According to the latest report by IMARC Group “Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global health insurance market size reached US$ 1,590 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2426.6 Billion by 2027, exhibiting at a CAGR of 7.2% during 2022-2027.
Health insurance is a type of insurance that charges an individual a predetermined sum on a regular basis and compensates for medical and surgical expenses incurred by the policyholder in the event of a medical emergency. A health insurance plan often covers services such as chronic disease diagnosis and treatment, psychiatric care, emergency evacuation, in-patient and out-patient treatment, maternity, dental care, and so on. Several health insurance companies now provide health coverage that includes medical care at home for particular diseases.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Rising healthcare expenditures, as well as the increasing prevalence of cancer, stroke, kidney failure, and other diseases, are primarily driving demand for health insurance coverage. Furthermore, governments in numerous nations have enacted regulations requiring firms to provide health insurance to their employees. Aside from that, the abrupt breakout of COVID-19 has resulted in an increase in demand for health insurance coverage, which is boosting the industry on a global scale. Other reasons, such as increased health awareness, improved healthcare infrastructure, and less bother in the insurance claiming process, will continue to bolster the market for health insurance coverage in the future years.
Breakup by Provider:
- Private Providers
- Public Providers
Breakup by Type:
- Life-Time Coverage
- Term Insurance
Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
Breakup by Demographics:
- Senior Citizen
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Aetna Inc. (CVS Health Corporation)
- AIA Group Limited
- Allianz SE
- Aviva Plc
- Berkshire Hathaway Inc.
- Cigna Corporation
- International Medical Group Inc. (Sirius International Insurance Group Ltd.)
- Prudential Plc
- United Health Group Inc.
- Zurich Insurance Group AG.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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