According to Acumen Research and Consulting, the global health insurance market is expected to reach around US$ 1.5 trillion by 2026 with noteworthy CAGR around 4 % throughout the forecast period 2019-2026.
The costs associated with the medical costs of the individual are covered by health insurance. These expenses during patient treatment are paid by the insurance company in full or indirectly, according to the terms and conditions, in which the patient is required to pay the full fees then the company will reimburse him. Critical illnesses and tax benefits are the major advantages of taking a health insurance.
The report provides analysis of global Health Insurance market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The growth of the GDP is anticipated during the analysis period to boost growth in the health insurance market. Trading Economics in the United States In the first quarter of 2019, GDP grew by 3.2 %. Increased GDP and higher health care costs therefore benefit the industry, as there is sufficient expense for people to spend on medical expenditure. Most accounts of healthcare payments for medical policy expenses. The above factors are expected to stimulate the growth of the health insurance industry.
The growing geriatric population is one of the main drivers of business growth. There is a huge geriatric population in both developed and developing countries. Most geriatric people are susceptible to chronic illnesses. People in 65 years and older can also need continual critical surveillance and surgical procedures for suffering from diseases. Because of the unproductive portion of the population, the geriatric population cannot afford to undergo costly operations and long hospital stays. Access to various insurance policies therefore has a positive effect on corporate growth. Strict regulatory scenario can however somewhat hinder the growth of the health insurance industry.
Service Provider Outlook
In 2018, the private sector was estimated at approximately USD 530 billion. The growing demand for private insurance policies can combine a significant segment revenue size. These policies protect families from unforeseen medical problems. In addition, private insurance controls the choice of health services. Individuals who choose private insurance now have a choice of doctors and services. Factors above are boosting growth in segments. During the analysis period, the public sector is expected to witness more than 3 percent growth. Public insurance preference is increasing as it is cheap. In addition, public policies sometimes help patients to increase segmental growth with out - of-pocket costs, which drive their demand.
The segment is expected to expand by more than 3% from 2019 to 2026. The insurance provides benefits such as child care, assistance overseas, chronic injury or trauma and optional surgery. The advantages above mentioned enhance client preference. In addition, income insurance also covers expenses for rehabilitation which encourage its acceptance. Approximately USD 235 billion was estimated in 2018 in the medical assurance segment. The growing adoption in the developing economies is linked to significant revenue size. Government has drawn up certain initiatives in developing countries with respect to women's health. For example, the reimbursements for several life-threatening diseases including cervical cancer are covered under special policies for women. In addition, various medical policies also offer cashless claims that boost business growth.
Network Provider Stance
Approximately 555 billion USD were valued in 2018 in the health maintenance organization segment. For budget-conscious clients, HMOs prove to be an effective option. Patients will also be assisted by a primary care physician to deal with minor health problems. This will reduce hospital visits and reduce hospital costs in the following years, which will boost segment growth.
During the prediction, the segment of Preferred Provider Organization (PPO) grows more than 3 percent. PPOs offer patients more flexibility in well-managed healthcare plans. Doctors and health care providers may be selected from a pre-approved list by patients. There is also a need for fewer paper work in PPO plans that increase its preference further and boost the growth of the sector.
In 2018, the segment of minors was estimated at approximately USD 330 billion. In the 0-18 year age group, the minor segment includes a population. Special policies for children are developed by health-insurance providers. Some of these policies for child care include lower premiums and additional benefits such as cashless hospitalization, which will increase adoption and promote growth in the segment.
Over the entire forecast period, the adult segment will grow more than 4.5 percent. Lifestyle diseases prevalence in adults is high, which in future could increase the risk to health. Adults are therefore more sensitive than those in need of hospitalization with heart and other endocrine diseases. The industry's growth in the coming years is expected by these factors. Adults usually adopt life insurance plans to avoid a financial crisis in the event of a medical emergency that stimulates segmental growth to monitor health expenditures.
Time Period Outlook
In 2018, the segment of life insurance amounted to about USD 40 billion. The benefits of life insurance schemes include permanent coverage and a life insurance guarantee. In addition to these benefits, life insurance investment also saves a certain amount of income tax for employed professionals. Investing in life insurance provides not only financial support in trauma cases, but also shows that employed professionals are better placed to grow tax deferred, thereby boosting their acceptance.
Over the entire forecast period, the term insurance section will develop over 4 percent. In compared to permanent life insurance policies, term insurance has inferior preliminary costs. For families facing budget constraints, this is a good choice. Term insurance provides high level of coverage at the right time and only if necessary. This kind of insurance is intended for long-term needs. Consequently, people generally rely on term insurance policies to promote segmental growth to save their costs.
Over USD 470 billion in 2018 was valued in North America's health insurance market. The increased awareness of health insurance policies combined with high GDP may be attributable to regional growth. In addition, in the coming years the availability of leading political providers like Medicare in the United States will drive business growth. These insurers formulate health policy that offers the highest possible cover for several diseases, which should boost the growth of the industry.
Due to the growing prevalence of chronic diseases, the Asia Pacific health insurance market will grow more than 4.5% throughout the forecast period. This scenario is good for growth in the industry because it increases demand for policies on healthcare for adequate healthcare reimbursements. In addition, in Asia Pacific developing countries which are expected to boost business growth, availability of cost-effective term insurance plans provided by national policy providers is strongly preferred.
Global Health Insurance Market, By Service Provider
Global Health Insurance Market, By Type
Global Health Insurance Market, By Network Provider
Global Health Insurance Market, By Demographics
Global Health Insurance Market, By Time Period
Global Health Insurance Market, By Geography
The market research study on “Health Insurance Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Health Insurance market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
Participants in the prominent industries include Anthem Health Insurance, Aetna, Blue Cross Blue Shield Companies, Cigna, Highmark and HCSC, Humana, Wellcare and United Healthcare. These players are implementing a number of strategic initiatives that will contribute to their potential market share. In addition, authorization for cooperation with major hospitals by regulatory authorities will increase the company's revenues. Cigna Corporation was given IRDAI approval for collaboration with the Manipal Group in September 2018, for example. Sales of health policies will be increased through this partnership.
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