According to the latest report by IMARC Group “Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global health insurance market size reached US$ 1,714.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,599.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.11% during 2023-2028.
Health insurance covers various medical and surgical expenses and preventative care costs incurred by an insured person. It safeguards the insurer against financial losses arising from a medical emergency. It also protects against expenditures of ambulance charges, hospitalization, medicines, and doctor consultation fees. It offers easy access to medical treatment with a cashless facility at the network hospitals of the insurer. It also provided tax benefits for a vast array of medical conditions. At present, key players are offering numerous health insurance plans, which allows the insurer to select the most appropriate insurance plan depending on their needs and requirements.
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.
Request for a free sample copy of this report: https://www.imarcgroup.com/health-insurance-market/requestsample
The increasing costs of medical services and the rising number of daycare procedures represent one of the major factors driving the demand for health insurance around the world. Moreover, the surging prevalence of chronic diseases and viral infections, including hypertension, cancer, heart disorders, cystic fibrosis, cardiovascular disease (CVD), human immunodeficiency virus (HIV), and acquired immunodeficiency syndrome (AIDS), is favoring the market growth. The growing geriatric population, which is more prone to complicated medical conditions, is also influencing the market positively. In addition, the rising number of surgical procedures on account of the increasing incidents of fatal road accidents is contributing to the market growth. Apart from this, key players are launching health insurance applications as they help consumers compare multiple plans offered by numerous vendors. These applications also allow transparent communication between insurers and companies and offer adequate disclosure of vital information to help individuals make informed decisions.
Reads More: skunk haircut
In line with this, there is a rise in the integration of artificial intelligence (AI), the internet of things (IoT), big data analytics, and predictive analysis in health insurance applications to digitize the claim process and policy management. The growing adoption of cloud-based services and the increasing penetration of the high speed internet have enabled real-time sessions with experienced industry experts that can help provide insightful recommendations to users, which is creating a positive outlook for the market. Additionally, leading players are introducing health insurance policies that offer the benefit of free annual and bi-annual check-ups with additional customization at low premium rates. Along with this, the increasing preference for family floater health insurance among the masses is strengthening the market growth. Furthermore, governing agencies of numerous countries are undertaking measures to mandate health insurance for employees in private organizations. This, coupled with the launch of customized corporate health insurance covers for their clientele at different pricing options, is propelling the growth of the market.
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:
The competitive landscape of the market has also been analyzed, with some of the top best health insurance companies.
- 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.
Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/health-insurance-market
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.
If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Hello, I am a professional SEO Expert & Write for us technology blog and submit a guest post on different platforms- we provide a good opportunity for content writers to submit guest posts on our website. We frequently highlight and tend to showcase guests.