Health Insurance Market Research Report – Size, Share, New Trends and Opportunities, Competitive and Futures Analysis

The document on the health insurance market provides a comprehensive synopsis of the market research and its impact on the healthcare industry. By applying best practice models and research methodologies, comprehensive market analysis is carried out in this market report to ensure that the report provides accurate market segmentation and insights for client’s business success. Additionally, trends in consumer and supply chain dynamics are also recognized and accordingly marketing, promotion and sales strategies are interpreted for extreme success. Businesses can thrive in this rapidly changing market by adopting a credible market research report.

The health insurance policy consists of several types of features and benefits. It offers financial coverage to the insured against certain treatments. The health insurance policy provides benefits such as cashless hospitalization, pre- and post-hospitalization coverage, reimbursement, and various top-ups.

Cost increase medical services and increasing number of day care procedures are some of the drivers driving the demand for health insurance in the market. Data Bridge Market Research analyzes that the Health Insurance Market is expected to reach the value of USD 2,541.78 Billion by 2029, at a CAGR of 4.6% during the forecast period. “Corporate” represents the largest end-user segment in the respective market due to the increase in demand for group health insurance by corporations. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, price analysis, production consumption analysis, and climate chain scenario.

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Drivers/Opportunities in the Health Insurance Market
  • Increased cost of medical services

Health insurance provides financial assistance in the event of serious illness or accident. Rising medical service costs for surgeries and hospital stays have created a new financial epidemic in the world. The cost of medical services includes cost of surgery, doctor’s fees, cost of hospital stay, cost of emergency room, cost of diagnostic tests, among others. Hence, this increase in the cost of medical services propels the growth of the market.

  • Number of daycare procedures

Daycare procedures are the types of medical or surgical procedures that are mostly done with less hospital stay time. In day care hospital procedure, the patients have to stay in the hospital for a short time. Most health insurance companies now decline child care procedures in their insurance plans, and for claiming these types of surgery there is no requirement to spend 24 hours in the hospital, which is the minimum hospital stay to claim Insurance. While most health insurance plans sanction hospital stays and major surgeries, policyholders can also claim on-call procedures as part of their health insurance policy, which is driving market demand.

  • Compulsory provision of health insurance in the public and private sectors

Purchasing a health insurance policy is a mandatory provision for both public and private sector employees. Health insurance provides essential medical benefits that the employee can avail of while working in a company. In case of emergency or medical issues, health insurance coverage is very useful to cover treatment costs. Employee health insurance is a supplementary benefit, granted by the individual employer to its employees. The health insurance provided not only covers the employee but also covers their family members under the same insurance plan. Also, in some cases, the employer may pay part of a health insurance policy premium or insurance coverage.

  • Benefits of health insurance policies

In health insurance plans, the policyholder is reimbursed for his medical expenses such as hospitalization, surgeries, treatments that suffer injuries. A health insurance policy is a type of agreement between the policyholder and the insurance company, where the insurance company agrees to guarantee the payment of treatment costs in the event of future medical problems, and the policyholder undertakes to pay the amount of the premium according to the insurance plan. Thus, the benefits of health insurance policies increase the growth opportunities for the global health insurance market.

  • Increase in health expenditure

Health spending is growing faster around the world. According to the World Health Organization (WHO) report, global health spending has an upward growth trajectory. Global health spending has more than doubled over the past two decades, reaching USD 8.5 trillion in 2019, or 9.8% of global GDP. However, it was unevenly distributed, with high-income countries accounting for around 80% of global health spending. Health expenditure in low-income countries was financed mainly by out-of-pocket expenditure (OOPS; 44%) and external aid (29%), while public expenditure dominated in high-income countries (70%). Thus, rising healthcare expenditure is expected to be an opportunity in the global health insurance market.

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Some of the major companies influencing this market include:

Some of the major players operating in the market are Bupa (London, UK), Now Health International (Hong Kong, China), Cigna (Connecticut, USA), Aetna Inc. (a subsidiary of CVS Health) (Connecticut, United States), AXA (Paris, France), HBF Health Limited (Perth, Australia), Vitality (a subsidiary of Discovery Limited) (London, United Kingdom), Centene Corporation (Missouri, United States), International Medical Group , Inc. (a subsidiary of Sirius International Insurance Group Ltd.) (Indiana, USA), Anthem Insurance Companies, Inc. (a subsidiary of Anthem, Inc.) (Indiana, USA), Broadstone Corporate Benefits Limited (London, UK), Allianz Care (a subsidiary of Allianz SE) (Paris, France), HealthCare International Global Network Ltd (London, UK), Assicurazioni Generali SPA (Trieste, Italy), Aviva (London, UK), Vhi Group (Dublin, Ireland), UnitedHealth Group (Minnesota, USA), MAPFRE (Majadahonda, Spain), AIA Group Limited (Hong Kon g), Oracle (California, USA) among others.

Market segmentation

The health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, type of coverage, end user, and distribution channel. The growth among these segments allows you to analyze low growth segments in the industries and provide users with valuable market insights and market insights to help them make strategic decisions to identify major market applications.

Cone

Services

  • Hospital treatment
  • Outpatient treatment
  • Medical assistance
  • Others

Cover level

Service providers

  • Private health insurance providers
  • Public health insurance providers

Health insurance plans

  • Point of Service (POS)
  • Exclusive Provider Organization (EPOS)
  • Health insurance allowance
  • Health Savings Account (HSA)
  • Qualified Small Employer Health Reimbursement Schemes (QSEHRAS)
  • Preferred Provider Organization (PPO)
  • Health Maintenance Organization (HMO)
  • Others

Demography

  • Adults
  • Minors
  • The elderly

Type of coverage

  • Lifetime coverage
  • Temporary cover

Final user

  • Companies
  • People
  • Others

Distribution channel

  • direct sales
  • Financial institutions
  • E-commerce
  • Hospitals
  • Clinics
  • Others

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Regions Covered by Artificial Intelligence in Global Genomics Market Report 2022:

  • Middle East and Africa (GCC countries and Egypt)
  • North America (United States, Mexico and Canada)
  • South America (Brazil, etc.)
  • Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
  • Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia)

The key questions answered by the report produced:
who are the major market players in this market?
What are the top regions for dissimilar trades that have seen amazing growth for this market?
What are the regional growth trends and major revenue-generating regions for this market?
What will be the market size and growth rate by the end of the forecast period?
What are the key trends in this market impacting the growth of the market?
What are the main types of products in this market?
What are the major applications of this Market?

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