(MENAFN- America News Hour) HealthInsurance Market size is set to exceed USD 1.5 trillion by 2025; according to a
new research report by Global Market Insights. Rising healthcare expenditures
will augment the health insurance market growth in coming years. People
suffering from cancer and other chronic conditions may require surgical
procedures that adds up to healthcare expenses. For instance, according to
American Cancer Society, as of 2018 new cases of cancer diagnosed were around
1.6 million in the U.S. alone. Increasing prevalence of chronic diseases
coupled with rising healthcare expenditure is expected to boost industry
growth. Moreover, patients that cannot afford surgical procedures and advanced
treatment options opt for health insurance plans. Above-mentioned aspects surge
the demand for health insurance policies.
Health Insurance Market Size was valued at USD 1.4 trillion in 2018
and is expected to witness 4.2% CAGR from 2019 to 2025. The
rising prevalence of lifestyle diseases and increasing cost of hospitalization
has propelled health insurance market share,
given that insurance makes it possible for consumers to afford quality
treatment when needed. According to U.S. National Health Council, chronic
diseases like cancer, diabetes, asthma and heart disease affect approximately
133 million Americans each year and by 2020, this number is projected to reach
157 million. Widespread occurrence of chronic diseases will give rise to
healthcare expenditure which is anticipated to foster the health insurance
industry growth.
Seemingly, prominent studies reveal that U.S. spends around 14%
of its GDP on the healthcare sector but unfortunately large number of Americans
have no health insurance and are required to either pay from their pockets or
go without treatment. Statistics show that in 2012, there were about 45.6
million people in the U.S. who were without health insurance. It is one of the
major concerns raised by advocates of healthcare reform.
The growing interest in providing affordable quality healthcare
is one of the prime forces driving the swift expansion of Health Maintenance
Organizations (HMO). This well-organized system provides a comprehensive set of
healthcare services and gives foremost priority to consumer's health as well as
assures them that services will be available whenever needed, resulting in
improvements in societal health.
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of this research report @ https://www.gminsights.com/request-sample/detail/3146
Company profiled in
this report based on Business overview, Financial data, Product landscape,
Strategic outlook & SWOT analysis:
1. Aetna
2. Alliance
3. Blue Cross Blue
Shield Companies
4. Cigna Corporation
5. HCSC
6. Highmark
7. Humana
8. Kaiser Permanente
9. Wellcare
10. United Healthcare
In 2018, the HMO segment had become one of the prominent gainers
within the health insurance market despite the rigid regulations and is
expected to continue with this performance in the years ahead as well, with
affordable medical cost management, better claims handling, sound balance
sheets and expansion through mergers and acquisitions. Subsequently, the
segment is striving to gain a bigger market share and offer more innovative
ways to avail treatments for the customers globally.
Recently, Kaiser Permanente's HMO plan in Washington was rated
number one in the state and also received a top ranking for helping people who
were suffering from acute conditions, along with aiding people who were
suffering from chronic diseases. According to 2018 eValue8 survey, Kaiser
Permanente Washington comprises of the most successful programs in the country,
from effective health plans for its HMO members to control acute and chronic
conditions.
Browse Report Summary
@ https://www.gminsights.com/industry-analysis/health-insurance-market
A gist of North America health insurance industry trends
Reports indicate that in the year 2016, 91.2% of Americans had
health insurance coverage – the number has been noted to be higher than the
rate in 2015. Another 17 million Americans purchased health insurance for
themselves from the private insurance market and around 100 million are covered
by government firms. Rapid proliferation of the health insurance market has
benefited majority of Michigan residents having health insurance.
As per Michigan's state department of Health and Human Service,
many individual health insurances are covered by HMOs which had amplified
HMO enrollees by 28% in 2017. Michigan's expanded Medicaid plan for providing
healthcare policies to working residents and a low-income group had
significantly propelled the accessibility of the healthcare industry. The
uninsured rate in the U.S. fell from a peak of 18.2% in 2010 to 10.5% by 2015,
driven by economic growth and Obamacare. This indicates that the health insurance
market share of the U.S. can be anticipated to
experience a substantial increase in the coming years.
Elaborating further, the region, along
with Canada, has been experiencing an increase in healthcare awareness and the
significance of medical care insurance. The presence of a supportive regulatory
spectrum for insurance companies in the U.S. in tandem with the increase in
chronic disease occurrence rate will drive North America health insurance
market, that help over 33% of the global revenue share in 2018.
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About Global Market Insights:
Global
Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom
research reports along with growth consulting services. Our business
intelligence and industry research reports offer clients with penetrative insights
and actionable market data specially designed and presented to aid strategic
decision making. These exhaustive reports are designed via a proprietary
research methodology and are available for key industries such as chemicals,
advanced materials, technology, renewable energy and biotechnology.
Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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