Global Health Insurance Market Size To Exceed USD 3206.22 Billion By 2033 | CAGR Of 4.98%
The Global Health Insurance Market Size was valued at USD 1972.78 Billion in 2023 and the Worldwide Health Insurance Market Size is Expected to Reach USD 3206.22 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: Aetna Inc. (CVS Health Corporation), Cigna Corporation, International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc., Zurich Insurance Group AG, AIA Group Limited, Allianz SE, Berkshire Hathaway, Aviva Plc, Berkshire Hathaway Inc., and other key companies.
New York, United States , March 19, 2024 (GLOBE NEWSWIRE) -- The Global Health Insurance Market Size is to Grow from USD 1972.78 Billion in 2023 to USD 3206.22 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.98% during the projected period.
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Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It is an agreement between the policyholder (the person who buys the insurance) and the insurance company. In exchange for regular premium payments, the insurance company agrees to provide financial protection by covering the costs of certain healthcare services and treatments. Furthermore, government agencies in many countries are actively involved in promoting awareness about the importance of health insurance. This, combined with the rising incidence of severe road accidents, which has increased surgical procedures, is having a positive impact on the market. The high cost of medical services has put patients under financial stress. However, health insurance provides financial assistance to patients by covering all medical service costs by the insurance plan's terms and conditions. As a consequence, the rising cost of medical services propels global health insurance market growth. However, Fraudulent insurance claims have resulted in stringent government verification regulations, which have hampered global health insurance growth.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Health Insurance Market Size, Share, and COVID-19 Impact Analysis, By Insurance Provider (Public, Private, Standalone Health Insurers), By Plan Type (Medical Insurance, Critical Illness Insurance, Family Floater Health Insurance, Others), By Demographics (Minor, Adults, Senior Citizen), By Provider Type (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The private segment is expected to grow at the largest pace in the global health insurance market during the forecast period.
Based on the insurance provider, the health insurance market has been segmented into public, private, and standalone health insurers. Among these, the private segment is expected to grow at the largest pace in the global health insurance market during the forecast period. Private insurers are known for their ability to innovate and customize insurance policies. They can adapt quickly to changing market demands and introduce new features. Furthermore, private insurers frequently maintain large networks of healthcare providers, including hospitals, clinics, and specialists.
The medical insurance segment is expected to grow at the highest pace in the global health insurance market during the anticipated period.
Based on the plan type, the global health insurance market is divided into medical insurance, critical illness insurance, family floater health insurance, and others. Among these, the medical insurance segment is expected to grow at the highest pace in the global health insurance market during the forecast period. Many medical insurance plans provide coverage for preventive services such as vaccinations, screenings, and wellness check-ups. This encourages people to prioritize preventive care, which can result in early detection and treatment of medical issues.
The adult segment is expected to grow at the largest pace in the global health insurance market during the anticipated period.
Based on the demographic, the global health insurance market is divided into minors, adults, and senior citizens. Among these, the adult segment is expected to grow at the largest pace in the global health insurance market during the forecast period. adults frequently obtain health insurance policies that cover their entire family, including children and occasionally elderly parents. In addition, insurance companies provide a variety of health insurance products tailored to adults, including individual policies, family plans, and plans with adult-specific benefits such as maternity coverage or preventive care.
The preferred provider organizations (PPOS)segment is expected to hold the largest share of the global health insurance market during the forecast period.
Based on the provider type, the global health insurance market is divided into preferred provider organizations (PPOs), point of service (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOS). Among these, the preferred provider organizations (PPOS) segment is expected to hold the largest share of the global health insurance market during the forecast period. PPOs give policyholders a lot of options when it comes to choosing a healthcare provider. Unlike health maintenance organizations (HMOs), which frequently require members to select a primary care physician.
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North America dominates the market with the largest market share over the forecast period.
North America is projected to hold the largest share of the global health insurance market over the forecast period. Healthcare costs in North America rank among the highest in the world. This includes costs for medical treatments, prescription drugs, hospital stays, and specialized care. Due to these high costs, individuals and businesses seek health insurance to help alleviate the financial burden of medical expenses.
Europe is expected to grow the fastest in the global health insurance market during the anticipated forecast period. Rising public awareness of the value of insurance plans will boost market growth in this region. Furthermore, the increasing penetration of private providers in this region, and the growing number of government schemes.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Health Insurance market are Aetna Inc. (CVS Health Corporation), Cigna Corporation, International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc., Zurich Insurance Group AG, AIA Group Limited, Allianz SE, Berkshire Hathaway, Aviva Plc, Berkshire Hathaway Inc. and Others.
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Recent Development
In November 2022, Berkshire Hathaway formed a partnership with Canada-based SoNomad to offer travel medical insurance. SoNomad Travel Medical Insurance policies are covered by the National Liability and Fire Insurance Company of Canada.
Market Segment
This study forecasts revenue at the global health insurance, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global health insurance market based on the below-mentioned segments:
Global Health Insurance Market, Insurance Provider Analysis
Public
Private
Standalone Health Insurers
Global Health Insurance Market, Plan Type Analysis
Medical Insurance
Critical Illness Insurance
Family Floater Health Insurance
Others
Global Health Insurance Market, Demographic Analysis
Minor
Adults
Senior Citizen
Global Health Insurance Market, Provider Type Analysis
Preferred Provider Organizations (PPOs)
Point of Service (POS)
Health Maintenance Organizations (HMOs)
Exclusive Provider Organizations (EPOs)
Global Health Insurance Market, Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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