Europe Health Insurance Market to Cross USD385 Billion by 2026
An increase in population, disposable income, and rising health issues are expected to drive the Europe health insurance market through 2026.
According to TechSci Research report, “Europe Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), 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 Agents), By End Users (Minors, Adults, Senior Citizens), By Region, Competition Forecast & Opportunities, 2026”, Europe health insurance market is expected to witness a significant growth rate of over 6% during 2021-2026. The rising prevalence of health problems such as infectious diseases, chronic diseases, and lifestyle-related diseases has resulted in a significant rise in the number of people suffering from these conditions and in need of effective care. As a result, the rate of hospitalization and the cost of patient care has risen, which has resulted in the rise in demand for health insurance coverage so that patients can receive treatment without restrictions. Moreover, both public and private sector employers are required to offer health care benefits and coverages to their workers, which has also led to the growth of the market. Furthermore, the introduction of various innovations in the healthcare industry, such as robotic-assisted surgeries and minimally invasive surgeries, is expected to generate lucrative opportunities for market growth through 2026. Heavy competition from new players and low-profit margins, on the other hand, could stifle market growth through 2026. Furthermore, stricter regulations and a longer period of claim reimbursement could limit market development.
The European government provides subsidies to the citizens who cannot afford health insurance policies. Besides, countries like the United Kingdom and Switzerland provide their citizens with a European health insurance card which is issued free of cost and allows the card bearer to avail healthcare facilities & treatment in other European states or countries at an affordable or no cost at all. All these factors are anticipated to create lucrative opportunities for market growth through 2026. Furthermore, with the sudden outbreak and spread of pandemic COVID-19 across the globe, with countries badly affected like Italy and Spain, the health insurance providers have now started providing the coverage for novel coronavirus disease also, thereby propelling the market growth.
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The Europe health insurance market is segmented based on the type of insurance provider, type of coverage, term of coverage, mode of purchase, end users, company, and region. Based on end users, the market can be fragmented into minors, adults, and senior citizens. Here, the adult segment is expected to dominate the market in the forecast period owing to the increased susceptibility to sedentary lifestyle-associated diseases and chronic diseases. On the other hand, the minor segment is expected to witness a significant rate of growth in the market on account of the availability of attractive policies for children, which are available at a lower premium and include additional perks such as cashless hospitalization.
Based on the term of coverage, the Europe health insurance market is segmented into term and lifetime coverage. Among these, lifetime coverage dominates the Europe health insurance market as many companies offer various health insurance plans with lifetime coverage at high discounts to the customers. Due to the high cost of medical services, health insurance is turning into a necessity. Based on the type of insurance provider, the Europe health insurance market can be segmented into public, private, and standalone. Out of which, the public sector is dominating the market as the government is making it mandatory to have health insurance in several countries. In most cases, public insurance is less costly than private insurance with lower operating costs than private insurance and also does not include co-pays or deductibles.
Allianz Group, Techniker Krankenkasse, Allgemeine Ortskrankenkasse, Axa S.A., Zurich Insurance Group and others are some of the leading players operating in Europe health insurance market. The companies operating in the market are using strategies such as product launches, mergers and collaborations to boost their market share in the health insurance industry. Leading players are focusing on expanding their product portfolios to maintain sustainable growth in the market.
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“Europe is expected to witness growth in the health insurance market during the forecast period, owing to the availability of favorable 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, presence of major players operating in the market in the region is 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.
“Europe Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), 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 Agents), By End Users (Minors, Adults, Senior Citizens), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Europe 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 Europe health insurance market.
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