Europe Health Insurance Market to Reach USD 440 Billion by 2022
Published | 20 May 2022
The Europe health insurance market is growing at a high CAGR because of the rising incidence of different healthcare conditions and chronic illnesses, as well as rising medical costs along with favorable government policies…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Europe health insurance market was worth USD 286.3 billion in the year 2021. Europe health insurance market is projected to grow at a CAGR of 6.4%, earning revenues of around USD 440.4 billion by the end of 2028. Because of the rising incidence of different healthcare conditions and chronic illnesses, as well as rising medical costs, the European health insurance industry is gaining major traction. Additionally, favorable government policies are further contributing to market expansion. However, complications in claiming reimbursements may act as a huge restraining factor for market growth.
Growing Demand for Individual Insurance Policy
Based on the type of coverage, the Europe health insurance market is segmented into individuals and families. The individual coverage segment accounts for the largest share of the Europe health insurance market. The growth of this segment is attributed to a growing proportion of individuals purchasing health insurance. Furthermore, the rising incidence of numerous chronic disorders in the adult population, such as diabetes, liver disease, heart disease, and so on, is a key driver for the individual coverage segment.
Europe Health Insurance Market - By Term of Coverage
Based on term of coverage, the Europe health insurance market is segmented into term and lifetime. Lifetime health insurance holds the largest share in the market because it is more convenient than term health insurance. Even in the terrible event of death, lifetime insurance guarantees benefits. Furthermore, the insurance does not need to be renewed each year. To attract clients, insurance firms also provide cheaper prices for long-term policies and frequently charge less for young people seeking coverage. Furthermore, because of their low premium rates, short-term insurance is popular among middle-income people in developing nations.
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Europe Health Insurance Market - By Demographics
Based on demographics, the Europe health insurance market is segmented into minor, adult, and senior citizens. Due to the growing geriatric population and the prevalence of numerous chronic and other medical diseases in this demographic, the senior citizen sector accounts for the greatest market share. Special plans for older adults aged 60 and over are available from health insurance companies that cater to their unique healthcare needs. However, the adult segment is anticipated to register the highest growth rate during the forecast period.
Europe Health Insurance Market - Regional Insights
Geographically, the Europe health insurance market is segmented into the United Kingdom, Germany, France, Italy, Spain, and the rest of Europe. Denmark dominates the Europe health insurance market owing to the favorable government policies regarding health insurance. You are eligible to receive public healthcare benefits if you live in Denmark and are registered in the Danish Civil Registration System. Following Denmark, Luxembourg and Sweden also cover substantial market share.
Impact of COVID-19 on Europe Health Insurance Market
Following the unusual outbreak of the COVID-19 pandemic, the health insurance industry saw a considerable increase. As the number of COVID-19 patients expanded across the European countries, so did their healthcare expenditures. Many health insurance firms have developed Coronavirus Health Insurance coverage to cover the medical expenditures of COVID-19 patients. This sort of policy covers not just COVID-19-related hospitalization expenditures, but also those associated with nearly any form of viral infection.
The leading market players in the Europe health insurance market are Bupa, Aviva plc, VitalityHealth, AXA Health, Western Provident Association, Exeter Friendly Society, Freedom Health Insurance, Health-on-line, Saga PLC, National Friendly, and other prominent players.
The Europe health insurance market is highly concentrated as consumers exhibit loyalty and confidence in the existing companies in this sector. As a result, there is a limited place in the market for new entrants. Furthermore, health insurance firms frequently collaborate with healthcare institutions to boost sales and income. In addition, market tactics including mergers, acquisitions, partnerships, and joint ventures are common in this industry.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics on the Europe health insurance market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe health insurance market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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