Increasing geriatric population across the globe to drive the growth of global health insurance market
According to TechSci Research report, “Global Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary, Mandatory, Community-based, Employer based), By Type of Coverage (Individual v/s Family), By Term of Coverage (Term v/s Lifetime), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, the global health insurance market is expected to grow at a steady rate during the forecast period on account of the growing healthcare expenditure in various economies. Additionally, increasing hospital stays and expensive treatment procedures have increased the affordability concerns for the patients. Growing need to ensure efficient flow of treatment without any kind of inconvenience being caused to the patients due to delay in the payment processes is further expected to propel the market growth over the next few years. Besides, increasing healthcare awareness coupled with supportive government policies & schemes is further expected to fuel the market growth. However, heavy competition due to emergence of new players and low profit margins might hamper the market growth through 2025. Also, stringent regulations and longer duration of claim reimbursement might further restrict the market growth. Moreover, lack of awareness and adoption of health insurance policies especially in the underdeveloped economies is expected to impede the market growth.
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The global health insurance market is segmented based on type of insurance provider, insurance type, type of scheme, type of coverage, term of coverage, mode of purchase, end users, company and region. Based on term of coverage, the market can be split into term and lifetime. Among these, the lifetime segment is expected to dominate the market since most of the health insurance providers offer lifetime coverage in their health insurance plans. Based on end users, the market can be fragmented into minors, adults and senior citizens. Here, the adults segment is expected to dominate the market owing to the increasing susceptibility to sedentary lifestyle associated diseases and chronic diseases. On the other hand, the minor segment is expected to witness significant growth in the market on account of availability of attractive policies for children, which are available at lower premium and include additional perks such as cashless hospitalization.
Allianz Group, Assicurazioni Generali S.p.A., AIA Group Limited, Anthem, Inc., AXA Equitable Life Insurance Company, China Life Insurance Company Limited, Munich Re, Ping An Insurance (Group) Company of China, Ltd., State Farm Group, Zurich Insurance Group and others are some of the leading players operating in global health insurance market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“North America is expected to dominate the global health insurance market during the forecast period, owing to the availability of favourable health insurance landscape in the region. Additionally, growing geriatric population and prevalence of chronic diseases on account of the sedentary lifestyle of the population is further expected to spur the market growth. Furthermore, increasing healthcare costs & expenses in the region especially in the United States are expected to create lucrative opportunities for the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary, Mandatory, Community-based, Employer based), By Type of Coverage (Individual v/s Family), By Term of Coverage (Term v/s Lifetime), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global health insurance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global health insurance market.
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