Term insurance is expected to grow at the fastest rate during the forecast period due to its low cost and broad coverage. It primarily consists of healthcare insurance, which protects against the rising costs of medical treatments and in the event of a health emergency, such as a major illness. As a result, it is the most effective way to protect against medical expenses.
Global Healthcare Insurance Market By Provider Type
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Healthcare Insurance Market Regional Insights
The North American healthcare insurance market is expected to lead the global market due to greater understanding of the benefits of healthcare insurance, rising disposable income, rising disease occurrence, rising geriatric population, increased demand for the latest surgeries and drugs, and steadily increasing healthcare expenditure.
The European market is expected to grow significantly during the forecast timeline over the forecast period owing to the stringent federal laws stating that citizens should compulsorily have at least one insurance policy for health. Also, the rising awareness among the population about the need for insurance plans would drive the market growth in the region.
Asia Pacific is anticipated to grow rapidly in the market during the forecast timeline due to the increasing penetration of providers in this region and the growing launch of schemes by central and state governments, and also the increasing prevalence of chronic diseases and populated countries, such as China and India, would support the market growth.
Global Healthcare Insurance Market By Region
- Largest
- Fastest
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Healthcare Insurance Market Dynamics
Healthcare Insurance Market Driver
- The development of new treatments and drugs for diseases including cancer, diabetes, and cardiovascular disease is predicted to propel the healthcare insurance market. People who are aware of such new and revolutionary treatments tend to purchase a healthcare insurance policy, resulting in driving the market growth during the forecast period.
Healthcare Insurance Market Restraint
- Insurance fraud, which has resulted in stringent government regulations for verification purposes, is one of the factors limiting growth. For example, a baseless allegation for an accident that never occurred, fabricated death claims, and a lack of knowledge on the importance of insurance in developing and underdeveloped countries would all have a negative impact on market growth.
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Healthcare Insurance Market Competitive Landscape
Global healthcare insurance market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Healthcare Insurance Market Top Player's Company Profiles
- UnitedHealth Group Incorporated
- Anthem Inc.
- Aetna Inc.
- Cigna Corporation
- Humana Inc.
- Centene Corporation
- HCSC Insurance Services Company
- Highmark Inc.
- Kaiser Permanente
- WellCare Health Plans Inc.
- Molina Healthcare Inc.
- Health Net Inc.
- Blue Shield of California
- Bright Health Inc.
- Oscar Health Inc.
- Allianz SE
- AXA S.A.
- Bupa Group
- Zurich Insurance Group Ltd.
- Prudential plc
Healthcare Insurance Market Recent Developments
- In November 2022, Care Health Insurance has introduced 'Care Supreme,' a comprehensive Health Insurance product designed with an objective and foresight of the potential unforeseen circumstances caused by medical emergencies that a policyholder may face in the future.
- In November 2022, the American Association of Independent Music (A2IM) has announced the launch of a health insurance action plan for independent artists and executives. It enables independent artists and executives to pay on a monthly basis, allowing them to obtain plans as needed. All A2IM members are eligible to participate and can sign up by visiting the A2IM website.
- In October 2022, Aditya Birla Health Insurance Co. Limited has introduced ACTIV FIT, a comprehensive health insurance plan for young and healthy adults. The strategy will target health-conscious and active consumers.
Healthcare Insurance Key Market Trends
- With the introduction of new products by health insurers, the market is evolving and a new trend is emerging. Several companies offer various policies, such as single disease packages, which encompasses only one disease, such as high blood pressure, diabetes, and cancer, and can be added to standard insurance. These companies offer consumers flexibility, making it easier to transfer from one insurance company to another.
Healthcare 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 healthcare insurance market analysis, the rapidly expanding middle-class population in Asia Pacific developing countries is increasing demand for insurance. Health insurance provides financial assistance in the event of a major illness or accident. The rising cost of medical services, such as surgeries and hospital stay, has created a new financial crisis all over the world. The cost of medical services includes the cost of surgery, doctor fees, hospital stays, emergency room fees, and diagnostic testing fees, among other things. As a result, the rise in the cost of medical services drives market growth. However, medical care costs are rising around the world as technology advances. The healthcare sector is one of the fastest growing sectors due to technological advancements; however, the number of users of health insurance policies remains low due to a lack of awareness about the benefits they provide.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.6 trillion |
| Market size value in 2031 | USD 4 trillion |
| Growth Rate | 4.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Trillion |
| 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:-
|
| Historical Year | 2019 |
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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 Healthcare 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 Healthcare 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 Healthcare 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 Healthcare 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 Healthcare Insurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare 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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