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IMARC Group has recently released a new research study titled “Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Health Insurance industry?
The global health insurance market reached a value of US$ 1,590 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2426.6 Billion by 2027, exhibiting at a CAGR of 7.2% during 2022-2027.
What is a Health insurance?
Health insurance covers medical treatment expenses, such as ambulance charges, hospitalization, medicines, doctor consultation fees, and maternity, dental, and daycare procedure costs. It protects an insured individual against financial losses caused on account of a health emergency. It provides a cashless medical treatment facility, tax benefits, and quicker reimbursements during emergencies. It is offered by an employer, wherein premiums are partially paid by employees, and the rest is protected by the company. It is commonly accessible in multiple arrangements for the consumers, including private, public, and government health insurance, managed care plans, indemnity, and Point-of-Service (POS) plans.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the Health Insurance Market?
At present, the increasing prevalence of chronic diseases and viral infections, including hypertension, cancer, diabetes, heart disorders, cystic fibrosis, and cardiovascular disease (CVD), and inflating costs of healthcare services are among the major factors driving the demand for health insurance around the world. The growing aging population, which is more prone to difficult medical situations, is also currently influencing the market positively. Moreover, governing agencies of numerous countries are undertaking initiatives to create awareness among the masses about health insurance, which is contributing to the growth of the market. In addition, leading players are introducing health insurance policies that provide the benefit of free annual and bi-annual check-ups with additional customization at low premium rates, which is favoring the market growth.
Furthermore, key players are focusing on incorporating insurance fraud detection systems to detect suspicious activities performed by an insurance adjuster, agent, and consumer for unlawful gains during the selling, buying, and underwriting of insurance. These systems are integrated with advanced technologies, such as artificial intelligence (AI) and the Internet of Things (IoT) solutions for operating self-learning models, automated business rules, image screening, text mining, network analysis, device identification, and predictive analytics. This, in turn, is offering lucrative growth opportunities to key players operating in the industry. The market is also experiencing growth on account of the expanding number of insurance frauds, including abductions, fake medical records, and inaccurate claims. Apart from this, there is an increase in the adoption of cloud-based services and big data analytics that have enabled transparent communication between involved parties, which is stimulating the growth of the market. Additionally, the rising preference for family floater health insurance among the masses and the growing demand for health insurance in the rural areas are projected to create a positive outlook for the market in the coming years.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Provider:
Breakup by Type:
Breakup by Plan Type:
Breakup by Demographics:
Breakup by Provider Type:
By Geography:
List of Major Key Players:
The competitive landscape of the market has also been analyzed, with some of the top best health insurance companies.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
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