New York February 23, 2021 (GLOBE NEWSWIRE) – The global health insurance market grew by a CAGR of approximately 5% during 2015-2020. Health insurance refers to a type of insurance that regularly takes out a predefined amount from the individual and pays for medical and surgical costs that the policyholder has had in the event of a medical emergency. A health insurance plan usually covers services such as diagnosis and treatment of chronic diseases, psychiatric care, emergency evacuation, indoor and outpatient care, maternity, dental care, etc. Nowadays, several health insurance companies offer health coverage, where medical supervision is provided at home for specific diseases.
Note: We regularly track the direct effect of COVID-19 on the market, together with the indirect influence from associated industries. These observations will be integrated into the report.
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Global health insurance market trends:
The rising cost of health care, in conjunction with the growing incidence of diabetes, cancer, stroke and kidney failure, is one of the key factors in increasing demand for health insurance worldwide. In addition, governing authorities in several countries make it necessary for employers to provide health insurance to their employees. These agencies also implement laws that prescribe international health insurance for tourists. Apart from this, the growing geriatric population promotes the adoption of state health insurance programs or schemes offered at low premium rates. In addition, increasing health awareness and improved health infrastructure are other factors that strengthen market growth. In addition, various companies offer coverage for medical costs incurred during the treatment of coronavirus (COVID-19). They also focus on digitization of claims handling and policy management, which is expected to have a positive impact on the market in the coming years. Looking forward, IMARC Group expects the global health insurance market to show moderate growth over the next five years.
The health insurance market report has segmented the market based on supplier, type, plan type, demographics, supplier type, end use and region.
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Breakdown by supplier:
- Private suppliers
- Public suppliers
Breakdown by type:
- Lifetime coverage
- Time insurance
Breakdown by plan type:
- Health insurance
- Critical health insurance
- Family Floater Health Insurance
Breakdown by demographics:
Breakdown by supplier type:
- Priority supplier organizations (PPOs)
- Point of Service (POS)
- Healthcare Organizations (HMO)
- Exclusive supplier organizations (EPO)
Breakdown by region:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
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The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players. Some of these players include Aetna Inc. (CVS Health Corporation), AIA Group Limited, Allianz SE, Aviva Plc, Berkshire Hathaway Inc., Cigna Corporation, International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc. and Zurich Insurance Group AG.
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