Maternity Health Insurance Market By Mode (Online, Offline) , By Distribution Channel (Direct from Insurer, Insurance Brokers and Agencies, Banks, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Maternity Health Insurance Market
The maternity health insurance market was valued at $135.3 billion in 2023 and is projected to reach $269.3 billion by 2032, growing at a CAGR of 7.9% from 2024 to 2032.
Maternity health insurance is a financial policy designed to cover the expenses associated with pregnancy, childbirth, and postpartum care. The insurance manages the cost of periodic checkups, diagnostic tests, medications, and unexpected health concerns associated with pregnancy. The adoption of maternity health insurance is witnessing a notable surge among prospective parents as it facilitates financially planned and hassle-free parenthood. Several insurance options exist for pregnant women across the globe such as individual policies, employer-sponsored insurance, or government-funded programs.
Rise in awareness regarding importance of maternal health and prenatal & postnatal care is a major driver of the maternity health insurance market. In addition, rapid surge in expenses associated with pregnancy and childbirth has augmented the development of the market. Furthermore, the availability of customization in insurance plans is boosting their adoption, enabling consumers to opt for covers that cater to their budget and requirement. With diversifying aspects of parenthood, the trend of crafting insurance covers for in-vitro fertilization, assisted reproductive treatments, infertility treatments, and surrogacy is poised to acquire notable traction in various countries in coming years.
However, compliance with the pre-existing policy conditions and extensive waiting periods for availing maternity benefits are the major factors that restrain the growth of the market. Moreover, limited awareness regarding the availability and benefits of policies hinders the maternity health insurance market development. On the contrary, constant surge in healthcare costs is anticipated to present lucrative opportunities for the market. According to the data of Policybazaar—an Indian insurance aggregator—maternity insurance plans are witnessing a year-over-year increase of 80% in the financial year 2024. The age group of 25-35 years is the highest consumer segment for maternity health insurance, comprising approximately 91.2% of the total policy buyers. Furthermore, the availability of several add-ons such as no claim bonuses and no room rent capping is poised to open new avenues for the maternity health insurance market.
Segment ReviewThe maternity health insurance market is segmented into mode, distribution channel, and region. On the basis of mode, the market is bifurcated into online and offline. Depending on distribution channel, it is divided into direct from insurer, insurance brokers & agencies, banks, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.
Key FindingsOn the basis of mode, the online segment held a high share of the market in 2023.
Depending on distribution channel, the banks segment acquired a high stake in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global maternity health insurance market include United Healthcare, Aetna, Cigna, Kaiser Permanente, AXA S.A., Allianz SE, SBI Life Insurance, Progressive Corporation, Talanx, Zurich Ins Group, and PNB MetLife. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy ModeOnline
Offline
By Distribution ChannelDirect from Insurer
Insurance Brokers and Agencies
Banks
Others
By RegionNorth 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
Key Market PlayersUnited Healthcare
Aetna
Cigna
Kaiser Permanente
AXA S.A.
Allianz SE
SBI Life Insurance
Progressive Corporation
Talanx
Zurich Ins Group
PNB MetLife