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The effect of the
pandemic has reiterated the need for insurance coverage especially that of the
health insurance market. Reports created by MRFR detail the developments
in the industry that can be expected in the market through the forecast period.
With a CAGR of 4.1%, the market is poised to achieve an income of USD 141.3
Billion by 2025.
The presence of strong and well-established contenders in
the market is predicted to motivate the Health Insurance Marketshare in the impending period. Moreover, the
uncertainty around the situation created by the pandemic is estimated to spur
consumers to plan their future healthcare plans seriously, motivating the
health insurance market.
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Key Players
Some of the key players in the global health insurance
market are Integra Global Health Limited (UK), Blue Cross (US), Allianz SE
(Germany), William Russell (UK), International SOS (Asia), MediCare
International (UK), IHI-Bupa (UK), Aetna (US), Expacare (UK), MultiNational
Underwriters (US). CIGNA (US), HealthCare International (UK)
Segmentation
The segmentation of
the global health insurance market has been done into type, demographics, term,
service providers and region.
The global market
for health insurance, by demographics, is segmented into minor, adult and
senior citizens. According to Insurance Sweden 2017, about 643,000
employed people between the age of 16-64 had private health insurance in
Sweden.
Based on type, the
market is segmented into health maintenance organizations (HMOs), exclusive
provider organizations (EPOs), point-of-service (POS) plans and preferred
provider organizations (PPOs).
Based on the period,
the market is segmented into life-time coverage and term insurance. 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.
Factors such as the rise in disposable income and increasing per capita is
expected to propel the global health insurance market.
Detailed Regional
Analysis
The regional
examination of the health insurance market includes the Americas, Africa,
Europe, Asia Pacific, and the Middle East. The Americas health insurance market
led the global market due to the collective understanding among the people
about persistent ailments and many companies are launching new insurance
concepts for the wellbeing of the individuals. Technical improvements, along
with the obtainability of funding prospects in research and innovation will
back the advance of health insurance throughout the forecast period. The
influences such as a promising repayment scenario, increase in government
spending on healthcare, and an upsurge in the geriatric population in this
region can be credited to the health insurance market development. The Asia Pacific
health insurance market is anticipated to observe phenomenal development in
health insurance during the forecast period owing to the mounting contribution
of market companies in introducing advanced health insurance strategies and the
mounting demand for the handling of chronic diseases, implementation of
innovative technologies, relaxed regulations, and an upsurge in medical
tourism.
Competitive Analysis
The competition in
the market is estimated to flare-up following the disruption created by the COVID-
pandemic. The emphasis on ensuring sustainability in long-term operations is
estimated to be a key cause for development in the upcoming period. The trends
in the market are estimated to bolster the progress in the worldwide market.
The tendency to invest and expand capacities is estimated to create a promising
scope for the market in the impending years. The change in several regulations
that are running the development of the market is estimated to impact the
innovations that can be seen in the global market. The increased contribution
of online channels towards the swell in transactions is predicted to further
encourage the advancement of the market in the future. The government
intervention in the creation of opportunities that can incentivize the
development of key regions in the market is predicted to further add an
optimistic touch to the proceedings in the market. The market is appraised to
be stimulated by an increased development upsurge that is bracing the
contenders who are active in the market.
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