Market Overview:
Global Health Insurance Market Size Was Valued at USD 1855.30 Billion in 2022 and is Projected to Reach USD 2658.69 Billion by 2030, Growing at a CAGR of 4.6% From 2023-2030.
Medical expenses experienced as a result of an illness are covered by health insurance. These costs could be related to the cost of being in the hospital, the cost of medicines, or the fees for doctor consultations. A health insurance policy covers a lot of costs related to medical care. It aids in maintaining your financial preparedness for any medical emergency. You can get the care you need at a price you can afford with health insurance. The majority of the elderly suffer from chronic conditions. In addition, individuals over the age of 65 who are afflicted with diseases may require surgical procedures and ongoing vital monitoring. The geriatric population is an unproductive subset of the population, making it impossible for them to pay for expensive surgical procedures or prolonged hospital stays. Consequently, having access to a variety of insurance policies boosts business expansion.
Top Key Players Covered In The Health Insurance Market:
- Berkshire Hathaway (US)
- China Life Insurance (Group) Company (China)
- American International Group (US)
- Molina Healthcare Inc. (US)
- China Ping An Insurance (Group) Co. Ltd. (China)
- MMM Holdings Inc. (US)
- MetLife Inc. (US)
- Cardinal Health (US)
- Asahi Mutual Life Insurance (US)
- Sumitomo Life Insurance (Japan)
- Samsung Life Insurance (South Korea), and Other Major Players.
Market Dynamics and Factors:
Rural poor people face a significant threat to their ability to earn a living because of the prevalence of diseases and their lack of access to affordable health care. As a result, they are increasingly turning to health insurance as a form of social security. Health insurance spending has also increased by 50% as a result of rising costs for facilities, particularly inpatient care. In addition, rates of chronic diseases like diabetes and heart disease had a significant impact on medical care costs. Over 85% of health insurance costs come from these two conditions, and nearly half of all Americans have a chronic illness.
A new development is emerging in the market as a result of the market's evolution and the introduction of new products by health insurers. Different policies are being offered by a number of company?s single disease packages that can be added to standard insurance and only cover one disease, such as cancer, diabetes, or high blood pressure. Customers would benefit from these businesses' adaptability, which would make it simpler to switch insurance providers. In addition, the growing popularity of the internet has made insurance distribution easier. Since customers can compare different policies to make better choices, online insurance policy sales have become the easiest distribution channel for businesses.
Health Insurance Market Report Highlight:
- By Product Type, the Medical Insurance segment is anticipated to lead the growth of the Health Insurance market in the forecasted timeframe. Due to an increasing number of people living sedentary lives, an expanding number of obese people with multiple health problems, and an increase in accidental cases.
- By Coverage Type, the Term Coverage segment is expected to have the highest share of the Health Insurance market over the projected period. Life insurance, also known as term insurance, provides financial support to your loved ones in the event of your death. In contrast, if you have health insurance, you can rest assured that your medical expenses will be covered in the event of a serious illness or a prolonged stay in the hospital.
- By end-users, the Individuals segment is set to develop at the highest share during the forecasted timeframe. When compared to corporations that increase the size of the market, individual insurance policies offer greater benefits and generate higher premiums.
- By Distribution Channel, the direct sales segment is expected to dominate the global health insurance market. Due to the many third-party vendors' widespread acceptance in the domestic market and their availability.
- The North American region is expected to have the highest share of the Health Insurance market over the projected period. This is because there are so many insurance companies that sell life and health insurance policies. Additionally, the Affordable Care Act mandated the provision of health insurance in the United States.
Key Industry Development:
- In February 2023, CVS Health Launched "Medicare Advantage 360", a new plan offering comprehensive benefits including primary care, hospitalization, vision, dental, and hearing coverage, all for a flat monthly premium. This plan targets seniors seeking simplified and predictable healthcare costs.
- In April 2023, launched "My Cigna Choice with MDLIVE", a new virtual-first Medicare Advantage plan featuring 24/7 access to MDLIVE telehealth consultations and a broad network of specialists. This caters to the growing demand for convenient and affordable virtual healthcare options.
Health Insurance Market Segmentation:
By Product Type
- Medical Insurance
- Critical Illness Insurance
By Coverage Type
- Lifetime Coverage
- Term Coverage
By End Users
- Corporates
- Individuals
- Others
By Distribution Channel
- Direct Sales
- Financial Institutions
- E-commerce
- Hospitals
- Clinics
- Others
For this report, Introspective Market Research has segmented the Health Insurance Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
