Health Insurance Market, By Type Of Insurance Provider (Public, Private, Standalone Insurers), By Type Of Scheme (Voluntary, Mandatory, Community-Based, Employer-Based), By Type Of Coverage (Individual, Family), By Term Of Coverage (Term, Lifetime), By Demographics (Minor, Adult, Senior Citizen), By Region (North America, Europe, Asia-Pacific (Apac), Latin America (Latam), Middle-East & Africa (Mea) Trend Analysis, Competitive Market Share & Forecast, 2017-2027 , Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Health Insurance market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Health Insurance market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
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Global Health Insurance Market Growing Significantly to Garner USD 3.4 trillion by the end of 2027
The global health insurance market is growing at a high CAGR due to the increasing prevalence of chronic illnesses and health issues. Additionally, the market is driven by the increasing number of injuries and accidents, as well as an increase in medical expenses.
A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the health insurance market was worth USD 1.8 trillion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 3.4 trillion by the end of 2027. The global health insurance market is gaining significant traction because of the increasing prevalence of various healthcare issues and chronic illnesses, along with surging medical expenses across the globe. Furthermore, favorable government policies are also contributing to the market growth. For instance, with the Affordable Care Act, Americans have gained new rights and benefits, including the ability to get health insurance for more children. It also grants free access to recommended preventive services.
However, the market also has its own share of drawbacks. For instance, complications in claiming reimbursement and increased fraud cases in the health insurance market may act as a major restraint.
Growing Demand for Individual Insurance Policy is Boosting the Global Health Insurance Market Growth
The health insurance market is grouped into individual and family segments, based on the type of coverages. Individual coverage accounts for the largest market share in the health insurance market owing to the increasing number of adults opting for health insurance. Moreover, the increasing prevalence of various chronic conditions, such as diabetes, liver disease, cardiac diseases, etc., among the adult population acts as a major driver for the individual coverage segment. On the other hand, the family coverage segment is also popular, especially in developed countries, as this type of policy facilitates tax savings, which proves to be economical.
Global Health Insurance Market – By Term of Coverage
The health insurance market is categorized into term and lifetime, based on the term of coverage. The lifetime health insurance segment holds the largest market share because of the conveniences it offers over term health insurance. Lifetime policies guarantee benefits even in the unfortunate event of death. Moreover, the policy does not have to be renewed every year. Insurance companies further offer discounted premiums for long-term plans in order to attract customers and often charge less for young people seeking coverage. Furthermore, short-term policies are also popular among middle-income groups of developing countries due to their affordable premium rates.
Global Health Insurance Market – By Demographics
Based on demographics, the health insurance market is categorized into minor, adult, and senior citizens. The senior citizen segment accounts for the largest market share due to the increasing geriatric population and prevalence of various chronic and other medical conditions in this demographic. Health insurance providers offer special policies for senior citizens aged 60 or above that cater to their specific healthcare needs. Additionally, governments of various countries also offer tax exemptions for senior citizens health insurance, which favors its market growth. Adult health insurance policies are also gaining traction due to the prevalence of medical issues among working adults.
Global Health Insurance Market – Regional Insights
Geographically, the health insurance market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the health insurance market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period due to the presence of a largely untapped market. The insurance companies in this region are significantly focusing on marketing the benefits of health insurance to bring it in good light among the general public. Furthermore, increasing disposable income and healthcare expenditure, especially in emerging economies, such as China and India are also emerging as one of the major driving factors for the markets growth.
Impact of COVID-19 on the Global Health Insurance Market
The global health insurance market received significant growth opportunities after the COVID-19 pandemic outbreak. With increasing incidences of COVID-19 cases and uncertainty surrounding ones health, the demand for health insurance witnessed a sharp surge during the pandemic. For instance, there were only 13% of Britons with private medical insurance prior to the pandemic, but a rise in young people purchasing medical insurance policies has resulted in the average age dropping from 40 to 33 since 2020. Furthermore, many insurance companies launched Coronavirus Health Insurance to tap on the market opportunity and offer assistance for COVID-19 treatment. This emerged as the major driving factor for the market growth. Furthermore, the prevalence of other health issues also registered a surge during this period, thereby driving the health insurance market during the forecast period.
Global Health Insurance Market – Competitive Landscape
The leading players in the health insurance market are Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc., Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna, Inc., Apollo Munich Health Insurance, International Medical Group, Kaiser Permanente, Jubilee Holding Limited, Highmark Inc, BMI Healthcare, Vitality Corporate Services Limited, Centene Corporation, Assicurazioni Generali S.P.A., Anthem Insurance Companies, Inc., and other prominent players.
The global health insurance market is highly concentrated due to the presence of the established players enjoying consumer loyalty and trust. Therefore, the market is very dense for new entrants. The companies often engage in partnerships with healthcare facilities to boost their health insurance sales and expand their market revenue. Furthermore, the adoption of market strategies such as mergers, acquisitions, collaborations, joint ventures, is also prominent in this market.
Our market research provides vital intelligence on market size, business trends, industry structure, market share, and market forecasts that are essential to developing business plans and strategy.
A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021
Under COVID-19 Outbreak Impact Analysis:
We analyzed industry trends in the context of COVID-19. We analyzed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyze the impact of COVID-19 on various regions and major countries.
The impact of COVID-19 on the future development of the industry is pointed out.
Study Explore :
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
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Each study, more than 100+ pages, is packed with tables, charts and insightful narrative including coverage on: Report Ocean provides complete tailor-made market reports that deliver vital market information on industry. Our market reports include: Market Sizing and Structuring, Micro and macro analysis, Regional dynamics and Operational landscape, Demographic profiling and Addressable market, Legal Set-up and Regulatory frameworks, Profitability and Cost analysis, Segmentation analysis of Market, Existing marketing strategies in the market, Best practice, GAP analysis, Competitive landscape, Leading market players, Benchmarking, Future market trends and opportunities – Scenario modeling
Geographical Breakdown: The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery path of Covid 19 for all regions, key developed countries and major emerging markets.
Countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
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Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis Our team will be able to provide clear answers, identify key opportunities, new investments, and recommend high quality strategy routes in the market. These answers will include a holistic analysis of the: Existing market infrastructures, Market challenges and opportunities, Potential for growth in certain industries in the coming years, End-consumer target groups and their potential volumes of operation, Best regions and segments to target , Pros and cons of various promotion models, Touch points and an opportunity breakdown within the value chain, Market size and growth rate during forecast period., Key factors driving the Market., Key market trends cracking up the growth of the Market., Challenges to market growth., Key vendors of Market., Detailed SWOT analysis., Opportunities and threats faces by the existing vendors in Global Market., Trending factors influencing the market in the geographical regions., Strategic initiatives focusing the leading vendors., PEST analysis of the market in the five major regions.
The market factors described in this report are:
Key Strategic Developments in the Market:
The research includes the key strategic developments of the market, comprising R&D, M&A, agreements, new product launch, collaborations, partnerships, joint ventures, and regional growth of the key competitors functioning in the market on a global and regional scale.
Key Market Features in Global Market:
The report assessed key market features, including revenue, capacity, price, capacity utilization rate, production rate, gross, production, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition to that, the study provides a comprehensive analysis of the key market factors and their latest trends, along with relevant market segments and sub-segments.
Analytical Market Highlights & Approach
The report provides the rigorously studied and evaluated data of the top industry players and their scope in the market by means of several analytical tools. The analytical tools such as Porters five forces analysis, feasibility study, SWOT analysis, and ROI analysis have been practiced reviewing the growth of the key players operating in the market.
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Key Points Covered in Health Insurance Market Report:
| Global Health Insurance Market Research Report |
| Section 1: Global Health Insurance Industry Overview |
| Section 2: Global Economic Impact on Health Insurance Industry |
| Section 3: Global Market Competition by Industry Producers |
| Section 4: Global Productions, Revenue (Value), according to Regions |
| Section 5: Global Supplies (Production), Consumption, Export, Import, geographically |
| Section 6: Global Productions, Revenue (Value), Price Trend, Product Type |
| Section 7: Global Market Analysis, on the basis of Application |
| Section 8: Health Insurance Market Pricing Analysis |
| Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers |
| Section 10: Strategies and key policies by Distributors/Suppliers/Traders |
| Section 11: Key Marketing Strategy Analysis, by Market Vendors |
| Section 12: Market Effect Factors Analysis |
| Section 13: Global Health Insurance Market Forecast |
……..and view more in complete table of Contents
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