Health Insurance Market Research Report - Global Forecast till 2027

Health Insurance Market Research Report: Information by Demographics (Minor, Adult, Senior Citizens), by Type (Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs), Point-Of-Service (POS) Plans and Preferred Provider Organizations), by Period (Lifetime Coverage and Term Insurance), by Service Providers (Public and Private) and by Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Global Forecast till 2027

ID: MRFR/HC/6755-HCR | February 2021 | Region: Global | 90 pages

Please note that the assessment period of report has been updated from 2019-2025 to 2020-2027. Cordially fill the sample form for updated data

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Health Insurance Market Scenario

Global Health Insurance Market size is expected to register a CAGR of ~4.1% during the forecast period of 2019 to 2025 and will achieve USD 141.3 Billion in 2025 with a market value of USD 137.4 billion in 2018.

The increasing participation of key players is one of the key factors driving the health insurance market.

For example, Allianz Partners acquired 100% share capital of Servicios Compartidos Multiasistencia, SL from private equity funds managed by Portobello Capital, and marginal shareholders. Various other factors such as the increase in aging population and rise in health expenditure drive the growth of the market. In addition, rise in per capita disposable incomes of individuals and advancement in R&D in the field of medicine are also expected to propel the growth of the market. However, poor claim settlement track record and rigid rules hinder the market growth. The adoption of social media to create health awareness among the youth and research & development in pharmaceuticals is providing opportunities to the global health insurance market.

Segmentation

The global health insurance market is segmented based on demographics, type, term, service providers, and region.

The global market for health insurance, by demographics, has been divided into minor, adult and senior citizens. Adults aged 18–64, 69.0% (136.7 million) were covered by private health insurance plans in the first 9 months of 2018 in the US.

Based on type, the market has been segmented into health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans, and preferred provider organizations (PPOs). A health maintenance organization (HMO), is a prepaid health plan. The health maintenance organization (HMO) member pays a monthly premium. In return, the health maintenance organization (HMO) offers wide-ranging health care facilities such as emergency care, hospital stays, surgery, laboratory (lab) tests, X-rays, doctor’s visits, and therapy

Based on the period, the market has been segregated into lifetime coverage and term insurance. The Patient Protection and Affordable Care Act (PPACA) or Obamacare, abolished lifetime maximum benefit clauses in healthcare policies wherever they relate to essential services. The Affordable Care Act legislation also eliminates the facility for health care insurers to place yearly maximums on essential services such as ambulatory patient services, maternity, pregnancy, and neonatal care, laboratory services, and others.

Based on the service providers, the market has been bifurcated into public and private. The public health insurance has been further sub-categorized as Medicare and Medicaid. The private health insurance has been sub-segmented into primary private health insurance, duplicate private health insurance, complimentary private health insurance, and supplementary private health insurance. The number of Americans registered in private healthcare plans has increased from 12.8% to 34% between 2004 and 2017.

In the current scope of the study, the segments mentioned above are covered across four global regions, namely the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The health insurance market in the Americas has further been segmented into North America and South America, with the North American market has been divided into the US and Canada. The European health insurance market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The health insurance market in Asia-Pacific has been categorized as Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The health insurance market in the Middle East & Africa has been segmented into the Middle East and Africa.

Key Players

Allianz SE

IHI-Bupa

William Russell

Aetna

Blue Cross

Expacare

CIGNA

International SOS

MediCare International

Integra Global Health Limited

HealthCare International

MultiNational Underwriters

Regional Market Summary

Global Health Insurance Market Share (%), by Region, 2018

Sources: MRFR Analysis

The Americas dominated the global market for health insurance owing to the increasing awareness among the people about chronic diseases and many players are coming up with new insurance ideas for the welfare of the individuals. The percentage of people with health insurance coverage for 2017 was 91.2 % in the US. The US continues to be the largest contributor to the complete growth of health premiums worldwide, driven by the expansion of coverage implemented with the Affordable Care Act.

In 2018, it was estimated that Europe stood second in the global health insurance market. Technological advancements, along with the availability of funding opportunities in research and innovation will support the growth of health insurance during the review period. Other factors such as a favorable reimbursement scenario, rise in government expenditure on healthcare, and increase in geriatric population in this region can be attributed to the market growth.

Asia-Pacific (APAC) is expected to witness a phenomenal growth in health insurance throughout the forecast period due to rising participation of market players in launching innovative health insurance policies and the growing demand for the treatment of chronic diseases, lenient regulations, adoption of innovative technologies, and rise in medical tourism. The fastest-growing regional market in APAC, mostly fueled by the efforts of companies in China and India to increase health insurance penetration, with China concentrating on its aging population and India on its rural population. Net profit margins in APAC are also the highest globally, led by smaller regional markets such as Hong Kong and Singapore.

On the other hand, the Middle East & Africa holds the least share in the global health insurance market due to the low economic development, especially within the African region.

Global Health Insurance Market, by Demographics

Minor

Adult

Senior Citizens

Global Health Insurance Market, by Type

Health Maintenance Organizations (HMOs)

Exclusive Provider Organizations (EPOs)

Point-Of-Service (POS) Plans

Preferred Provider Organizations (PPOs)

Global Health Insurance Market, by Period

Long Term

Term Insurance

Global Health Insurance Market, by Service Providers

Public
- Medicare
- Medicaid

Private
- Primary Private Health Insurance
- Duplicate Private Health Insurance
- Complimentary Private Health Insurance
- Supplementary Private Health Insurance

Global Health Insurance Market, by Region

Americas
- North America
- US
- Canada

Europe
- Western Europe
  - Germany
  - France
  - Italy
  - Spain
  - UK
  - Rest of Western Europe
- Eastern Europe

Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific

Middle East & Africa
- Middle East
- Africa

Intended Audience

Medical insurance companies

Government research institutes

Academic institutes and universities

Venture capitalists

Frequently Asked Questions (FAQ) :

At what CAGR is the global health insurance market projected to grow during the forecast period?

The health insurance market is projected to grow at a 4.1% CAGR between 2019-2025.

Which region is predicted to have the largest share in the health insurance market?

The Americas are predicted to have the largest share in the health insurance market.

What will be the value of the health insurance market during the forecast period?

The health insurance market is predicted to touch USD 141.3 billion by 2025.

What are the key factors that are driving the health insurance market growth?

Increase in healthcare expenditure and advancement in the field of medicine are boosting market growth.

What factors may limit the health insurance market growth?

Poor claim settlement track record may limit market growth.

Table of Contents

Chapter 1. Executive Summary

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope of the Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Overview

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

Chapter 5. Market Factor Analysis

5.1 Porter’s Five Forces Analysis

5.1.1 Bargaining Power of Suppliers

5.1.2 Bargaining Power of Buyers

5.1.3 Threat of New Entrants

5.1.4 Threat of Substitutes

5.1.5 Intensity of Rivalry

5.2 Value Chain Analysis

5.2.1 R&D and Designing

5.2.2 Manufacturing

5.2.3 Distribution & Sales

5.2.4 Post-Sales Review

Chapter 6. Global Health Insurance Market, by Demographics

6.1 Overview

6.2 Minor

Market Estimates & Forecast, by Region, 2020-2027