Health Insurance Market Growth Potential, Trends, Company Profiles, Global Expansion and Forecasts 2027
Research Reports
Apr 14, 2022
Overview
In the forecast period, health insurance’s importance will grow rapidly due to awareness of benefits. The soaring demand for healthcare services and greater competition among providers has resulted in a high inflation rate in the sector. Many new business models and innovations have been implemented to make the sector more efficient and provide added value for customers. As per MRFR, the market is likely to register a CAGR of 6% and will achieve USD 4.0 Trillion by 2027.
Health insurance market can play a strategic role depending on the situation and needs. Many companies provide numerous types of plans for people and institutions. Healthcare expenses have risen, leading to considerable hikes in health insurance rates. In some situations, insurance firms may contribute to the problem.
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Competitive Analysis
Due to the return of COVID cases in many locations, the market may exhibit constrained growth. The reliance on online commerce for sales is expected to increase significantly during the forecast period, prompting market stakeholders to invest more in its growth. The continuation of occasional lockdowns in numerous regions may cause the market expansion to be hampered if resources such as labor and supply chains are severely impacted. The global market is expected to diversify in operational techniques as innovative models for operation and delivery are implemented. It is projected that the emphasis on accumulating reserves of resources to deal with unexpected crises would impact future market trends. Government assistance is expected to support worldwide market development in the next years. Market developments and research are expected to generate attractive growth opportunities in the next years.
The important contenders in the health insurance market are IHI-Bupa, William Russell, Aetna, HealthCare International, Blue Cross, MediCare International, Expacare, CIGNA, International SOS, Allianz SE, Integra Global Health Limited, and MultiNational Underwriters.
Segmental Analysis
The segmental evaluation of the health insurance market is done based on demographics type, period, service provider, and region. Based on type, the health insurance market is segmented into health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans, and preferred provider organizations (PPOs). The health insurance market is segmented into public and private based on the service providers. The health insurance market is segmented into lifetime coverage and term insurance based on the period. The health insurance market is segmented into a minor, adult, and senior citizens based on demographics.
Detailed Regional Analysis
Since it was presented to the modern age, the health insurance market in the United States has evolved dramatically. There are considerable variances in the types of plans accessible to citizens based on whether they live in rural or urban areas and how much coverage each plan provides for their healthcare needs. The North American, Asian-Pacific, European, and Latin American health insurance markets are assessed at USD 400 billion. The North American health insurance industry is predicted to develop at a CAGR of 3%. As healthcare spending in Asia-Pacific, North America, Europe, and Latin America continues to rise, insurers are progressively looking to technology to help them control risk. The mounting healthcare sector and government policies linked to health insurance, general awareness about insurances related to health issues, and rise in disease prevalence are driving the progress of the Asia-Pacific health insurance market.
Industry Updates:
Dec 2021 Bajaj Allianz General Insurance has introduced a ‘Health Prime’ rider, which may be purchased in addition to the insurer’s health insurance and personal accident policies. The firm also announced a partnership with Bajaj Finserv Health. This health-tech startup will use its broad network of over 2,500 lab companies and 90,000 doctors with diverse expertise to assist Bajaj Allianz General Insurance consumers.
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