Health Insurance Market Development Strategy, Future Plans, Competitive Landscape and Trends by Forecast 2032

Health Insurance Market Research Report Information by Demographic (Minor, Adult, Senior Citizens), by Type (Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs), Point-Of-Service (POS) Plans and Preferred Provider Organizations), by Period (Lifetime Coverage and Term Insurance), by Service Provider (Public [Medicare and Medicaid] and Private [Primary Private Health Insurance, Duplicate Private Health Insurance, Complementary Private Health Insurance, and Supplementary Private Health Insurance]) and By Region

Health Insurance Market Size was valued at USD 62.95 billion in 2021 and is projected to grow from USD 69.23 Billion in 2022 to USD 178.06 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.8% during the forecast period (2023 – 2032).

Various factors are adding to the global health insurance market share. These factors, as per the new MRFR report, include advancement in research and development activities in the medical sector, increase in per capita disposable income, growing government initiatives, increasing health expenditure, adoption of social media to create health awareness, and rising geriatric population. 

On the contrary, strict rules and regulations, and poor track record of claim settlement are factors that are likely to impede the global health insurance market growth over the forecast period. 

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Market Segmentation 

The Market Research Future Report provides an inclusive segmental analysis of the global health insurance market based on service providers, period, type, and demographics. 

Based on demographics, the health insurance market is segmented into senior citizens, adults, and minors. Of these, the adult segment will lead the market over the forecast period for rising awareness among youths regarding health and an increase in the adult population. 

Based on type, the global health insurance market is segmented into preferred provider organizations (PPO), point-of-service (POS) plans, exclusive provider organizations (EPOs), and health maintenance organizations (HMOs). Of these, preferred provider organizations will dominate the market over the forecast period as this is budget-friendly at the start. 

Based on period, the health insurance market is segmented into term insurance and lifetime coverage. Of these, lifetime coverage will have a major share in the market over the forecast period as it offers the policyholder with lifetime coverage. 

Based on service providers, the health insurance market is segmented into both private as well as public. The public segment is further segmented into Medicare and Medicaid. The private segment is further segmented into complimentary private health insurance, supplementary duplicate private health insurance, private health insurance, & primary private health insurance. Of these, the private segment will spearhead the market over the forecast period for the increasing number of private players and hassle-free health insurance schemes offered by them. 

Health Insurance Market Key Players

Eminent players profiled in the health insurance market report include HealthCare International (UK), MultiNational Underwriters (US), CIGNA (US), Expacare (UK), International SOS (Asia), Aetna (US), IHI-Bupa (UK), Allianz SE (Germany), MediCare International (UK), William Russell (UK),, Blue Cross (US), and Integra Global Health Limited (UK). 

Regional Analysis

Based on the region, the global health insurance market report covers the recent trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will dominate the market over the forecast period for various industry players launching new insurance ideas for people’s welfare and growing awareness about chronic diseases. The US is the major contributor in the region for the expansion of health insurance coverage implemented with the Affordable Care Act. 

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The health insurance market in Europe is likely to possess the second-largest share during the forecast period. Factors propelling the health insurance market growth in the region include increasing geriatric population, rise in government spending on healthcare, favorable reimbursement scenario, availability of funds in innovation & research, and technological advances. 

The health insurance market in the Asia Pacific region is predicted to have phenomenal growth over the forecast period. Factors fuelling the health insurance market growth in the region comprise a rise in medical tourism, uses of advanced technologies, lenient regulations, burgeoning demand for chronic disease treatment, and the launch of innovative health insurance policies. China & India are the key contributors in the region as companies in India are concentrating on the rural population while in China on the aging population. They are putting in efforts to boost health insurance penetration. Net profit margins in the region are also high, led by Singapore and Hong Kong. 

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The health insurance market in the MEA is predicted to have the smallest share during the forecast period for the low economic developments in African regions. 

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