(MENAFN- GlobeNewsWire - Nasdaq) The factors that drive the growth of the maternity health insurance market include a rise in the adoption of life insurance services among individuals and an increase in development strategies by public and private companies.Wilmington, Delaware, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Maternity Health Insurance Market by Mode (Online and Offline), and Distribution channel (Direct from Insurer, Insurance Brokers and Agencies, Banks and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032" . According to the report, the maternity health insurance market was valued at $135.3 billion in 2023, and is estimated to reach $269.3 billion by 2032, growing at a CAGR of 7.9% from 2024 to 2032.
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Prime determinants of growth
The notable factors positively affecting the maternity health insurance market include a rise in the adoption of insurance services among individuals and an increase in development strategies by public and private companies which propel the market growth. However, enforcement of strong rules by banks and financial institutions for providing insurance services can hinder the market growth. Furthermore, technological advancements in insurance services offer lucrative market opportunities for the market players.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $135.3 billion |
| Market Size in 2032 | $269.2 billion |
| CAGR | 7.9% |
| No. of Pages in Report | 350 |
| Segments Covered | Mode, Distribution Channel, and Region. |
| Drivers | Rise in adoption of insurance services among individuals Increase in development strategies by public and private companies |
| Opportunities | Technological advancements in insurance services |
| Restraint | Enforcement of strong rules by banks and financial institutions for providing insurance services |
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The online segment held the highest market share in 2023
Based on the mode, the online segment held the highest market share in 2023. This growth is attributed to several factors, including the increasing adoption of digital channels by consumers, the convenience of online platforms, and the ability to compare different insurance plans easily. The COVID-19 pandemic accelerated digital transformation, pushing more customers to utilize online services for purchasing insurance products.
The banks segment held the highest market share in 2023
Based on the distribution channel, the banks segment held the highest market share in 2023. This dominance is due to the extensive reach and trust that banks have established with their customers over the years. Banks are able to leverage their existing customer base, robust distribution networks, and established financial advisory services to effectively market and sell insurance plans.
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North America held the highest market share in 2023
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed infrastructure is accelerating the adoption of the most recent technologies, including maternity health insurance in North America.
Players: -
The report provides a detailed analysis of these key players in the global maternity health insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
On May 2024, Transcarent launched an AI-driven solution, to simplify healthcare navigation. The newly introduced AI chatbot, developed on the ChatGPT framework, is designed to address common health maternity health insurance inquiries, including cost estimates for medical services, deductible queries, and provider recommendations.
On May 2024, Everest Insurance unveiled its Australian insurance operations following approval from the Australian Prudential Regulation Authority.
On May 2023, the Insurance Regulatory and Development Authority of India (IRDAI) launched a bundled product that will provide life, health, casualty, and property cover in a single policy at an affordable price.
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Key Benefits for Stakeholders
This report provides a quantitative analysis of the maternity health insurance market forecast segments, current trends, estimations, and dynamics of the maternity health insurance market analysis from 2023 to 2032 to identify the prevailing maternity health insurance market opportunity.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the maternity health insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global maternity health insurance market outlook.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional and global maternity health insurance market trends, key players, market segments, application areas, and market growth strategies.
Student Loan Market Key Segments:
By Mode
By Distribution Channel
Insurance Brokers and Agencies
Banks
By Region
North America (U.S., Canada)
Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
Latin America (Brazil, Colombia, Argentina, Rest of Latin America)
MEA (Saudi Arabia, South Africa, UAE, Rest of MEA)
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