Individual Health Insurance Market Size will Expand to USD 188.4 Billion to 2031 | States InsightAce Report
Companies covered in this report are UnitedHealth Group, Anthem, Inc., Aetna, Humana Inc., Cigna Corporation, Kaiser Permanente, Blue Cross Blue Shield Association, Centene Corporation, WellCare Health Plans, Molina Healthcare, Health Care Service Corporation (HCSC), Highmark Inc., Independence Blue CrossRegence BlueCross BlueShield and Ambetter
Jersey City, NJ, Jan. 23, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Individual Health Insurance Market - (By Type (Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), High Deductible Health Plan (HDHP), Others), By Application (Individual Coverage, Family Coverage, Senior Coverage, Student Health Insurance, Others), By Policy (Basic Health Policies, Comprehensive Health Policies, Short-term Health Policies, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Individual Health Insurance Market is valued at US$ 123.3 Bn in 2022, and it is expected to reach US$ 188.4 Bn by 2031, with a CAGR of 5.5% during the forecast period of 2024-2031.
People get individual health insurance as a personal insurance policy to protect themselves from medical expenses. This coverage is purchased directly by individuals, as opposed to employer-sponsored group insurance. Preventive care, prescription drugs, hospital stays, and doctor visits are typically included. One major factor driving the rise in demand for individual health insurance is the rise in self-employment. An increasing number of people are finding themselves without employer-sponsored health plans as the gig economy and freelance jobs expand. As a result, many go to personal health insurance to meet their medical demands.
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Moreover, people are becoming more and more aware of the financial risks connected to unanticipated medical expenses. This knowledge was increased by the COVID-19 epidemic, which made it clear how crucial it is to have dependable health insurance. In order to protect their financial stability and guarantee access to high-quality healthcare, more people are taking the initiative to actively search for and get individual health insurance coverage. As more people realize how important it is to have personal coverage in today's changing work environment, the market for individual health insurance is growing thanks to growing consumer awareness and more self-employment.
Recent Developments:
In Oct 2023, UnitedHealthcare declared its intention to provide individual as well as family plans on the Health Insurance Marketplace in 26 states for the year 2024. The benefit options encompass limitless primary and virtual urgent care at no cost, medications available for as cheap as $5, dental and vision coverage, and the possibility of earning up to $100 in reward incentives.
In Aug 2023, Anthem Blue Cross with Blue Shield in Connecticut introduced its Anthem Link Virtual First health insurance to qualified members in specific commercial health plans. Anthem Link Virtual First plans to offer individuals cost-effective access to virtual healthcare choices, such as a symptom checker powered by artificial intelligence, regular wellness care, and management of chronic conditions, as well as behavioural healthcare.
List of Prominent Players in The Individual Health Insurance Market:
UnitedHealth Group
Anthem, Inc.
Aetna
Humana Inc.
Cigna Corporation
Kaiser Permanente
Blue Cross Blue Shield Association
WellCare Health Plans
Centene Corporation
Molina Healthcare
Health Care Service Corporation (HCSC)
Highmark Inc.
Independence Blue Cross
Regence BlueCross BlueShield
Ambetter
Others
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Individual Health Insurance Market Report Scope:
Report Attribute | Specifications |
Market Size Value In 2023 | USD 123.3 Bn |
Revenue Forecast In 2031 | USD 188.4 Bn |
Growth Rate CAGR | CAGR of 5.5 % from 2024 to 2031 |
Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
Historic Year | 2019 to 2022 |
Forecast Year | 2024-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | By Application, Type, Policy |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
Market Dynamics:
Drivers-
The market for individual health insurance is being revolutionized by integrating digital health solutions and wellness programs, which is greatly increasing market demand. Incorporating digital health features, like wearable technology, telehealth services, and mobile health apps, provides policyholders with easy access to medical resources. ]\This enhances the general customer experience and attracts tech-savvy people, encouraging them to get health insurance that supports their inclination for easily accessible and technologically advanced medical treatments. Moreover, insurance coverage with wellness programs encourages preventive care and healthy lifestyles. When policyholders actively engage in wellness activities like regular health check-ups, diet plans, or exercise regimens, insurers often offer incentives like rebates, rewards, or reduced rates. Hence increasing market demand by attracting a wider customer base.
Challenges:
Pre-existing conditions and a need for more available coverage options severely constrain the market demand for individual health insurance. These conditions relate to illnesses or health problems people had before applying for insurance. People with pre-existing conditions may face high premiums or coverage denials from numerous insurance companies, which deters prospective policyholders and restricts their access to necessary healthcare protection.
For those who need continuous medical care, this exclusion can be especially problematic because it may leave them with few or expensive insurance options, which would impede market expansion. Furthermore, prospective customers may be discouraged by the narrow selection of coverage options offered in the individual health insurance market. Certain plans might offer incomplete coverage, which would leave people with gaps in their medical protection. This narrow scope may not address the varied and changing.
Regional Trends:
The North American individual health insurance market is expected to register a major market share. The individual health insurance market in North America has seen a rise in demand for creative insurance solutions. The uptake of telehealth has increased access to healthcare and compelled insurers to offer digital health integration. Besides, Asia Pacific had a remarkable share of the market. Due to growing healthcare expenditures and an expanding middle class, individual health insurance has become more and more popular in the Asia-Pacific area. Policies are increasingly being tailored to meet certain healthcare demands.
In addition, telemedicine and smartphone apps for health have become more popular. Insurance companies are gaining traction in this market by providing comprehensive coverage and wellness initiatives as the area gets more urbanized and health conscious. The Asia-Pacific individual health insurance industry is being shaped by changes in regulations and a move toward preventive healthcare practices.
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Segmentation Of Individual Health Insurance Market-
By Type
Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
High Deductible Health Plan (HDHP)
Others
By Application
Individual Coverage
Family Coverage
Senior Coverage
Student Health Insurance
Others
By Policy
Basic Health Policies
Comprehensive Health Policies
Short-term Health Policies
Others
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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