U.S. Individual Health Insurance Market Size, Share & Trends Analysis Report By Type (Public, Private), By Demographics (Minors, Adults, Seniors), And Segment Forecasts, 2023 - 2030

U.S. Individual Health Insurance Market Size, Share & Trends Analysis Report By Type (Public, Private), By Demographics (Minors, Adults, Seniors), And Segment Forecasts, 2023 - 2030

U.S. Individual Health Insurance Market Growth & Trends

The U.S. individual health insurance market size is anticipated to reach USD 2.54 trillion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.08% from 2023 to 2030. Major factors contributing to the growth include the increasing prevalence of chronic disorders, increase in insurer participation, and new product offerings. An individual health insurance plan's main advantage is that each individual has their own sum insured, as compared to a family floater where the sum insured is shared by everyone who is covered under the policy.

Furthermore, the rising prevalence of chronic diseases including cancer, diabetes, and cardiovascular disease in the U.S. is contributing to the market growth. For instance, as per the International Institute for Research on Cancer about 2,281,658 new cancer cases were reported in the U.S. in 2020, with about 612,390 fatalities in the same year. Although having access to an employer-sponsored health insurance policy is helpful for employees in an emergency, it does not provide the same level of protection as a separate individual health policy. As a result, the demand for individual health insurance has increased.

The majority of the population in the U.S. relies on government-sponsored healthcare schemes. The Medicare health insurance program covers all individuals 65 years of age and older, while the majority of working adults are covered by employer-sponsored health insurance programs. The rising expense of healthcare and the restricted coverage provided by public and group insurance plans are driving greater demand for the private sector.

The key market players include United Health Group Incorporated, Elevance Health (formerly Anthem, Inc.), Health Care Service Corporation, Cigna; Kaiser Foundation Health Plan, Inc, Independence Holding Company (IHC Group), Providence Health Plan, Point32Health, and Highmark. They are implementing a variety of strategies including merger and acquisition, partnerships, collaboration, and expansion. partnerships, collaboration, merger and acquisition, and expansion. For instance, in January 2021, Tufts Health Plan and Harvard Pilgrim Health Care merged to form Point32Health. This strategy was intended to improve the combined companies' ability to compete with some of their bigger competitors.

U.S. Individual Health Insurance Market Report Highlights

• The public type segment dominated the market in 2022, due to the widespread use of government-sponsored health insurance (Medicare) in the country
• Private sector is predicted to undergo maximum growth due to the introduction of new products by the private players in the market
• The seniors demographic segment held the largest market share in 2022, as in the U.S. all citizens 65 years and above are covered under the government-sponsored Medicare health insurance plan
• The South region dominated the market by capturing about 37.5% of the overall share, as a substantial population is covered by individual health insurance in the region
• The West region held the second-largest share of the individual health insurance market and is further expected to experience the fastest growth rate over the forecast period

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