Market Research Report
Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Published by||IMARC Services Private Limited||Product code||988289|
|Published||Content info||141 Pages
Delivery time: 2-3 business days
|Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
|Published: February 2, 2021||Content info: 141 Pages||
The global health insurance market grew at a CAGR of around 5% during 2015-2020. 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. Nowadays, various health insurance companies are offering coverage for domiciliary treatment, wherein medical supervision is provided at home for specific diseases.
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 the 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. Looking forward, IMARC Group expects the global health insurance market to exhibit moderate growth during the next five years.