Health Insurance Market Size Worth USD 5.66 Trillion in 2032 | Emergen Research

The global health insurance market continues to expand, reaching a valuation of USD 3.30 trillion in 2022 and showing a promising Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period. This growth is primarily fueled by several key factors, including increasing Gross Domestic Product (GDP), healthcare expenditure, and the aging population. Rising prevalence of chronic illnesses, alongside government initiatives to develop surgical reimbursement policies, further contribute to the market's upward trajectory.

Strategic Alliances and Technological Innovations Drive Market Expansion

In a bid to offer innovative insurance products, strategic collaborations have emerged within the industry. Notably, Star Health and Allied Insurance joined forces with Standard Chartered Bank, aiming to leverage the bank's extensive network to reach a wider audience in India. Similarly, Future Generali India introduced DIY Health, a new health insurance product featuring rider benefits, catering to the evolving needs of consumers.

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Moreover, advancements in technology are enhancing accessibility to health insurance. Initiatives such as PhonePeInsurance Broking Services in India and the expansion of Maharashtra government's health insurance scheme aim to simplify premium payments and extend coverage to a larger population, respectively.

Challenges and Opportunities in the Market
Despite the positive growth outlook, the high cost of health insurance remains a significant challenge. Medical inflation, driven by escalating hospital expenditures and the introduction of advanced medical technologies, contributes to rising premiums. Additionally, complexities in understanding insurance policies and the claims process pose hurdles for consumers, as highlighted by surveys conducted by Pristyn Care Data Labs in India.

Segment Insights: Critical Illness Insurance Leads

Segment-wise, critical illness insurance accounts for the largest revenue share in the global health insurance market. With a notable increase in the prevalence of diseases like cancer, such insurance plans offer comprehensive coverage for life-threatening conditions, alleviating financial burdens on patients and their families. Meanwhile, income protection insurance is projected to witness moderate growth, providing financial security in the event of catastrophic events.

Public and Private Sector Dynamics

In terms of service providers, the public sector dominates the market, driven by government initiatives aimed at extending healthcare coverage to low- and middle-income segments. Conversely, the private sector is witnessing steady growth, fueled by demographic shifts, increasing chronic diseases, and rising disposable income in emerging economies.

Focus on Senior Citizens

Within the insured types, the senior citizen segment commands the largest revenue share. As the elderly population faces rising healthcare costs, tailored insurance policies such as Tata AIG Elder Care offer comprehensive medical coverage and home care services, addressing the specific needs of this demographic.

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Health Insurance Top Companies and Competitive Landscape
The global health insurance market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective health insurance products.

Some major companies included in the Health Insurance Market report are:
• Allianz
• Elevance Health, Inc.
• Centene Corporation
• Aetna Inc.
• Kaiser Foundation Health Plan, Inc.
• Cigna Healthcare
• Highmark Health
• United Health Group
• Jubilee Holdings
• Ottonova

Health Insurance Latest Industry News

• On 23 September 2023, Mayo Clinic Healthcare, a renowned healthcare provider, and Bupa, the leading health insurer in the UK, entered into a two-year agreement to provide healthcare services to Bupa's clientele at the London facility of Mayo Clinic Healthcare. This agreement facilitates the provision of healthcare services at Mayo Clinic Healthcare in London to Bupa's health insurance customers in the UK. These services include consultations, diagnostics, endoscopy, Magnetic Resonance Imaging (MRI), and Computed Tomography (CT) services. Mayo Clinic Healthcare offers an additional clinical evaluation service for Bupa clients who may potentially derive advantages from innovative Chimeric Antigen Receptor (CAR)-T cell therapy.

• On 22 February 2023, Amazon acquired One Medical. For the past 15 years, One Medical has delighted consumers with its seamless in-office and 24/7 virtual care services, on-site labs, and programs for preventive care, chronic care management, common illnesses, and mental health Amazon and One Medical aim to deliver exceptional healthcare to more people to achieve better health outcomes, better care experiences, and more value within a better care team environment.

Health Insurance Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global health insurance market on the basis of insurance type, service provider, insured type, coverage type, insurance network, and distribution channel:

• Insurance Type Outlook (Revenue, USD Billion; 2019-2032)
o Hospitalization
o Income Protection
o Critical Illness
o Medical Insurance

• Service Provider Outlook (Revenue, USD Billion; 2019-2032)
o Public
o Private

• Insured Type Outlook (Revenue, USD Billion; 2019-2032)
o Senior Citizens
o Adults
o Minors

• Coverage Type Outlook (Revenue, USD Billion; 2019-2032)
o Term Coverage
o Lifetime Coverage

• Insurance Network Outlook (Revenue, USD Billion; 2019-2032)
o Health Maintenance Organization (HMO)
o Preferred Provider Organization (PPO)
o Exclusive Provider Network (EPO)

• Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
o Agents/Brokers
o Banks
o Direct Marketing
o Others

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• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

Future Outlook

The global health insurance market is poised for continued growth, propelled by factors such as technological advancements, strategic partnerships, and demographic trends. However, addressing affordability and improving consumer understanding of insurance policies remain critical for sustained expansion.

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