NEW YORK, Aug. 25, 2022 /PRNewswire/ -- A Qualitative Research Study accomplished by Data Bridge Market Research's database of 350 pages, titled as "Global Health insurance Market" with 100+ market data Tables, Pie Charts, Graphs & Figures spread through pages and easy to understand detailed analysis. Health Insurance Market business report provides accurate market research that aids identifying business areas that are performing well, those that need more attention, and also those that business should perhaps give up. If businesses have got their pulse on what a 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, listen to them, and then deliver on their needs with its timely customer-centered market research.
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.
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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.
Recent Developments
- In August 2020, International Medical Group, Inc. (IMG) had enhanced their product offerings to support organizations with the necessary planning and research for safe international travel. Company's unique, new assistance services were designed to support clients as they make plans for 2020 and beyond. This development helped company to sustain and thrive in pandemic.
- In June 2021, Vitality has announced it has partnered with Samsung UK to integrate Samsung Health into the Vitality Programme, providing members with more ways to track their activity and improve their health. The new partnership with Samsung will unlock the full benefits of the Vitality Programme to Android users as members will be able to link their Samsung Health profile to their Vitality Member Zone account to automatically capture daily steps and heart rate activity to earn Vitality activity points.
Competitive Landscape:-
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,
- Anthem Insurance Companies,
- Broadstone Corporate Benefits Limited,
- Allianz,
- HealthCare International Global Network Ltd,
- Assicurazioni Generali S.P.A.,
- Aviva,
- Vhi Group,
- UnitedHealth Group,
- MAPFRE,
- AIA Group Limited,
- Oracle
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Key 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.
Core Objective of Health Insurance Market:
Every firm in the Health Insurance market has objectives but this market research report focus on the crucial objectives, so you can analysis about competition, future market, new products, and informative data that can raise your sales volume exponentially.
- Size of the Health Insurance market and growth rate factors.
- Important changes in the future Health Insurance Market
- Top worldwide competitors of the Market.
- Scope and product outlook of Health Insurance Market.
- Developing regions with potential growth in the future.
- Tough Challenges and risk faced in Market.
- Global Health Insurance top manufacturers profile and sales statistics.
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Global Health Insurance Market Scope
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
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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Related Reports: -
Asia-Pacific Health Insurance Market, By Type (Product, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others), Level of Coverage (Bronze, Silver, Gold, Platinum), Service Providers (Public Health Insurance Providers, Private 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) https://www.databridgemarketresearch.com/reports/asia-pacific-health-insurance-market
Europe Health Insurance Market, By Type (Product, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others), Level of Coverage (Bronze, Silver, Gold, Platinum), Service Providers (Public Health Insurance Providers, Private 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) https://www.databridgemarketresearch.com/reports/europe-health-insurance-market
Middle East and Africa Health Insurance Market By Type (Products, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others), Level of Coverage (Bronze, Silver, Gold, Platinum), Service Providers (Public Health Insurance Providers, Private 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) https://www.databridgemarketresearch.com/reports/middle-east-and-africa-health-insurance-market
North America Health Insurance Market, By Type (Product, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others), Level of Coverage (Bronze, Silver, Gold, Platinum), Service Providers (Public Health Insurance Providers, Private 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) https://www.databridgemarketresearch.com/reports/north-america-health-insurance-market
Singapore Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years) and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators and Others) https://www.databridgemarketresearch.com/reports/singapore-private-health-insurance-market
Philippines Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance, and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum, and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS), and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years), and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators, and Others) https://www.databridgemarketresearch.com/reports/philippines-private-health-insurance-market
Australia Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years) and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators and Others) https://www.databridgemarketresearch.com/reports/australia-private-health-insurance-market
New Zealand Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years) and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators and Others) https://www.databridgemarketresearch.com/reports/new-zealand-private-health-insurance-market
Malaysia Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years) and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators and Others) https://www.databridgemarketresearch.com/reports/malaysia-private-health-insurance-market
Indonesia Private Health Insurance Market By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance, and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum, and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS), and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years), and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators, and Others) https://www.databridgemarketresearch.com/reports/indonesia-private-health-insurance-market
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