Health Insurance Market Overview
As per the analysis by Market Research Future (MRFR), the global health insurance market is anticipated to garner the market value of USD 141.3 billion, expanding at a CAGR of 4.1% during the evaluation period from 2019 to 2025.
The increasing health expenses and the growing incidence of chronic diseases are anticipated to drive the global health insurance market 2020. The financial aid provided by health insurance is likely to enhance the demand further and foster the market. Furthermore, the compulsory provision of health insurance for private and public sector employees are predicted to grow the market at a fast rate.
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On the contrary, limited availability of health insurance policies and exclusion of certain medical treatments are predicted to obstruct the market growth during the forecast period. However, the introduction of advanced technology in health settings, along with above-stated factors, are likely to counter the impeding factors and increase the demand relentlessly.
Health Insurance Market Segmentation
The segment evaluation of the global health insurance market is done by demographics, type, and service providers.
The demographics-based segments of the global health insurance market are minor, adult and senior citizens.
The type-based segments of the global health insurance market are health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans and preferred provider organizations (PPOs).
The period-based segments of the global health insurance market are life-time coverage and term insurance.
The service provider-based segments of the global health insurance market are public and private. Public health insurance is further segmented into Medicare and Medicaid. The private health insurance is further segmented into duplicate primary private health insurance, private health insurance, complimentary private health insurance, supplementary private health insurance.
Health Insurance Market Regional Analysis
Based on the region, the health insurance market is segmented into the Americas, Asia-Pacific, Europe, and the Middle East & Africa.
As per the research, the global market is anticipated to be dominated by the Americas due to the growing awareness among the chronic diseases. Further, the increasing innovation of incorporating new ideas for the welfare of the individuals is predicted to be another cause of regional market growth in the coming period. The US is likely to reign the regional market owing to the increasing awareness about the diseases.
Europe is anticipated to procure a second position during the evaluation period. The region is projected to be driven owing to the increasing technological development. Besides, the increased funding in the research and development program is likely to be another potent factor steering the development of the regional market. Further, the rise in government expenditure on healthcare and the growing geriatric population are other significant factors driving the regional market.
The APAC is likely to experience substantial growth during the review period owing to the increasing participation of market players in launching innovative health insurance policies. Further, the increasing demand for the treatment of chronic diseases, adoption of innovative technologies, and rise in medical tourism are projected to expand the market in the coming period. The presence of emerging economies like India and China are anticipated to make significant participation owing to the growing geriatric population.
The MEA region is projected to procure the least market share during the review period. The region is projected to grow at the least pace owing to the presence of poor economies.
Health Insurance Market Key Players
Some of the established players of the health insurance market are Blue Cross (US), Integra Global Health Limited (UK), Allianz SE (Germany), International SOS (Asia), William Russell (UK), MediCare International (UK), Aetna (US), IHI-Bupa (UK), Expacare (UK), CIGNA (US), MultiNational, Underwriters (US), and HealthCare International (UK).
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