Health and Medical Insurance Market Growth & Forecast [2031]
Health and Medical Insurance Market Growth & Forecast [2031]
Segments - Global Health and Medical Insurance Market by Insurance Types (Critical Illness Insurance, Family Floater Health Insurance, Disease Insurance, Hospitalization Insurance, and Medical Insurance), Service Providers (Public and Private), Network Providers (Exclusive Provider Organization, Health Maintenance Organization, Point of Service, Preferred Provider Organization, and Others), Age-groups (Adults, Senior Citizens, and Minors), Time Periods (Term Insurance and Life Insurance), End-users (Individuals and Group), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031
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| Report ID :BFSI-3121
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| 183 Pages
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Report Description
Health and Medical Insurance Market Outlook 2031
The global health and medical insurance market size was valued at USD 2.17 Trillion in 2022 and is expected to reach USD 4.09 Trillion by 2031, expanding at a CAGR of 7.3% during the forecast period, 2023-2031. Health insurance protects an insured person from financial losses caused by treatment of any injury, disease, or other physical or mental impairment or medical emergency.
It pays for medical treatment costs such as doctor consultation fees, ambulance fees, medicines, hospitalization, and day-care procedures. It provides healthcare benefits in exchange for a semi-annual/monthly/annual premium or a payroll tax.
The insurer is required to cover the policyholder's medical expenses for the duration and coverage of the policy. Depending on the policy, coverage may differ for a variety of factors such as government policies, age group, diseases, and others.
Health and Medical Insurance Market Trends, Drivers, Restraints, and Opportunities
- Increasing cases of several chronic diseases, such as dengue fever, cancer, and diabetes, is estimated to boost the market.
- COVID-19 pandemic is considered to be a major factor driving the health and medical insurance market.
- Government incentives to develop repayment policies for surgical procedures drive the market.
- Improving claim management services and increased awareness of health insurance in rural areas are two major factors fueling the market.
- Rising geriatric population and high healthcare bills are some of the major factors propelling the market.
- Increasing cost of health insurance premiums and a lack of knowledge about the coverage included in health insurance policies are some of the factors that hinder the market expansion.
- Rising cost of healthcare insurance products, as well as strict regulations and long wait time for claim reimbursement are factors hampering the health and medical insurance market.
- Social media networks provide market players with various customer reach, which is expected to provide numerous market growth opportunities.
Scope of Health and Medical Insurance Market Report
The report on the health and medical insurance market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes |
Details |
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Report Title |
Health and Medical Insurance Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Critical Illness Insurance, Family Floater Health Insurance, Disease Insurance, Hospitalization Insurance, and Medical Insurance), Service Providers (Public and Private), Network Providers (Exclusive Provider Organization, Health Maintenance Organization, Point of Service, Preferred Provider Organization, and Others), Age-groups (Adults, Senior Citizens, and Minors), Time Periods (Term Insurance and Life Insurance), End-users (Individuals and Group) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
AXA; HCSC; Allianz Care; Cigna; Highmark Inc.; Centene; PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD; AIA Group Limited; Aviva Life Insurance Company India Ltd; Jubliee Holding Limited; Anthem; Kaiser Permanente; Aetna; and United Healthcare |
Health and Medical Insurance Market Segment Insights
Insurance Type Segment Analysis
Based on insurance types, the health and medical insurance market can be segmented into critical illness insurance, family floater health insurance, disease insurance, hospitalization insurance, and medical insurance.
The medical insurance segment is projected to hold significant market share, due to rising awareness in the healthcare sector as a result of growing healthcare costs. Rise in the prevalence of chronic diseases, as well as expected rise in the geriatric population, aided in the expansion of the medical insurance market.
Service Provider Segment Analysis
On the basis of service providers, the market can be bifurcated into public and private. The private segment is anticipated to account for a substantial share. Private insurance policies give families more protection against unintentional or unexpected medical conditions. Furthermore, private insurance providers offer various types of policies based on the individual's needs.
Network Provider Segment Analysis
In terms of network providers, the health and medical insurance market can be fragmented into exclusive provider organization, health maintenance organization, point of service, preferred provider organization, and others.
The preferred provider organization segment is projected to expand at a robust pace during the forecast period. PPOs enable well-managed healthcare plans for their patients and provide greater flexibility in their plans.
They are the most common health plans and provide a large network of healthcare providers, allowing the insured person to choose from a variety of providers, doctors, and hospitals. Furthermore, there is no paperwork or little required, which creates a preference for preferred provider organisations, boosting segment.
Age-group Segment Analysis
Based on age-groups, the market can be segregated into adults, senior citizens, and minors. The adult segment registers a substantial growth rate in the coming years. The adult population's high prevalence of lifestyle diseases such as diabetes, obesity, cardiac disease, and others has increased the risk of future health problems.
As a result, the adult population is more vulnerable to chronic diseases and may require long-term medical care. Adults are accepting medical insurance plans to avoid financial crises in the future in order to offset rising healthcare costs.
Time Periods Segment Analysis
On the basis of time periods, the health and medical insurance market can be divided into term insurance and life insurance. The life insurance segment expand at a rapid pace during the projected timeline, owing to the benefits of life insurance policies, such as permanent coverage and guaranteed death benefits.
Working professionals can also benefit from life insurance plans by saving money on their taxes. Furthermore, life insurance provides financial assistance during trauma crises.
End-users Segment Analysis
Based on end-users, the health and medical insurance market can be split into individuals and groups. The individuals segment is projected to hold significant market share. Individual health plans are popular because they are customizable. It also gives more control over benefit limits, deductibles, and copays, and it is not dependent on employment status.
Regional Outlook
In terms of regions, the market can be categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market, due to the presence of numerous insurance companies that provide health and life insurance in the region.
Furthermore, in the United States, the Affordable Care Act makes coverage mandatory. The federal government planned to penalize states that did not cooperate.
Segments
Insurance Types
- Critical Illness Insurance
- Family Floater Health Insurance
- Disease Insurance
- Hospitalization Insurance
- Medical Insurance
Service Providers
- Public
- Private
Network Providers
- Exclusive Provider Organization
- Health Maintenance Organization
- Point of Service
- Preferred Provider Organization
- Others
Age-groups
- Adults
- Senior Citizens
- Minors
Time Periods
- Term Insurance
- Life Insurance
End-users
- Individuals
- Group
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- AXA
- HCSC
- Allianz Care
- Cigna
- Highmark Inc.
- Centene
- PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD
- AIA Group Limited
- Aviva Life Insurance Company India Ltd
- Jubliee Holding Limited
- Anthem
Competitive Landscape
Key players in the health and medical insurance market include AXA; HCSC; Allianz Care; Cigna; Highmark Inc.; Centene; PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD; AIA Group Limited; Aviva Life Insurance Company India Ltd; Jubliee Holding Limited; Anthem; Kaiser Permanente; Aetna; and United Healthcare.
These players are widely engaged in several market development strategies such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Health and Medical Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Health and Medical Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Health and Medical Insurance Market - Supply Chain
4.5. Global Health and Medical Insurance Market Forecast
4.5.1. Health and Medical Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Health and Medical Insurance Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Health and Medical Insurance Market Absolute $ Opportunity
5. Global Health and Medical Insurance Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Health and Medical Insurance Market Size and Volume Forecast by End Users
5.3.1. Individuals
5.3.2. Group
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Health and Medical Insurance Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Health and Medical Insurance Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Health and Medical Insurance Demand Share Forecast, 2019-2026
7. North America Health and Medical Insurance Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Health and Medical Insurance Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Health and Medical Insurance Market Size and Volume Forecast by End Users
7.4.1. Individuals
7.4.2. Group
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Health and Medical Insurance Demand Share Forecast, 2019-2026
8. Latin America Health and Medical Insurance Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Health and Medical Insurance Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Health and Medical Insurance Market Size and Volume Forecast by End Users
8.4.1. Individuals
8.4.2. Group
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Health and Medical Insurance Demand Share Forecast, 2019-2026
9. Europe Health and Medical Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Health and Medical Insurance Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Health and Medical Insurance Market Size and Volume Forecast by End Users
9.4.1. Individuals
9.4.2. Group
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Health and Medical Insurance Demand Share Forecast, 2019-2026
10. Asia Pacific Health and Medical Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Health and Medical Insurance Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Health and Medical Insurance Market Size and Volume Forecast by End Users
10.4.1. Individuals
10.4.2. Group
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Health and Medical Insurance Demand Share Forecast, 2019-2026
11. Middle East & Africa Health and Medical Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Health and Medical Insurance Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Health and Medical Insurance Market Size and Volume Forecast by End Users
11.4.1. Individuals
11.4.2. Group
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Health and Medical Insurance Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Health and Medical Insurance Market: Market Share Analysis
12.2. Health and Medical Insurance Distributors and Customers
12.3. Health and Medical Insurance Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. AXA
12.4.2. HCSC
12.4.3. Allianz Care
12.4.4. Cigna
12.4.5. Highmark Inc.
12.4.6. Centene
12.4.7. PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD
12.4.8. AIA Group Limited
Methodology
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