Health Insurance Market, By type of Insurance Provider (Public, Private and Standalone Insurers), By type of scheme (Voluntary,Mandatory,Community-Based,Employer Based), By type of coverage (Individual, Family),By Term of Coverage (Term, Lifetime),By Demographics(Minor,Adult,Senior Citizens), By Region(North America, Europe, Asia Pacific, South America, and the Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-2026
- Published Date: April 2020
- Report ID: BWC20041
- Available Format: PDF
- Page: 173
Health Insurance Market – Market Forecast & Trends
The Global Health insurance market is growing with a CAGR of 4% in the forecast period of 2020 to 2027 and expected to reach USD 2,259,550.09 million by 2026. The health insurance industry in India is the firmest rising segment in the non-life insurance sector. The market observed a healthy double-digit growth of 22% in FY 17, with a market share of 22%, in the whole non-life insurance sector. It has been the firmest growing market segment, recording a CAGR of 24% for the past five years. This remarkable progress may be attributed to the liberalization of the budget and growing general mindfulness amid the public on healthcare.
The health insurance industry is at an emergent stage, with roughly 25% of the population under its coverage. There exists an enormous possibility for progress and diffusion of health insurance to a bigger population. The launch of National Health Protection Scheme under Ayushman Bharat, in September 2018, in order to provide coverage of up to INR 500,000 (USD 7,723) to more than 100 million vulnerable families, holds heavy hopes, which surges saturation of health insurance in India, from nearly 34% to 50%.
Health Insurance Market – Overview
The term health insurance (generally famous as Medical Insurance or Mediclaim) is a type of insurance that shields your medical overheads. The notion of health insurance is fresh in India, but its mindfulness is growing fast. Health insurance comes inconveniently in case of severe tragedies. Life is changeable; insurance can make it harmless and secure from bearing the massive financial loss. A health insurance policy is a contract between an insurance company and an individual. The contract is renewable annually.
The admittance to progress medical treatments and doctors has become costly, and thus the need for taking insurance is vital. The Health Insurance sector in India is still at a promising stage with a lot of scope for development. The overall market for health insurance is still untouched, and the rise of reputed health providers is evidence of the growth potential.
Increasing awareness, growing healthcare costs, customized health insurance packages and recent restricting of the general insurance are few growth drivers that contributes in the demand of Health Insurance Market.
Health Insurance provides you with a reasonable way for people who love to stay healthy and get medical care when ill. It also protects our family and us from the high cost of healthcare. In some cases, medical bills can be monetarily dreadful.
Increasing awareness in the healthcare sector, owing to the increasing healthcare costs, Recent restructuring of the general insurance businesses enforced the insurance companies to focus on health insurance business, Availability of specific products for senior citizens and children promoted health insurance that drives the expansion of insurance providers, Accessibility of varied variety of products that offer various health covers, depending on the need for the customers, provides motivation to the sector's growth, A higher medical inflation rate of more than 15% has driven the healthcare costs outside the reach of the needy.
However, Lack of appropriate marketing approaches in place to appeal to the clientele. Though there are many networks to market health insurance products, they have not yet been able to make inroads in minor cities.
Health Insurance Market: Segmentation
Based on the type of insurance provider health insurance market is segmented into Public sector insurers which covers The New India Assurance Company Limited, United India Insurance Company, National Insurance Company Limited, Oriental Insurance Company Ltd., Private sector insurers like ICICI Lombard, Bajaj Allianz, HDFC ERGO, Royal Sundaram and Standalone Health Insurers like Star Health & Allied Insurance, Apollo Munich Health Insurance, Max Bupa.
Based on the type of scheme health insurance market is segmented into Voluntary Health Insurance or private for Profit Schemes, Mandatory Health Insurance Schemes, or Government-run Schemes(viz. ESIS, CGHS), Insurance Offered by NGOs/ Community-based Health Insurance, Employer-based Schemes.
Based on the type of coverage, the health insurance market is divided into individual and family insurance policy while based on the market is segmented into term insurance and life insurance.
Demographically, health insurance is available for minor, young, and senior citizens and can be customized as per their requirements.
Health Insurance Market: Regional insights
The U.S. is the top health insurance market in the worldwide market due to its supreme healthcare scheme in the world. The development of the market is mostly being assisted by the strong existence of top players such as Anthem Inc., Aetna Inc., UnitedHealth Group Inc., Humana Inc., and Cigna Corp. The companies are discovering prospects of digitizing entrance to cover schemes and communication about the same with their consumers to reach out to a wider audience. Choices such as providing distributors and consumers with self-service features are also likely to open up a plethora of prospects for the global market. Besides, marketing the products in an easily understandable manner is also predictable to be the approach of leading players in the coming years. The only danger for the new applicants is the high level of rivalry in the U.S. health insurance market.
Asia Pacific is predictable to a profitable market, as the region has shown extraordinary progress in its GDP. Besides, the refining disposable incomes and the improvement of health security standards are also predictable to boost this market in the region in the near future. The growing middle class and a growing number of high net worth individuals in the Asia Pacific are also predictable to give the health insurance market the much-needed motivation.
The objective of the Study:
Ø To analyze and forecast the global health insurance market size of the market in terms of value.
Ø To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.
Ø The global health insurance market segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.
Ø To outline, categorized, and forecast the global health insurance market based on the Product Type, Indication, End users and Regional.
Ø To examine competitive developments like by type of insurance provider, by Scheme, by type of coverage, by term of coverage, by Demographics, Region within the global health insurance market.
Ø To highlight the impact analysis of the factors affecting the market dynamics such as growth drivers.
Ø To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Scope of the report
Historical Data – 2016-2019
Base Year – 2019
Revenue in USD Million/Billion
Germany,U.K,France,Italy ,Rest of Europe, China,India,Japan,South Korea,Rest of APAC, Brazil,Mexico,Argentina,Rest of Latin America,Saudi Arabia,UAE,South Africa,Rest of MEA
By Type of Insurance Provider, By Scheme, By type of coverage, By term of coverage, By Demographics, By Region
Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc., Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna, Inc., Apollo Munich Health Insurance, and International Medical Group and other prominent players .
By the Type of Insurance Provider
Ø Public Sector Insurers
Ø Private Sector Insurers
Ø Standalone Health Insurance Companies
By Type of Scheme
Ø Voluntary Health Insurance or private for Profit Schemes
Ø Mandatory Health Insurance Schemes or Government-run Schemes(viz. ESIS, CGHS)
Ø Insurance Offered by NGOs/ Community-based Health Insurance
Ø Employer-based Schemes
By Type of Coverage
Ø Individual Insurance Coverage
Ø Family or Floater Insurance Coverage
By Term of Coverage
Ø Term Coverage
Ø Lifetime Coverage
Ø Senior Citizens
Ø North America
Ø Asia Pacific
Ø South America
Ø Middle East & Africa
Ø Cigna Corporation
Ø AIA Insurance Group
Ø UnitedHealth Group Inc.
Ø Allianz SE, Zurich Insurance Group Ltd.
Ø Express Scripts Holding Company
Ø AXA, Aviva plc
Ø Aetna, Inc.
Ø Apollo Munich Health Insurance
Ø International Medical Group
Ø Other prominent players
Ø HDFC Ergo is in advanced talks to attain Apollo Munich Health Insurance, at a value of around INR 2,600 crore (US$ 370.05 million) in November 2018.
Ø At a consortium of WestBridge Capital, It was announced that it might acquire India’s largest health insurer, Star Health, and Allied Insurance, in a deal estimated at around USD 1 billion in August 2018.
Business Questions Answer by the Report
Ø How will the market drivers, restraints, and opportunities affect the market dynamics?
Ø What will be the market size in terms of value and volume and market statistics with a detailed classification?
Ø Which segment dominates the market or region, and one will be the fastest - growing, and why?
Ø A comprehensive survey of the competitive landscape and the market participant players
Ø Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:
Additional Company Information
Ø With five additional company detail analysis
Ø Additional country analysis
Ø Detailed segment analysis
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