The Global Health Insurance Market reached USD 2.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 3.6 billion by 2031. The global health insurance market is expected to exhibit a CAGR of 6.4% during the forecast period 2024-2031. Preventive treatment is becoming increasingly important in order to enhance overall health outcomes and lower long-health healthcare expenses.
Health insurance companies offer policyholders incentives to participate in preventive measures such as regular check-ups, vaccines and wellness programs. Government restrictions have a tremendous impact on the healthcare landscape.
Regulatory measures aiming at increasing affordability, expanding coverage and resolving concerns linked to pre-existing conditions, prescription medication pricing and consumer rights may have an impact on future trends. Furthermore, the rise of awareness about benefits of health insurance and rise of geriatric population, are driving up the health insurance market size.
Market Dynamics
Increasing Cost of Medical Services Will Drive the Growth of the Market
The soaring costs of surgeries, hospital stays and medical services have caused a global financial catastrophe. Health insurance provides critical financial help in the event of a serious sickness or accident. Surgical expenses, doctor fees, hospitalization costs, emergency department charges and diagnostic testing prices are all included in the cost of medical services.
For instance, according to WHO 2021, stated Injuries both deliberate and unintentional - claim the lives of 4.4 million people worldwide each year, accounting for roughly 8% of all deaths. Three of the top five causes of mortality for people aged 5 to 29 are injury-related, namely traffic accidents, homicide and suicide.
Every year, tens of millions more people suffer non-fatal injuries, which necessitate emergency department and acute care visits, hospitalisations, or treatment by general practitioners and frequently result in temporary or permanent disability, as well as the need for long-Health physical and mental health care and rehabilitation. These elements demonstrate the segment's expansion.
Increasing Cases Of Chronic Diseases Across the World are Driving the Market Growth
Increased incidences of diseases such as cancer, dengue fever and others will drive market expansion. The rising number of cancer cases worldwide, such as breast cancer, prostate cancer and lung cancer, is likely to drive market growth throughout the forecast period. Cancer, for instance, is a primary cause of death worldwide, accounting for approximately 10 million fatalities in 2020, or nearly one in every six deaths, according to WHO 2022. Breast, lung, colon, rectum and prostate cancers are the most prevalent.
Tobacco use, a high BMI, alcohol consumption, a lack of fruits and vegetables and a lack of physical activity account for almost one-third of cancer fatalities. Infections that cause cancer, such as human papillomavirus (HPV) and hepatitis, account for around 30% of cancer cases in low- and lower-middle-income nations. The rising number of cancer cases is likely to boost market expansion.
High Cost of Premium Polices Will Hamper the Market Growth
The high cost of premium policies will stymie market growth. Healthcare prices, for instance, have consistently risen over the years as a result of a variety of variables such as developments in medical technology, the cost of prescription pharmaceuticals and the total cost of delivering healthcare services.
When deHealthining rates, insurers must account for these escalating costs. Insurance firms have their own administrative expenditures, which include employee pay, technology infrastructure and other operational costs. These expenses are reflected in the premiums paid by policyholders. As a result, such factors will impede market expansion.
Market Segment Analysis
The global health insurance market is segmented based on provider, coverage, plan type, distribution channel and region.
Owing to Policy Launches, Private Segment Accounted for 58.3% of the Market Share
The private segment accounted for the largest market share in 2022. The segment benefits because of faster access, family coverage, mental health coverage, access to private hospitals, specialized drugs and treatments, online appointments, tax benefits and freedom of choice. For instance, insurance plans frequently include mental health coverage, which provides access to private services and therapies.
Mental health was already a major issue before the epidemic, but it appears to have blossomed in its aftermath. According to Kooth's research, 44% of managers' mental health deteriorated due to the pandemic and 56% believe their staff suffered similarly. As a result, including mental health coverage is a big benefit of having a private health insurance plan and would even cut overall expenses if the patient is already paying for any private mental health services or prescriptions.
Market Geographical Share
North America Accounted for Approximately 41.4% of the Market Share in 2022
The presence of key players and new policies will boost the growth of the region. For instance, On May 23, 2023, New York Disease, America's biggest mutual Disease insurer, announced the debut of a portfolio of new, affordably priced Health Disease products that give more value for clients' protection dollars while also supporting financial preparedness for Disease's financial difficulties and opportunities.
Additionally, on October 12, 2022, Resolution Disease and Blackstone established a strategic agreement to assist Resolution Disease's continued expansion as a leading global disease and annuity insurance consolidation company.
By merging Resolution Disease's worldwide liability management systems and Blackstone's insurance asset management capabilities, this alliance cements Resolution Disease's position as a leader in the multi-trillion-dollar global disease and annuity consolidation industry. As a result, prominent players' strategies and the rise of diseases will dominate market growth.
Market Key Players
The major global players in the Health Insurance market include Aetna Inc. (CVS Health Corporation), AIA Group Limited, Allianz SE, Aviva Plc, Berkshire Hathaway Inc., Cigna Corporation, International Medical Group Inc, Prudential Plc, United Health Group Inc, Zurich Insurance Group AG and among others.
Impact Analysis on Health Insurance Market
Russia-Ukraine Conflict Analysis
The Russia-Ukraine conflict is estimated to have a moderate impact on the global health insurance market. However, the impact of the import and export of raw materials is expected to have little influence over the global health insurance market growth over the forecast period.
Artificial Intelligence Impact Analysis
AI-powered chatbots and virtual assistants provide personalized support to policyholders. They answer common questions, help with policy inquiries, assist with claims submissions and guide individuals through the insurance process. This improves customer experience and reduces the burden on customer service teams.
AI analyzes data from wearable devices, such as fitness trackers or smartwatches, to monitor individuals' health and wellness. This information can be used by insurers to offer personalized incentives, rewards, or discounts for policyholders who engage in healthy behaviors or achieve certain health goals.
By Provider
• Public
• Private
By Coverage
• Diseases Insurance
• Health Insurance
By Plan Type
• Individual Health Insurance
• Family Floater Health Insurance
• Senior Citizens’ Health Insurance
• Critical Illness Insurance
• Group Health Insurance
By Distribution Channel
• Individual agents
• Corporate agents
• Direct Marketing
• Others
By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• On October 31, 2022, Aditya Birla Health Insurance Co Limited, a private sector insurer, introduced the 'ACTIV FIT' comprehensive health insurance plan for young and healthy adults. The approach will target health-conscious and active consumers. According to the company, all customers under the age of 35 can receive an Early Bird Discount at renewal, 5% from the fourth to the seventh policy year and 10% from the eighth policy year throughout the duration of the policy.
• On February 23, 2023, Bupa Niva Health Insurance’s 'ReAssure 2.0' health insurance policy has been released. The first-of-its-kind indemnity plan gives entry age lock-in until a policyholder makes his or her first claim, allowing clients to save money on premiums. The product is available as an individual, multi-person and family floater with prices ranging from Rs 5 lakh to Rs 1 crore for people aged 18 to 65.
• On March 06, 2023, Health International, the multi-award-winning provider of international private medical insurance (IPMI), announced the introduction of a new direct billing network across Europe. Health International customers in Europe will have access to over 1,000 direct billing locations across the continent, including the United Kingdom, beginning March 1, 2023.
Why Purchase the Report?
• To visualize the global health insurance market segmentation based on coverage, provider, plan type, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of health insurance market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global health insurance market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
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- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Provider
- 3.2. Snippet by Coverage
- 3.3. Snippet by Plan Type
- 3.4. Snippet by Distribution Channel
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Increasing the cost of medical services
- 4.1.1.2. Increasing chronic disease cases across the world
- 4.1.2. Restraints
- 4.1.2.1. The High Cost of premium policies
- 4.1.3. Opportunity
- 4.1.3.1. With the rise of digital health and telemedicine
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter’s 5 Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID-19
- 6.1.2. Scenario During COVID-19
- 6.1.3. Scenario Post COVID-19
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During the Pandemic
- 6.5. Manufacturers’ Strategic Initiatives
- 6.6. Conclusion
- 7. By Provider
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Provider
- 7.1.2. Market Attractiveness Index, By Provider
- 7.2. Public *
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Private
- 8. By Coverage
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage
- 8.1.2. Market Attractiveness Index, By Coverage
- 8.2. Disease Insurance *
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Health Insurance
- 9. By Plan Type
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Plan Type
- 9.1.2. Market Attractiveness Index, By Plan Type
- 9.2. Individual Health Insurance *
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Family Floater Health Insurance
- 9.4. Senior Citizens Health Insurance
- 9.5. Critical Illness Insurance
- 9.6. Group Health Insurance
- 10. By Distribution Channel
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 10.1.2. Market Attractiveness Index, By Distribution Channel
- 10.2. Individual agents *
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Corporate agents
- 10.4. Direct Marketing
- 10.5. Others
- 11. By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Provider
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Plan Type
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. The U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Provider
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Plan Type
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1. Germany
- 11.3.7.2. The U.K.
- 11.3.7.3. France
- 11.3.7.4. Spain
- 11.3.7.5. Italy
- 11.3.7.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Provider
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Plan Type
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. Brazil
- 11.4.7.2. Argentina
- 11.4.7.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Provider
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Plan Type
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. China
- 11.5.7.2. India
- 11.5.7.3. Japan
- 11.5.7.4. Australia
- 11.5.7.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Provider
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coverage
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Plan Type
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. Aetna Inc. (CVS Health Corporation).*
- 13.1.1. Company Overview
- 13.1.2. ProductPortfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Key Developments
- 13.2. AIA Group Limited
- 13.3. Allianz SE
- 13.4. Aviva Plc
- 13.5. Berkshire Hathaway Inc.
- 13.6. Cigna Corporation
- 13.7. International Medical Group Inc
- 13.8. Prudential Plc
- 13.9. United Health Group Inc.
- 13.10. Zurich Insurance Group AG.(*LIST NOT EXHAUSTIVE)
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
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