Global Healthcare Insurance Market Set For Rapid Growth, To Reach Value Around USD 2,030.1 Billion By 2026

10/2/2020 12:18:51 AM

(MENAFN- iCrowdNewsWire) Oct 1, 2020

Zion Market Research has published a new report titled 'Healthcare Insurance Market by Provider (Private Providers and Public Providers), by Product (Disease Insurance, Medical Insurance, and Income Protection Insurance), by Provider Network (Preferred Provider Organizations (PPOs), Point Of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), by Type (Lifetime Coverage and Term Coverage), and by Demographics (Minors, Adults, and Senior Citizens): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026'. According to the report, the global healthcare insurance market was valued at approximately USD 1,010.3 billion in 2017 and is expected to generate revenue of around USD 2,030.1 billion by the end of 2026, growing at a CAGR of around 7.9% between 2018 and 2026.

Medical spending makes poor often vulnerable and results in huge amounts of household spending. Health insurance eliminates or reduces out-of-pocket spending on healthcare solutions and ensures financial risk protection. Government plays a prominent role in deciding the healthcare policies of a country, which directly affects the development of the healthcare insurance market. Supportive government policies is invading the prominent growth of healthcare insurance market, whereas, affordable access to quality treatment and essential medicines depends on several factors, such as provision and use of medicines, sound policies on selection and pricing, efficient regulation by the government and ruling authorities, functioning health infrastructure, a qualified health workforce, good governance, and information systems. Most of the low- and middle-income countries struggle to meet these criteria and fail to provide prominent healthcare services to their population.

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However, the GDP growth has accelerated the expansion of the healthcare insurance market. Healthcare insurance companies are growing mainly due to the emergence of the middle class, rising disposable income, and increasing per capita income globally. The healthcare status of the population is directly linked with the economic development of a country. According to the World Bank, the global healthcare expenditure as a percentage of GDP rose from 9.52% in 2010 to 9.9% in 2015.

The global healthcare insurance market is categorized into a provider, product, provider network, type, and demographics. Based on the provider, this market is bifurcated into private providers and public providers. The private provider segment is likely to grow significantly, owing to less waiting time in hospitals and claim money back on non-medicare health services. By product, this market is fragmented into disease insurance, medical insurance, and income protection insurance. By provider network, this market is divided into preferred provider organizations (PPOs), the point of service (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOs). The EPOs segment is expected to grow significantly in the global healthcare insurance market. By type, this market is categorized into lifetime coverage and term coverage. The demographic segment is classified into minors, adults, and senior citizens. The adult segment holds the largest share in the health insurance market. Rising disease awareness and health concerns is a vital factor responsible for the augmentation of the global healthcare insurance market globally.

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are major regional segments of the global healthcare insurance market. The North American region is anticipated to remain the leading region over the forecast time period. The Asia Pacific region is anticipated to grow remarkably due to the thriving healthcare sector and favorable government policies pertaining to healthcare insurance, increasing the prevalence of diseases, and growing awareness about insurances regarding health issues. Developing nations, such as China and India, are the most prominent markets healthcare insurance, owing to the rapid growth potential for market players involved in the expansion and promotion of automated solutions for the healthcare industry.

Some key players in the global healthcare insurance market are Apollo Munich Health Insurance Company Ltd., Aetna Inc., AIA Group Limited, Allianz, Anthem, Inc., ASSICURAZIONI GENERALI S.P.A., Japan Post Holding Co., Ltd., Express Scripts Holding Company, Aviva, AXA, Berkshire Hathaway Inc., China Life Insurance (Group) Company, Cigna, International Medical Group Inc., Kaiser Foundation Health Plan, Inc., Munich Re Group, Prudential Financial, Inc., UnitedHealth Group, and Zurich Insurance Group Ltd.

This report segments the global healthcare insurance market as follows:

Global Healthcare Insurance Market : Provider Segment Analysis