Healthcare Insurance Market

Healthcare Insurance Market is valued at USD 2456.7 Billion in 2020 and Anticipated to reach USD 4237.7 Billion by 2027 with the CAGR of 8.1% over the forecast period.

Global Healthcare Insurance Market: Global Size, Trends, Competitive, Historical & Forecast Analysis to 2021-2027, Growing awareness regarding the benefits of healthcare insurance in the rural areas and increasing prevalence of chronic diseases globally are some of the major factors driving the growth of Global Healthcare insurance Market.

Scope of Global Healthcare Insurance Market Report

The term ‘Healthcare Insurance’ relates to a type of insurance that essentially covers medical expenses. Healthcare insurance protects an insured individual against financial losses arising due to a medical emergency. A healthcare insurance policy like other policies may be a contract between an insurer and a private / group during which the insurer agrees to supply specified insurance cover at a particular “premium” subject to terms and conditions laid out in the policy. There are four different types of healthcare insurance plans such as preferred provider organization (PPO) plan, Health savings account (HSA)-qualified plan, health maintenance organization (HMO) plan and indemnity plans. It covers medical treatment expenditures, such as ambulance charges, doctor consultation fees, hospitalization charges, medicines, and daycare procedures costs. The payout is commonly either made on real charges incurred in the clinic using original medical bills or resolution of conditions without submitting bills. Healthcare policy offers the cumulative bonus and also contains a provision for reimbursement of cost of health checkup. First health care insurance began in Texas in 1929. Blue Cross, helped cover the costs of a hospital stay. Dallas-area teachers were some of the first to benefit from hospital expense coverage in return for a 50-cent monthly premium.

Covid-19 has shown a positive impact on the growth of global healthcare insurance market as more and more consumers have started buying the healthcare insurance plans. During the initial stage of pandemic, people were confused weather the existing healthcare insurance plan can cover coronavirus infection or not. In pandemic many governments in various nations launched different health insurance plans and law to provide relaxation to their citizens. Also, pandemic had changed the people’s mindset regarding medical & health insurance policies. People have realized the importance of health insurance and its benefits.

The Healthcare Insurance Market Segmentation:

The global healthcare insurance market is segmented on the basis of service provider, type, network provider, age-group, time period and regional & country level. Base on service provider, the global healthcare insurance market is classified into private and public. Base on type, the market is classified into hospitalization insurance, critical illness insurance, income protection insurance and medical insurance. Base on network provider, the market is classified into health maintenance organization [HMO], preferred provider organization [PPO], and exclusive provider organization [EPO]. Base on age-group, the global healthcare insurance market is classified into minor, adult and senior citizens. Base on time period, the market is classified into life insurance and term insurance.   

By Provider:

• Private provider
• Public provider
• Others

 By Type:

• Hospitalization Insurance
• Critical Illness Insurance
• Income Protection Insurance
• Medical Insurance
• other

  By Network Provider:

• Health Maintenance Organization [HMO]
• Preferred Provider Organization [PPO]
• Exclusive Provider Organization [EPO]
• Others

   By Age Group:

• Minor
• Adult
• Senior Citizens

    By time period:

• Life Insurance
• Term Insurance   

The regions covered in Healthcare Insurance Market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, the market of Healthcare Insurance is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players of Global Healthcare Insurance Market Report:

The major players of the healthcare insurance market are:

• 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.
• Bajaj Allianz General Insurance Company
• other

News: Bajaj Allianz General Insurance Company Launched Arogya Sanjeevani Health Insurance Policy

On April 8^th, 2020: Under the guidelines by “Irdai” on January 1^st, 2020; Bajaj Allianz General Insurance Company launched Arogya Sanjeevani health insurance Policy. The aim of these guidelines was to offer customers a health insurance policy that has standard coverage and policy wordings across all insurers. Arogya Sanjeevani healthcare insurance annual policy with a sum insured varies from Rs one lakh and Rs five lakh. The premium of an Arogya Sanjeevani health insurance policy starts with Rs 2400 eliminating GST and categorizes depending on the age of the policyholder. Under Arogya Sanjeevani health insurance, Policyholders are allowed to make payment of premium in installments such as annual, half-yearly, quarterly, or monthly with a lifetime renewal benefit. It covers all costs associated with mental illness, new treatments like stem cell therapy and robotic surgeries, hospitalisation expenses, Ayush treatment, among others. Arogya Sanjeevani policy covers all Covid-19 related hospitalisation expenses. Bajaj Allianz General Insurance has strong hold on general insurance in India.

Growing Awareness regarding the Benefits of Healthcare Insurance in the Rural Areas and Increasing Prevalence of Chronic Diseases Globally are Driving the Market Growth

Growing awareness regarding the benefits of healthcare insurance in the rural areas and increasing cost of healthcare services are driving the growth of global healthcare insurance market. Nearly 68% of India's population resides in rural areas and out of these approximately 36% people buy healthcare insurance. Healthcare insurance market is accelerating in rural area as it offer numerous benefit such as reimbursing the insured person’s illness treatment cost and paying a lump sum amount in prolonged case. In addition, customers in rural areas are more aware of health insurance comprehensive coverage, such as ambulance expenditures, domiciliary hospitalization, and costs in-patient hospitalization expense, pre-hospitalization & post-hospitalization expenses. And, supportive government initiatives area also supplementing the market growth. For instance; in India under the government launched insurance policy name as Aam Aadmi Bima Yojana under this insurance scheme buyer family earn approximately Rs30, 000 and on accident or disability insurance holder get Rs75000.

In addition, growing prevalence of chronic diseases is also fostering the growth of healthcare insurance market globally. Chronic diseases are widely increasing across the globe owing to various factors such as highly rising use of tobacco, poor nutrition, unhealthy diet and physical inactivity. The National Health Council reports that the world bears a cumulative annual economic burden of $1.3 trillion from the seven most prevalent chronic conditions cancer, diabetes, hypertension, stroke, heart disease, pulmonary conditions, and mental illness. And, medical treatment cost for these disease is very high thus, healthcare insurance is a good option in these cases.        

However, lack of awareness among consumers in underdeveloped and developing economies may limit the market growth up to some extent. In spite of that, increasing advancements in this field may create more opportunities for the further growth of the market.

Global Healthcare Insurance Market Regional Analysis

On a geographic basis, North America is expected to dominate the global healthcare insurance market owing to the presence of a large number of insurance companies offering health and life products at affordable prices and high awareness  regarding the benefits of health insurance in this region. In U.S., approximately 5,965 insurance companies provide healthcare insurance and out of this “North American Life and Health Insurance” is one of the largest insurance companies and in year 2019 company have net premium approximately US $65,100,455. Company offers different type of healthcare insurance such as, North American Company for Life and Health Insurance, Exclusive provider organizations (EPOs), Point-of-service (POS) plans, and Preferred provider organizations (PPOs) plans. Also, according to American National Association of Insurance Commissioners, in 2020 healthcare insurance industry provides approximately 2.9 million jobs. Additionally, the 2014 Affordable Care Act was designed to make insurance coverage more affordable for those uninsured or under-insured. But it does not act as a national health insurance plan. Rather, it sets standards for how health insurance is structured and priced. As well, public health programs which pre-date the Affordable Care Act still exist.

The Asia Pacific is projected to become the fastest-growing market for healthcare insurance as increasing prevalence of various diseases, rising awareness and increasing number of players in this region. Between 2018 and 2020, the amount of dialysis patients in China doubled to succeed in over 450,000. Assuming in 2022, the amount of dialysis patients is predicted to exceed 800,000. In China alone, the market for dialysis-related services is increasing by 20 % per year and is predicted to exceed USD 7.5 billion by 2020.     

On Special Requirement Healthcare Insurance Market Report is also available for below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

 

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2022 - 2028
Market Size in 2020:	USD 2456.7 Billion
Base year considered	2020
Forecast Period CAGR %:	8.1%
Market Size Expected in 2027:	USD 4237.7 Billion
Tables, Charts & Figures:	175
Pages	200
Key Players/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., Bajaj Allianz General Insurance Company, other.
Segments Covered	By Provider,  By Type, By Network Provider, By Age Group, By time period.
Regional Analysis	North America, U.S., Canada, , Europe, Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe, Asia-Pacific, South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC, Latin America, Mexico, Colombia, Brazil, Argentina, Peru, Rest of South America, Middle East and Africa, Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Key Benefits of Global Healthcare Insurance Industry Report:

• Global Healthcare Insurance industry report covers in depth historical and forecast analysis.
• Global Healthcare Insurance Industry research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
• Global Healthcare Insurance Industry report helps to identify opportunities in marketplace.
• Global Healthcare Insurance Industry report covers extensive analysis of emerging trends and competitive landscape.