Market Research Report
Global Health Insurance Market - 2019-2026
|Published by||DataM Intelligence||Product code||845193|
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|Global Health Insurance Market - 2019-2026|
|Published: February 2, 2020||Content info:||
Health Insurance Market Overview
The global Health Insurance market was worth the US $XX billion in 2018 and is expected to reach US $XX billion by 2026, at a CAGR of XX% during the forecast period.
Healthcare Insurance is defined as the coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for medical expense, disability to accidental death and dismemberment". These costs occurred during the treatment of the patient are either fully paid by the insurance company in advance or by the indirect method in which the patient needs to pay the complete fees then the company reimburses based onto their terms and conditions. The major advantage of taking health insurance involves coverage for critical illnesses and tax benefits.
Global Health Insurance Market - Market Dynamics
The improving GDPs of several nations across the globe has favored the growth of the global health insurance market in recent years. The health insurance market has been benefitting from the rising per capita incomes, the emergence of the middle class, and a growing number of people with a relatively high income. Owing to its advantageous features such as elimination or reduction of out-of-pocket spending on healthcare solutions and ensures financial risk protection.
Additionally, supportive government policies and healthcare insurance programs/ schemes, especially in developing countries, are boosting the global healthcare insurance market. In 2018, Pradhan Mantri Jan Arogya Yojana launched in India, is the world's most extensive government-funded health care insurance program that provides National Health Protection Scheme to approximately 100 million families.
Global Health Insurance Market - Segment Analysis
Based on the coverage, the global health insurance market is broadly segmented as term and life-time insurances. Term coverage segmented accounted for major market share in 2018 and is projected to grow at a significant pace over the forecast period. It is due to several advantageous features of term coverage insurance such as low cost of premiums, receipt of a lump sum amount at term-end, and increasing awareness about the benefits of health insurance among the global population.
Global Health Insurance Market - Geographical Analysis
The global Health Insurance market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region accounted for major market share in 2018. It is owing to well-structured healthcare and insurance system, mandatory health insurance from employers.
The Asia Pacific region is expected to grow at a high CAGR over the forecast period (2019-2026), owing to the improving disposable incomes coupled with the enhancement of health security standards. The growing middle class and an increasing number of high net worth individuals along with the launch of new government healthcare insurance programs in this region. There were several national and central healthcare insurance policies by governments such as Rashtriya Swasthiya Bima Yojana, central government health scheme, Ayushman Bharat Yojana, and others in India.
In China, there are rigorous updates, especially on public health insurance schemes. In 2013, the Ministry of Health and the National Population and Family Planning Commission merged into the National Health and Family Planning Commission as the main agency for health controlled by the State Council. In 2014, China spent approximately 5.6% of its GDP (USD 992 billion) on health care. Urban resident basic medical insurance covered 314.5 million self-employed individuals, children, students, and elderly adults in 2014. The rural new cooperative medical scheme, administered mainly by the National Health and Family Planning Commission and run by local authorities covered a rural population of 736 million in 2014, representing a coverage rate of 98.9% of rural residents.
Global Health Insurance Market - Competitive Analysis
Significant players of the global health insurance market are Bharti AXA, Bajaj Allianz, Ping An Insurance, Assicurazioni Generali, China Life Insurance, State Farm Insurance Cos, MetLife, Munich Re, Aviva, United Healthcare, Zurich Insurance Group., AIA Insurance, Aetna Foundation, Blue Cross Blue Shield, and others. Majority of these prominent players are adopting few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the global health insurance market. For instance, in May 2019, United Healthcare in collaboration with the U.S. Women's Health Alliance launched a bundled payment program in New Jersey and Texas for mom's and baby's health before and after delivery.
In January 2019, CVS Health is committed to spend $100 million over the next five years to support community health programs with its $70 billion acquisition of health insurer Aetna.
In April 2016, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, have come together to launch their first combi product named Bajaj Allianz Total Health Secure Goal.
Global Health Insurance Market - Market Definition and Overview
Global Health Insurance Market - Executive Summary