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PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1206609
PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1206609
Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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The global health insurance market size reached US$ 1,714.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,599.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.11% during 2023-2028.
Health insurance protects an insured individual against financial losses arising due to a medical emergency. It covers medical treatment expenditures, such as ambulance charges, doctor consultation fees, and hospitalization, medicines and daycare procedures costs. The payout is generally either made on actual expenses incurred in the hospital using original medical bills or diagnosis of diseases without submitting bills. Health insurance also provides easy access to medical treatment with a cashless facility at network hospitals of the insurer. Apart from this, health insurance also provided tax benefits for a vast array of medical conditions. Nowadays, various health insurance companies are offering coverage for domiciliary treatment, wherein medical supervision is provided at home for specific diseases.
Health Insurance Market Trends:
- The increasing costs of healthcare services, in confluence with the growing prevalence of diabetes, cancer, stroke and kidney failure, represent one of the key factors escalating the demand for health insurance worldwide. Moreover, governing agencies of several countries are making it necessary for employers to provide health insurance to their employees. These agencies are also enforcing laws that mandate international health insurance for tourists. Apart from this, the rising geriatric population is promoting the adoption of government health insurance programs or schemes offered at low premium rates. Furthermore, growing health awareness and improving healthcare infrastructure are other factors bolstering the market growth. Besides this, various companies are providing cover for medical expenses incurred during the treatment of coronavirus disease (COVID-19). They are also focusing on digitizing claim processing and policy management, which is anticipated to influence the market positively in the coming years.
- The market is further driven by the widespread adoption of social media for the promotion of health insurance products by various players. Social media platforms provide them with a diverse customer reach, which is anticipated to provide numerous growth opportunities for the players. Additionally, digitizing various processes in the health insurance market also aids customers in comparing multiple plans offered by numerous vendors. This enables transparent communication between the insurers and companies and provides effective disclosure of pertinent information to ultimately help the individuals make an informed decision, thereby creating a positive outlook for the market.
- The rising integration of health insurance with Big Data analytics aids insurance companies in diversifying their models and strategies in an attempt to recognize the ever-evolving consumer demand. The escalating deployment of predictive analysis and scenario-based modeling in the market also enables the companies to devise customized solutions for their clientele at varied pricing options. Also, the rising adoption of cloud-based services and the increasing penetration of high-speed internet connection across the globe has facilitated real-time consultations with experienced industry experts who can help provide insightful recommendations to the customers. This rapid outbreak of the COVID-19 pandemic and the subsequent mandatory lockdowns imposed by the governments of numerous countries have provided an impetus to the demand for online insurance consultations across the globe. Some of the other factors contributing to the market growth include the widespread preference for family floater health insurance among the masses, increasing penetration of healthcare services and health insurance in the rural sections of the developing economies, and the introduction of policies that offer the benefit of free annual/bi-annual check-ups with additional customization at low premium rates.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global health insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on provider, type, plan type, demographics and provider type.
Breakup by Provider:
- Private Providers
- Public Providers
- At present, private providers dominate the market globally, accounting for the majority of the total market.
Breakup by Type:
- Life-Time Coverage
- Term Insurance
- Among these, life-time health insurance holds the largest market share.
Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
- Others
- Medical insurance represents the leading plan type in the market.
Breakup by Demographics:
- Minor
- Adults
- Senior Citizen
- Adults represent the leading demographics segment, account for the largest market share.
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
- In 2022, PPOs represented the largest provider type in the market.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
- North America exhibits a clear dominance in the market, accounting for the largest market share.
Competitive Landscape:
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these key players include Aetna Inc. (CVS Health Corporation), AIA Group Limited, Allianz SE, Aviva Plc, Berkshire Hathaway Inc., Cigna Corporation, International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc. and Zurich Insurance Group AG.
Key Questions Answered in This Report:
- 1. What is the size of the global health insurance market?
- 2. What is the expected growth rate of the global health insurance market?
- 3. What are the key factors driving the global health insurance market?
- 4. What has been the impact of COVID-19 on the global health insurance market?
- 5. What is the breakup of the global health insurance market based on the provider?
- 6. What is the breakup of the global health insurance market based on the type?
- 7. What is the breakup of the global health insurance market based on the plan type?
- 8. What is the breakup of the global health insurance market based on the demographics?
- 9. What is the breakup of the global health insurance market based on the provider type?
- 10. What are the key regions in the global health insurance market?
- 11. Who are the key players/companies in the global health insurance market?
Product Code: SR1323A81_Report
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Health Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Provider
- 6.1 Private Providers
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Public Providers
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Type
- 7.1 Life-Time Coverage
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Term Insurance
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Plan Type
- 8.1 Medical Insurance
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Critical Illness Insurance
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Family Floater Health Insurance
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Demographics
- 9.1 Minor
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Adults
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Senior Citizen
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
10 Market Breakup by Provider Type
- 10.1 Preferred Provider Organizations (PPOs)
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Point of Service (POS)
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Health Maintenance Organizations (HMOs)
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 10.4 Exclusive Provider Organizations (EPOs)
- 10.4.1 Market Trends
- 10.4.2 Market Forecast
11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.1.1 United States
- 11.2 Asia-Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.2.1 China
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.3.1 Germany
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.4.1 Brazil
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Key Players
- 16.3 Profiles of Key Players
- 16.3.1 Aetna Inc. (CVS Health Corporation)
- 16.3.1.1 Company Overview
- 16.3.1.2 Product Portfolio
- 16.3.1.3 SWOT Analysis
- 16.3.2 AIA Group Limited
- 16.3.2.1 Company Overview
- 16.3.2.2 Product Portfolio
- 16.3.2.3 Financials
- 16.3.2.4 SWOT Analysis
- 16.3.3 Allianz SE
- 16.3.3.1 Company Overview
- 16.3.3.2 Product Portfolio
- 16.3.3.3 Financials
- 16.3.3.4 SWOT Analysis
- 16.3.4 Aviva Plc
- 16.3.4.1 Company Overview
- 16.3.4.2 Product Portfolio
- 16.3.4.3 Financials
- 16.3.4.4 SWOT Analysis
- 16.3.5 Berkshire Hathaway Inc.
- 16.3.5.1 Company Overview
- 16.3.5.2 Product Portfolio
- 16.3.5.3 Financials
- 16.3.5.4 SWOT Analysis
- 16.3.6 Cigna Corporation
- 16.3.6.1 Company Overview
- 16.3.6.2 Product Portfolio
- 16.3.6.3 Financials
- 16.3.6.4 SWOT Analysis
- 16.3.7 International Medical Group Inc. (Sirius International Insurance Group Ltd.)
- 16.3.7.1 Company Overview
- 16.3.7.2 Product Portfolio
- 16.3.8 Prudential Plc
- 16.3.8.1 Company Overview
- 16.3.8.2 Product Portfolio
- 16.3.8.3 Financials
- 16.3.8.4 SWOT Analysis
- 16.3.9 United Health Group Inc.
- 16.3.9.1 Company Overview
- 16.3.9.2 Product Portfolio
- 16.3.9.3 Financials
- 16.3.9.4 SWOT Analysis
- 16.3.10 Zurich Insurance Group AG
- 16.3.10.1 Company Overview
- 16.3.10.2 Product Portfolio
- 16.3.10.3 Financials
- 16.3.10.4 SWOT Analysis
- 16.3.1 Aetna Inc. (CVS Health Corporation)
Product Code: SR1323A81_Report
List of Figures
- Figure 1: Global: Health Insurance Market: Major Drivers and Challenges
- Figure 2: Global: Health Insurance Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Health Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Health Insurance Market: Breakup by Provider (in %), 2022
- Figure 5: Global: Health Insurance Market: Breakup by Type (in %), 2022
- Figure 6: Global: Health Insurance Market: Breakup by Plan Type (in %), 2022
- Figure 7: Global: Health Insurance Market: Breakup by Demographics (in %), 2022
- Figure 8: Global: Health Insurance Market: Breakup by Provider Type (in %), 2022
- Figure 9: Global: Health Insurance Market: Breakup by Region (in %), 2022
- Figure 10: Global: Health Insurance (Private Providers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Health Insurance (Private Providers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Health Insurance (Public Providers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Health Insurance (Public Providers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Health Insurance (Life-Time Coverage) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Health Insurance (Life-Time Coverage) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Health Insurance (Term Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Health Insurance (Term Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Health Insurance (Medical Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Health Insurance (Medical Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Health Insurance (Critical Illness Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Health Insurance (Critical Illness Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Health Insurance (Family Floater Health Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Health Insurance (Family Floater Health Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Health Insurance (Others) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Health Insurance (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Health Insurance (Minor) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Health Insurance (Minor) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Health Insurance (Adults) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Health Insurance (Adults) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Global: Health Insurance (Senior Citizen) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Global: Health Insurance (Senior Citizen) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Global: Health Insurance (Preferred Provider Organizations- PPOs) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Global: Health Insurance (Preferred Provider Organizations- PPOs) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Global: Health Insurance (Point of Service- POS) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Global: Health Insurance (Point of Service- POS) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: Global: Health Insurance (Health Maintenance Organizations- HMOs) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: Global: Health Insurance (Health Maintenance Organizations- HMOs) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: Global: Health Insurance (Exclusive Provider Organizations- EPOs) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: Global: Health Insurance (Exclusive Provider Organizations- EPOs) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: North America: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: United States: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 42: United States: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 43: Canada: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 44: Canada: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 45: North America: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: Asia-Pacific: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: China: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 48: China: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 49: Japan: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 50: Japan: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 51: India: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 52: India: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 53: South Korea: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 54: South Korea: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 55: Australia: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 56: Australia: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 57: Indonesia: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 58: Indonesia: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 59: Others: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 60: Others: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 61: Asia-Pacific: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Europe: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Germany: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 64: Germany: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 65: France: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 66: France: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 67: United Kingdom: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 68: United Kingdom: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 69: Italy: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 70: Italy: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 71: Spain: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 72: Spain: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 73: Russia: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 74: Russia: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 75: Others: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 76: Others: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 77: Europe: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Latin America: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 79: Brazil: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 80: Brazil: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81 Mexico: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 82: Mexico: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 83: Others: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 84: Others: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 85: Latin America: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 86: Middle East and Africa: Health Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 87: Middle East and Africa: Health Insurance Market: Breakup by Country (in %), 2022
- Figure 88: Middle East and Africa: Health Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 89: Global: Health Insurance Industry: SWOT Analysis
- Figure 90: Global: Health Insurance Industry: Value Chain Analysis
- Figure 91: Global: Health Insurance Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Health Insurance Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Health Insurance Market Forecast: Breakup by Provider (in Million US$), 2023-2028
- Table 3: Global: Health Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 4: Global: Health Insurance Market Forecast: Breakup by Plan Type (in Million US$), 2023-2028
- Table 5: Global: Health Insurance Market Forecast: Breakup by Demographics (in Million US$), 2023-2028
- Table 6: Global: Health Insurance Market Forecast: Breakup by Provider Type (in Million US$), 2023-2028
- Table 7: Global: Health Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 8: Global: Health Insurance Market: Competitive Structure
- Table 9: Global: Health Insurance Market: Key Players
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