Health Insurance Market is expected to Reach USD 2,541.78 Billion by 2029 at a Potential Growth rate of 4.6%, Market Analysed by Future Trends, Industry Growth and Application Overview
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Health insurance policy consists of several types of features and benefits. It provides financial coverage to policyholder against certain treatment. Health insurance policy offers advantages including cashless hospitalization, coverage of pre and post-hospitalization, reimbursement, and various add-ons.
Increasing costs for medical services and the growing number of day care procedures are some of the drivers boosting health insurance demand in the market.
Recent Developments
- In
August 2020 ,International Medical Group, Inc . (IMG) had enhanced their product offerings to support organizations with the necessary planning and research for safe international travel. Company's unique, new assistance services were designed to support clients as they make plans for 2020 and beyond. This development helped company to sustain and thrive in pandemic. - In
June 2021 , Vitality has announced it has partnered with SamsungUK to integrateSamsung Health into the Vitality Programme, providing members with more ways to track their activity and improve their health. The new partnership with Samsung will unlock the full benefits of the Vitality Programme to Android users as members will be able to link theirSamsung Health profile to theirVitality Member Zone account to automatically capture daily steps and heart rate activity to earn Vitality activity points.
Competitive Landscape:-
The health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health insurance market.
Some of the major players operating in the health insurance market are
- Bupa,
Now Health International ,- Cigna,
Aetna Inc. (a subsidiary of CVS Health),- AXA,
HBF Health Limited , Vitality (a subsidiary of Discovery Limited),- Centene Corporation,
International Medical Group ,Anthem Insurance Companies ,Broadstone Corporate Benefits Limited ,- Allianz,
HealthCare International Global Network Ltd ,- Assicurazioni Generali S.P.A.,
- Aviva,
Vhi Group ,UnitedHealth Group ,- MAPFRE,
- AIA Group Limited,
- Oracle
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- Increasing Cost of Medical Services
Health insurance provides financial support in cases of serious sickness or accident. Increasing medical services' costs for surgeries and hospital stays has created a new financial epidemic around the world. The cost of medical services is comprised of the cost of surgery, doctor fee, hospital stay cost, cost of the emergency room, diagnostic testing cost, among others. Therefore, this increase in the cost of medical services propels the growth of the market.
- Growing Number of Daycare Procedures
Daycare procedures are those types of medical procedure or surgery that primarily requires less stay time in the hospitals. In the day-care procedure patients are required to stay in the hospital for a short period. Most of the health insurance companies are now covering the procedures of day-care in their insurance plans, and for the claim of such types of surgery, there is no compulsion on spending 24 hours in the hospital, which is the minimum stay in the hospital to claim insurance. While most of the health insurance plans cover hospital stays and major surgeries, the policyholders can also claim day-care procedures under their health insurance policy, which propels the demand of the market.
- Mandatory Provision of
Healthcare Insurance in Public and Private Sectors
Buying a healthcare insurance policy is a mandatory provision for the employees in the public as well as the private sector. Health insurance offers key medical benefits which the employee can avail of while working in a corporate. In case of any emergency or medical issues, the health insurance cover is highly useful to meet treatment expenses. The employee's health insurance is an extended benefit, given by the individual employer to their employees. The health insurance provided not only covers the employee but also covers their family members under the same policy plan. Also, in certain cases, the employer may pay a part of a premium or insurance coverage of the health insurance policy.
- Advantages of Health Insurance Policies
In the health insurance plans, the policyholder gets the reimbursement insured for their medical expenses such as hospitalization, surgeries, treatments that arise from the injuries. A health insurance policy is a type of agreement between the policyholder and insurance company, where the insurance company agrees to guarantee payment for the treatment costs in case of future medical issues, and the policyholder agrees to pay the amount of premium according to the insurance plan. Thus, the advantages of health insurance policies increases the growth opportunities for global health insurance market.
- Increasing Healthcare Expenditure
Spending on health is growing faster around the world. According to the
Core Objective of
Every firm in the
- Size of the Health Insurance market and growth rate factors.
- Important changes in the future Health Insurance Market
- Top worldwide competitors of the Market.
- Scope and product outlook of Health Insurance Market.
- Developing regions with potential growth in the future.
- Tough Challenges and risk faced in Market.
- Global Health Insurance top manufacturers profile and sales statistics.
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Global Health Insurance Market Scope
Type
- Product
- Solutions
Services
- Inpatient Treatment
- Outpatient Treatment
- Medical Assistance
- Others
Level of Coverage
- Bronze
- Silver
- Gold
- Platinum
Service Providers
- Private Health Insurance Providers
- Public Health Insurance Providers
Health Insurance Plans
- Point Of Service (POS)
Exclusive Provider Organization (EPOS)Indemnity Health Insurance - Health Savings Account (HSA)
- Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS)
Preferred Provider Organization (PPO)Health Maintenance Organization (HMO)- Others
Demographics
- Adults
- Minors
- Senior Citizens
Coverage Type
- Lifetime Coverage
- Term Coverage
End User
- Corporates
- Individuals
- Others
Distribution Channel
- Direct Sales
- Financial Institutions
- E-Commerce
- Hospitals
- Clinics
- Others
Health Insurance Market Regional Analysis/Insights
The health insurance market is analysed and market size insights and trends are provided by country, type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel as referenced above.
The countries covered in the health insurance market report are the
Competitive Landscape and Health Insurance Market Share Analysis
The health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health insurance market.
Some of the major players operating in the health insurance market are Bupa,
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