The global health insurance market size reached US$1.590 billion in 2021. Going forward, IMARC Group expects the market to reach US$2426.6 billion by 2027
SHERIDAN, WYOMING, UNITED STATES, Nov. 10, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group “Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, provides a comprehensive analysis of the industry, which contains insights on the global health insurance market share. The global health insurance market reached a value of US$ 1.590 billion in 2021. Going forward, IMARC Group expects the market to reach US$2426.6 billion by 2027, with a CAGR of 7.2% during 2022-2027.
Health insurance covers medical treatment expenses, such as ambulance costs, hospitalization, medicines, doctor consultation fees, and maternity, dental and day care procedure costs. It protects an insured individual against financial losses caused due to a health emergency. It offers a cashless medical treatment facility, tax benefits and faster reimbursements during emergencies. It is offered by an employer, in which premiums are partially paid by employees, and the rest is protected by the company. It is widely accessible in various arrangements for the consumers, including private, public and government health insurance, managed care plans, indemnity and Point-of-Service (POS) plans.
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Note: We regularly track 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.
Currently, the increasing prevalence of chronic diseases and viral infections, including hypertension, cancer, diabetes, heart disorders, cystic fibrosis and cardiovascular diseases (CVD), and the rising cost of healthcare services are some of the major factors driving the demand for health insurance around the world. The growing aging of the population, which is more prone to difficult medical situations, is also currently positively influencing the market. Moreover, regulatory agencies of numerous countries are undertaking initiatives to create awareness among the masses about health insurance, which is contributing to the growth of the market. Additionally, leading players are launching health insurance policies that offer the benefit of free annual and bi-annual check-ups with additional customization at low premium rates, which favors the market growth.
Furthermore, key players are focusing on incorporating insurance fraud detection systems to detect suspicious activities carried out by an insurance adjuster, agent and consumer for illegal gains while selling, buying and underwriting insurance. These systems are integrated with advanced technologies, such as artificial intelligence (AI) and the Internet of Things (IoT) solutions for operating self-learning models, automated business rules, image screening, text mining, network analysis, device identification and predictive analytics. . This, in turn, offers lucrative growth opportunities to key players operating in the industry. The market is also experiencing growth due to the growing number of insurance frauds, including kidnappings, fake medical records and inaccurate claims. Apart from this, there is an increase in the adoption of cloud-based services and big data analytics which has enabled transparent communication between the parties involved, which is stimulating the growth of the market. Moreover, the increasing preference for family jet health insurance among the masses and the growing demand for health insurance in the rural areas are projected to create a positive outlook for the market in the coming years.
Key Market Segmentation:
IMARC Group presents an analysis of the key trends in each sub-segment of the global health insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on provider, type, plan type, demographics and provider type.
Breakdown by supplier:
Breakdown by type:
Breakdown by plan type:
Critical Illness Insurance
Family Floater Health Insurance
Breakdown by Demographics:
Breakdown by provider type:
Preferred Provider Organizations (PPOs)
Point of Service (POS)
Health Maintenance Organizations (HMOs)
Exclusive Supplier Organizations (EPOs)
Market Breakdown 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:
Aetna Inc. (CVS Health Corporation)
AIA Group Limited
Berkshire Hathaway Inc.
International Medical Group Inc. (Sirius International Insurance Group Ltd.)
United Health Group Inc.
Zurich Insurance Group AG.
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market drivers and success factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
Ask analyst for customization and browse the full report with TOC & List of Figures: https://www.imarcgroup.com/health-insurance-market
Frequently Asked Questions (Frequently Asked Questions):
1. What is the size of the global health insurance market?
Answer: The global health insurance market was valued at US$1.590 billion in 2021.
2. What is the expected growth rate of the global health insurance market?
Answer: We expect the global health insurance market to grow at a CAGR of 7.2% during 2022-2027.
3. What are the key factors driving the global health insurance market?
Answer: Increasing incidence of chronic diseases requiring hospitalization along with rising healthcare costs are some of the factors catalyzing the global health insurance market.
If you require specific information that is not currently within the scope of the report, we will provide it to you as part of the customization.
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