Healthcare Insurance Market Overview
The global healthcare insurance market size was estimated at 2.68 trillion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2028.
The rising chronic disease prevalence and treatment costs are significant drivers of market expansion throughout the forecasted period. Additionally, the development would be supported by rising awareness, increased offers with advanced healthcare policies, and the government’s introduction of new programs. For instance, the Indian government offers several programs, including Ayushman Bharat, Awaz Health Insurance Scheme, and Aam Aadmi Bima Yojana. In the United States, state and federal governments jointly administer Medicare and Medicaid health insurance programs. Similarly, to this, numerous nations provide their citizens with various insurance plans. Additionally, using the internet helps growth by simplifying the purchasing and renewing processes.
COVID-19 Impact on Healthcare Insurance Market
In 2020–2021, COVID-19 affected various manufacturing and service businesses because it caused workplace closures, supply chain disruptions, and transit limitations. However, the disparity between supply and demand and how it affects prices is only temporary and is anticipated to reverse. The worldwide spread of COVID-19 has significantly boosted the need for health insurance. The health insurance industry expanded during the pandemic due to the dread of the disease and the rising expense of medical care. Additionally, health insurance providers established plans and methods to pay for the medical costs associated with treating covid19-infected insurers. Thus, even though the other industries suffered a lot during covid19 outbreak, the health insurance industry was growing significantly.
Healthcare Insurance Market Segmentation
The global Healthcare Insurance Market is segmented on the basis of Service Provider (Private Providers and Public Providers), By Product Type (Medical Insurance, Critical Illness Insurance) By Network Provider (Preferred Provider Organizations (PPOs), Point of Services (POS), Health Maintenance Organization (HMOs) By End User (Corporates and Individuals).
By product type, the medical insurance segment is the largest contributor to the Healthcare Insurance Market.
Based on the product type, the market is segmented into medical insurance, critical illness insurance, and others. Due to expanding sedentary lifestyle adoption, an escalating obese population with numerous health conditions, and an increase in unintentional situations, the medical insurance category is anticipated to hold the most significant market share during the projection period. The second-largest share belongs to the segment for critical illness insurance. The segmental expansion would be supported by the rising prevalence of chronic diseases like cancer, heart disease, diabetes, and others. For instance, the World Health Organization estimates that 17.9 million people worldwide suffer from cardiovascular diseases (CVDs) each year.
By network provider, the PPOs segment is expected to be the largest contributor during the forecast years.
Based on the network provider, the market is segmented into preferred provider organizations (PPOs), point of services (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOs). The PPOs segment dominates the market and would account for the largest share during the forecast period. They offer greater freedom in choosing hospitals, doctors, and comparable other benefits, which raises the desirability of this network. Due to the lower premiums for POS plans compared to PPOs, which encourages segmental growth, the POS segment maintained its second-place ranking.
Healthcare Insurance Market Dynamics
Drivers:
Increasing Geriatric Population and Sedentary Lifestyle
One of the main factors boosting the market is the rising elderly population. The need for HI policies among the elderly is growing since a significant portion of the population has one of the other chronic diseases like heart disease, cancer, type 2 diabetes, or arthritis. Additionally, the number of patients with various chronic diseases is growing due to adults adopting sedentary lives. For Instance, according to the World Population Prospects, 1 in 11 persons, or 9% of the global population, were 65 years or older in 2019. By 2050, it’s predicted that the number will rise to 1 in 6, or 16% of the global population. Growing chronic disease prevalence and an aging population would boost market expansion. Along with the increasing awareness, this would result in a rising number of people opting for medical insurance.
Launch of New Policies, Mergers, Acquisitions, and Partnerships
Key market developments, such as introducing innovative apps by public or private companies, launching new insurance schemes by governments, mergers, and acquisitions, or any partnership agreements, are among the main factors that are likely to contribute to the market growth during the forecast period. For illustration: The purchase of Bharti AXA General Insurance Company Limited’s (Bharti AXA) General Insurance Business by ICICI Lombard General Insurance Ltd. was authorized by the Competition Commission of India (CCI) in November 2020. Through this acquisition, the business will be able to offer a wide variety of insurance products through several distribution channels for health and accident insurance, vehicle insurance, and other insurance kinds. Hence, such increasing product launches, approvals, and partnerships would boost the market growth in the forecast period.
Healthcare Insurance Market Regional Analysis
The North America Healthcare Insurance Market is expected to account for the largest market size during the forecast period.
North America is anticipated to dominate the global health insurance market during the forecast period. Regional growth will be fueled by government programs to make Medicare and Medicaid insurance affordable and to expand the population’s access to health insurance. Additionally, the region’s advantageous healthcare reimbursement rules and high medical product costs boost market expansion.
Key Market Players and Competitive Landscape
Some of the major players in the health insurance market include United Healthcare, Aetna, Anthem, Inc., Aviva, Allianz, Centene, Cigna, CVS Health Corporation, Humana, Kaiser Foundation, and Bupa.
This report categorizes the Healthcare Insurance Market as follows,
Healthcare Insurance Market by Service Provider
- Private Providers
- Public Providers
Healthcare Insurance Market by Product Type
- Medical Insurance
- Critical Illness Insurance
- Others
Healthcare Insurance Market by Network Provider
- Preferred Provider Organizations (PPOs)
- Point of Services (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
Healthcare Insurance Market by End-User
Healthcare Insurance Market Regional Outlook
- North America
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Related Reports:
- eHealth Market – The global eHealth Market size was valued at $ 204.5 billion in 2021 and is projected to reach $ 873 billion by 2030, growing at a CAGR of 17.5 % from 2022 to 2030.
- Telehealth Market – The global Telehealth Market size was valued at USD 61.65 billion in 2021 and is projected to reach USD 770.77 billion by 2030, growing at a CAGR of 32.4 % during the forecast years.
Table of Content
Healthcare Insurance Market Size, Share, Growth, and Forecast Report
1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Service Provider
1.4.2. Product Type
1.4.3. Network Provider
1.4.4. End-User
2. Healthcare Insurance Market Overview
2.1. Introduction
2.2. Analysis by Service Provider, 2016-2028 (US$ Billion)
2.3. Analysis by Product Type, 2016-2028 (US$ Billion)
2.4. Analysis by End-User, 2016-2028 (US$ Billion)
2.5. Analysis by Network Provider, 2016-2028 (US$ Billion)
2.6. Market Analysis by Region, 2016-2028 (US$ Billion)
3. Healthcare Insurance Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Product Types
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Service Provider
3.6.2. Product Type
3.6.3. Network Provider
3.6.4. End-User
3.6.5. Region
3.7. Value Chain Analysis
4. Healthcare Insurance Market Competition Analysis
4.1. Healthcare Insurance Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
5. Global Healthcare Insurance Market Analysis by Product Type and End-User, 2016-2028 (US$ Billion)
5.1. Service Provider
5.1.1. Global Healthcare Insurance Market Share, by Service Provider, 2021 and 2028
5.1.2. Global Healthcare Insurance Market Revenue, by Service Provider, 2016-2028 (US$ Billion)
5.1.3. By Private Providers Market Analysis 2016-2028 (US$ Billion)
5.1.4. By Public Providers Market Analysis 2016-2028 (US$ Billion)
5.2. Product Type
5.2.1. Global Healthcare Insurance Market Share, by Product Type, 2021 and 2028
5.2.2. Global Healthcare Insurance Market Revenue, by Product Type, 2016-2028 (US$ Billion)
5.2.3. By Medical Insurance Market Analysis 2016-2028 (US$ Billion)
5.2.4. By Critical Illness Insurance Market Analysis 2016-2028 (US$ Billion)
5.3. Network Provider
5.3.1. Global Healthcare Insurance Market Share, by Network Provider, 2021 and 2028
5.3.2. Global Healthcare Insurance Market Revenue, by Network Provider, 2016-2028 (US$ Billion)
5.3.3. By Preferred Provider Organizations (PPOs) Market Analysis 2016-2028 (US$ Billion)
5.3.4. By Point of Services (POS) Market Analysis 2016-2028 (US$ Billion)
5.3.5. By Health Maintenance Organizations (HMOs) Market Analysis 2016-2028 (US$ Billion)
5.3.6. By Exclusive Provider Organizations (EPOs) Market Analysis 2016-2028 (US$ Billion)
5.4. End-User
5.4.1. Market Share, by End-User, 2021 and 2028
5.4.2. Market Revenue, by End-User, 2016-2028 (US$ Billion)
5.4.3. By Corporates Market Analysis 2016-2028 (US$ Billion)
6. Global Healthcare Insurance Market Service Provider Analysis by Region, 2016-2028 (US$ Billion)
6.1. Private Providers Market Analysis 2016-2028 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Public Providers Market Analysis 2016-2028 (US$ Billion)
7. Global Healthcare Insurance Market Product Type Analysis by Region, 2016-2028 (US$ Billion)
7.1. Medical Insurance Market Analysis 2016-2028 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Critical Illness Insurance Market Analysis 2016-2028 (US$ Billion)
7.3. Other Product Types Market Analysis 2016-2028 (US$ Billion)
8. Global Healthcare Insurance Market Network Provider Analysis by Region, 2016-2028 (US$ Billion)
8.1. Preferred Provider Organizations (PPOs) Market Analysis 2016-2028 (US$ Billion)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Point of Services (POS) Market Analysis 2016-2028 (US$ Billion)
8.3. Health Maintenance Organizations (HMOs) Market Analysis 2016-2028 (US$ Billion)
8.4. Exclusive Provider Organizations (EPOs) Market Analysis 2016-2028 (US$ Billion)
9. Global Healthcare Insurance Market End-User Analysis by Region, 2016-2028 (US$ Billion)
9.1. Corporates Market Analysis 2016-2028 (US$ Billion)
9.1.1. North America
9.1.2. Europe
9.1.3. Asia Pacific
9.1.4. Latin America
9.1.5. Middle East & Africa
9.2. Individuals Market Analysis 2016-2028 (US$ Billion)
10. Healthcare Insurance Market Analysis by Geography, 2016-2028 (US$ Billion)
10.1. North America Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.1.1. U.S. Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.1.1.1. Service Provider
10.1.1.2. Product Type
10.1.1.3. Network Provider
10.1.1.4. End-User
10.1.2. Canada Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.1.3. Mexico Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2. Europe Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2.1. UK Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2.1.1. Service Provider
10.2.1.2. Product Type
10.2.1.3. Network Provider
10.2.1.4. End-User
10.2.2. France Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2.3. Germany Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2.4. Spain Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2.5. Russia Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2.6. Italy Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.2.7. Rest of Europe Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3. Asia Pacific Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.1. China Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.1.1. Service Provider
10.3.1.2. Product Type
10.3.1.3. Network Provider
10.3.1.4. End-User
10.3.2. Japan Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.3. South Korea Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.4. India Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.5. Australia Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.6. Southeast Asia Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.7. Taiwan Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.3.8. Rest of Asia Pacific Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.4. Latin America Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.4.1. Brazil Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.4.1.1. Service Provider
10.4.1.2. Product Type
10.4.1.3. Network Provider
10.4.1.4. End-User
10.4.2. Argentina Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.4.3. Rest of Latin America Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.5. Middle East Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.5.1. Israel Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.5.1.1. Service Provider
10.5.1.2. Product Type
10.5.1.3. Network Provider
10.5.1.4. End-User
10.5.2. Turkey Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.5.3. Saudi Arabia Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.5.4. UAE Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.5.5. Rest of Middle East Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.6. Africa Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.6.1. Egypt Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.6.1.1. Service Provider
10.6.1.2. Product Type
10.6.1.3. Network Provider
10.6.1.4. End-User
10.6.2. South Africa Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
10.6.3. Rest of Africa Healthcare Insurance Market Analysis 2016-2028 (US$ Billion)
11. Company Profiles
11.1. United Healthcare
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Benchmarking
11.1.4. Strategic Initiatives
11.2. Aetna
11.3. Anthem Inc
11.4. Aviva
11.5. Allianz
11.6. Centene
11.7. Cigna
11.8. CVS Health Corporation
11.9. Humana
11.10. Kaiser Foundation
11.11. Bupa
12. COVID-19 Impact Analysis
12.1. Global Healthcare Insurance Market, 2020 – 2028, Pre-V/S Post COVID 19
12.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Healthcare Insurance Market Size In 2022, By Scenario
12.3. Impact on Supply Chain and Production in Healthcare Insurance Market
12.4. Impact on Import and Export
13. Import-Export Analysis
13.1. North America Healthcare Insurance Import-Export, 2016 – 2021
13.2. Europe Healthcare Insurance Import-Export, 2016 – 2021
13.3. Asia Pacific Healthcare Insurance Import-Export, 2016 – 2021
13.4. Latin America Healthcare Insurance Import-Export, 2016 – 2021
13.5. Middle East America Healthcare Insurance Import-Export, 2016 – 2021
13.6. Africa Healthcare Insurance Import-Export, 2016 – 2021
14. Healthcare Insurance Marketing Channel Analysis
14.1. Marketing Channel
14.1.1. Direct Marketing
14.1.2. Indirect Marketing
14.1.3. Development Trend
14.2. Market Positioning
15. Healthcare Insurance Manufacturing Cost Analysis
15.1. Key Raw Materials
15.2. Key Raw Material Suppliers
15.3. Market Concentration Rate
15.4. Manufacturing Cost Structure
15.5. Process Analysis
16. Conclusion
