The health insurance market grew at a CAGR of around 5% during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 7% during 2021-2026.
Health insurance refers to a type of insurance that periodically charges a predefined amount from the individual and pays for medical and surgical expenses incurred by the policyholder in case of a medical emergency. A health insurance plan usually covers services such as diagnosis and treatment for chronic ailments, psychiatric care, emergency evacuation, in-patient and out-patient treatment, maternity, dental care, etc. Nowadays, several health insurance companies offer health coverage, wherein medical supervision is provided at home for specific ailments.
Market Trends
The rising costs of healthcare services, along with the increasing prevalence of cancer, stroke, kidney failure, etc., are primarily driving the demand for health insurance policies. Moreover, the governing agencies across several countries have launched regulatory norms that mandate employers to provide health insurance to their employees. Besides this, with the sudden outbreak of COVID-19, there is an escalating demand for health insurance coverage, which in turn is propelling the market on a global level. Other factors, like growing health awareness, improving healthcare infrastructures, and reduced hassle in insurance claiming process, will continue to further augment the market for health insurance policies in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Health Insurance Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
CVS Health Corporation (“CVS Health”), AIA (1299.HK)(AAGIY), ALLIANZ SE (ALV.DE), AVIVA PLC ORD 25P (AV.L), Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), Cigna Corporation (CI), International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc. and Zurich Insurance Group AG.
The report has segmented the market on the basis of Provider, Type, Plan Type, Demographics, Provider Type, End Use and Region.
Breakup by Provider:
- Private Providers
- Public Providers
- Breakup by Type:
- Life-Time Coverage
- Term Insurance
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Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
- Others
Breakup by Demographics:
- Minor
- Adults
- Senior Citizen
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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