France Health Insurance Market Size, Share & Trends Analysis Report By Type Of Insurance Provider (Public, Private), By Age Group (0-14 Years, 15-24 Years, 25-54 Years), By Area (Urban, Rural), And Segment Forecasts, 2023 - 2030

France Health Insurance Market Size, Share & Trends Analysis Report By Type Of Insurance Provider (Public, Private), By Age Group (0-14 Years, 15-24 Years, 25-54 Years), By Area (Urban, Rural), And Segment Forecasts, 2023 - 2030

France Health Insurance Market Growth & Trends

The France health insurance market size is anticipated to reach USD 284.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.91% from 2023 to 2030. Robust government support, increasing health insurance awareness, and high disposable income are major factors driving the health insurance market in France. The government of France supports the health insurance market by offering a universal healthcare system, and the private and public health insurance sector complements it.

The increasing adoption of private health insurance in the country is a major factor driving the market growth. According to the European Observatory on Health Systems and Policies, about 95% of people have access to voluntary health insurance (VHI), with 10.5% of people receiving means-tested subsidies and 8% of lower-income people receiving full subsidies.Private health insurance minimizes out-of-pocket expenses for medical treatment by essentially providing first-Euro coverage for medical services and prescription medications. Additionally, more comprehensive contracts considerably lower the price of commodities like eyeglasses, contact lenses, and dental procedures. Several studies suggest that the use of health care in France is strongly impacted by complementary health insurance.

Furthermore, increasing healthcare costs and the aging population in the country are some of the factors boosting the demand for health insurance. According to the World Data Atlas, in France, there were 21.7% of people 65 and over in 2022. The population over 65 is expanding at an average yearly rate of 1.01%. Aging increases the risk of chronic diseases such as heart disease, dementia, arthritis, type 2 diabetes, and cancer. Thus, the aging population in the country is increasing the demand for health insurance as the elderly require more medical treatment and care.

To increase the adoption of their private insurance plans in the country, major private companies in the France health insurance industry also engage in a number of strategic efforts, including the introduction of new policies, collaborations, mergers, and acquisitions. For instance, in February 2022, Alan announced that it is growing its business in two separate ways: first, the company decided to sell its infrastructure and tech stack to other insurance firms, and second, it wants to add new services to make its insurance app into a health super app.With this new initiative, known as Alan-as-a-service, Alan essentially offers all of the services essential to manage health insurance in France.

France Health Insurance Market Report Highlights

• Based on distribution area, the urban area segment held the highest revenue share of over 79% in 2022. This is attributed to better access to healthcare facilities, higher income, and high prevalence of chronic diseases such as cancer, heart diseases, and others
• By type of insurance provider, public health insurance dominated the market. This is attributed to the country runs a statutory health insurance system offering universal coverage. National health insurance covers around 70% of essential medical costs
• Private sector insurers segment is expected to showcase a significant share of the insurance type segment during the forecast period owing to the rising healthcare costs
• Bancassurance network dominated the market and is expected to retain dominance over the forecast period. Bancassurance network offers advantages such as- it offers the end users a customized insurance result, a short time of product innovation, and others
• 65 years and over age group dominated the market with a revenue share of 28.00% in 2022. This age group is more susceptible to developing health issues and the need for medical attention, which increases the demand for more expensive health insurance coverage

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