The global health insurance market grew at a CAGR of around 5% during 2015-2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during the next five years.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) — The global health insurance market grew at a CAGR of around 5% during 2015-2020. Health insurance refers to a type of insurance that periodically charges a predefined amount from the individual and pays for medical and surgical expenses incurred by the policyholder in case of a medical emergency. A health insurance plan usually covers services such as diagnosis and treatment for chronic ailments, psychiatric care, emergency evacuation, in-patient and out-patient treatment, maternity, dental care, etc. Nowadays, several health insurance companies offer health coverage, wherein medical supervision is provided at home for specific ailments.
Note: We are regularly tracking 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.
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Global Health Insurance Market Trends:
The increasing costs of healthcare services, in confluence with the growing prevalence of diabetes, cancer, stroke and kidney failure, represent one of the key factors escalating the demand for health insurance worldwide. Moreover, governing agencies of several countries are making it necessary for employers to provide health insurance to their employees. These agencies are also enforcing laws that mandate international health insurance for tourists. Apart from this, the rising geriatric population is promoting the adoption of government health insurance programs or schemes offered at low premium rates. Furthermore, growing health awareness and improving healthcare infrastructure are other factors bolstering the market growth. Besides this, various companies are providing cover for medical expenses incurred during the treatment of the coronavirus disease (COVID-19). They are also focusing on digitizing claim processing and policy management, which is anticipated to influence the market positively in the coming years. Looking forward, IMARC Group expects the global health insurance market to exhibit moderate growth during the next five years.
The health insurance market report has segmented the market on the basis of Provider, Type, Plan Type, Demographics, Provider Type, End Use, and Region.
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Breakup by Provider:
- Private Providers
- Public Providers
Breakup by Type:
- Life-Time Coverage
- Term Insurance
Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
Breakup by Demographics:
- Senior Citizen
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players. Some of these players include 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., and Zurich Insurance Group AG.
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