Health Insurance Market

Health insurance Market industry Analysis and Forecast 2029

PUNE, MAHARASHTRA, INDIA, August 25, 2022 /EINPresswire.com/ -- Health Insurance Market business report provides accurate market research that aids identify business areas that are performing well, those that need more attention, and also those that business should perhaps give up. If business has got their pulse on what customer is thinking, they can create products that solve their issues, reach out to them when they are most ready to listen, and help them become loyal ambassadors. The universal Global Health Insurance Market report makes it possible, to follow what customers are talking about, listening to them, and then delivering on their needs with its timely customer-cantered market research.

Health insurance policy consists of several types of features and benefits. It provides financial coverage to policyholder against certain treatment. Health insurance policy offers advantages including cashless hospitalization, coverage of pre and post-hospitalization, reimbursement, and various add-ons. Increasing costs for medical services and the growing number of day care procedures are some of the drivers boosting health insurance demand in the market. Data Bridge Market Research analyses that the health insurance market is expected to reach the value of USD 2,541.78 Billion by the year 2029, at a CAGR of 4.6% during the forecast period. "Corporates" accounts for the most prominent end-user segment in the respective market owing to rise in the demand for group health insurance by corporates. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Health insurance is a type of insurance that provide the coverage of all type of surgical expenses as well as medical treatment incurred from the illness or injury. It applies to a comprehensive or limited range of medical services providing the coverage of full or partial costs of specific services. It provides financial support to the policy holder as it covers all the medical expenses when the policyholder is hospitalized for the treatment. It also covers pre as well as post hospitalization expenses.

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Drivers/Opportunities in the Health Insurance Market

Increasing Cost of Medical Services

Health insurance provides financial support in cases of serious sickness or accident. Increasing medical services’ costs for surgeries and hospital stays has created a new financial epidemic around the world. The cost of medical services is comprised of the cost of surgery, doctor fee, hospital stay cost, cost of the emergency room, diagnostic testing cost, among others. Therefore, this increase in the cost of medical services propels the growth of the market.

Growing Number of Daycare Procedures

Daycare procedures are those types of medical procedure or surgery that primarily requires less stay time in the hospitals. In the day-care procedure patients are required to stay in the hospital for a short period. Most of the health insurance companies are now covering the procedures of day-care in their insurance plans, and for the claim of such types of surgery, there is no compulsion on spending 24 hours in the hospital, which is the minimum stay in the hospital to claim insurance. While most of the health insurance plans cover hospital stays and major surgeries, the policyholders can also claim day-care procedures under their health insurance policy, which propels the demand of the market.

Mandatory Provision of Healthcare Insurance in Public and Private Sectors

Buying a healthcare insurance policy is a mandatory provision for the employees in the public as well as the private sector. Health insurance offers key medical benefits which the employee can avail of while working in a corporate. In case of any emergency or medical issues, the health insurance cover is highly useful to meet treatment expenses. The employee’s health insurance is an extended benefit, given by the individual employer to their employees. The health insurance provided not only covers the employee but also covers their family members under the same policy plan. Also, in certain cases, the employer may pay a part of a premium or insurance coverage of the health insurance policy.

Advantages of Health Insurance Policies

In the health insurance plans, the policyholder gets the reimbursement insured for their medical expenses such as hospitalization, surgeries, treatments that arise from the injuries. A health insurance policy is a type of agreement between the policyholder and insurance company, where the insurance company agrees to guarantee payment for the treatment costs in case of future medical issues, and the policyholder agrees to pay the amount of premium according to the insurance plan. Thus, the advantages of health insurance policies increases the growth opportunities for global health insurance market.

Increasing Healthcare Expenditure

Spending on health is growing faster around the world. According to the World Health Organization (WHO) report, global health spending has an upward trajectory growth. Global spending on health more than doubled over the past two decades, reaching USD 8.5 trillion in 2019, or 9.8% of global GDP. However, it was unequally distributed, with high-income countries accounting for approximately 80% of the world’s health spending. Health spending in low-income countries was financed primarily by out-of-pocket spending (OOPS; 44%) and external aid (29%), while government spending dominated in high-income countries (70%). Thus, the increasing healthcare expenditure is expected to act as opportunity in the global health insurance market.

Global Health Insurance Market Scope

The health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

Product

Solutions

Services

Inpatient Treatment

Outpatient Treatment

Medical Assistance

Others

Level of Coverage

Bronze

Silver

Gold

Platinum

 Service Providers

Private Health Insurance Providers

Public Health Insurance Providers

Health Insurance Plans

Point Of Service (POS)

Exclusive Provider Organization (EPOS)

Indemnity Health Insurance

Health Savings Account (HSA)

Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS)

Preferred Provider Organization (PPO)

Health Maintenance Organization (HMO)

Others

Demographics

Adults

Minors

Senior Citizens

Coverage Type

Lifetime Coverage

Term Coverage

End User

Corporates

Individuals

Others

Distribution Channel

Direct Sales

Financial Institutions

E-Commerce

Hospitals

Clinics

Others

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Health Insurance Market Regional Analysis/Insights

The health insurance market is analysed and market size insights and trends are provided by country, type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel as referenced above.

The countries covered in the health insurance market report are the U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia and New Zealand, Thailand, Indonesia, Philippines, Hong Kong, Taiwan & Rest of Asia-Pacific, Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

North America dominates the health insurance market because of the high disposable income of consumers. North America is followed by Europe and is expected to witness significant growth during the forecast period of 2022 to 2029 due to growing demand for health insurance from corporates sector in the region. Europe is followed by Asia-Pacific and is expected to grow significantly owing to the rising awareness of benefits and advantages offered by health insurance plans.

Competitive Landscape and Health Insurance Market Share Analysis

The health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health insurance market.

Some of the major players operating in the health insurance market are Bupa, Now Health International, Cigna, Aetna Inc. (a subsidiary of CVS Health), AXA, HBF Health Limited, Vitality (a subsidiary of Discovery Limited), Centene Corporation, International Medical Group, Inc. (a subsidiary of Sirius International Insurance Group Ltd.), Anthem Insurance Companies, Inc. (a subsidiary of Anthem, Inc.), Broadstone Corporate Benefits Limited, Allianz Care (a subsidiary of Allianz SE), HealthCare International Global Network Ltd, Assicurazioni Generali S.P.A., Aviva, Vhi Group, UnitedHealth Group, MAPFRE, AIA Group Limited, Oracle among others

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Research Methodology: Global Health Insurance Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Expert Analysis, Import/Export Analysis, Pricing Analysis, Production Consumption Analysis, Climate Chain Scenario, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available: Global Health Insurance Market

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

FREQUENTLY ASKED QUESTIONS

At what growth rate will the Health Insurance Market be projected to grow during the forecast by 2029?

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