Health and Medical Insurance Market

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) Forecasts, 2021-2028

  • Report ID: BFSI-3121
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 183
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The global health and medical insurance market is expected to expand at a high CAGR during the forecast period, between 2021 and 2028. 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 key takeaways

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 the 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.

Attributes

Details

Report Title

Health and Medical Insurance Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

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)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

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:

The medical Insurance segment is projected to hold significant market share

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.

The private segment is anticipated to account for a substantial share

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.

Health and Medical Insurance Market by service providers

The preferred provider organization segment expand at a robust pace during the forecast period

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.

Health and Medical Insurance Market by netowork providers

The adult segment registers a substantial growth rate in the coming years

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.

The life insurance segment expand at a rapid pace during the projected period

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.

The individuals segment is projected to hold significant market share

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.

North America is expected to dominate the market

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

Segments Covered in the Report:

By Insurance Types

  • Critical Illness Insurance
  • Family Floater Health Insurance
  • Disease Insurance
  • Hospitalization Insurance
  • Medical Insurance
By Service Providers
  • Public
  • Private
By Network Providers
  • Exclusive Provider Organization
  • Health Maintenance Organization
  • Point of Service
  • Preferred Provider Organization
  • Others
By Age-groups
  • Adults
  • Senior Citizens
  • Minors
By Time Periods
  • Term Insurance
  • Life Insurance
By End-users
  • Individuals
  • Group
By Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
By 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.

Health and Medical Insurance Market by key playerws

1. Executive Summary
2. 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

Segments Covered in the Report:

By Insurance Types

  • Critical Illness Insurance
  • Family Floater Health Insurance
  • Disease Insurance
  • Hospitalization Insurance
  • Medical Insurance
By Service Providers
  • Public
  • Private
By Network Providers
  • Exclusive Provider Organization
  • Health Maintenance Organization
  • Point of Service
  • Preferred Provider Organization
  • Others
By Age-groups
  • Adults
  • Senior Citizens
  • Minors
By Time Periods
  • Term Insurance
  • Life Insurance
By End-users
  • Individuals
  • Group
By Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
By 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

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.

Health and Medical Insurance Market by key playerws

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