According to the latest report by IMARC Group, 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.
Health insurance refers to a type of insurance that periodically charges a predefined amount from the individual and pays for medical and surgical expenses incurred by the policyholder in case of a medical emergency. A health insurance plan usually covers services such as diagnosis and treatment for chronic ailments, psychiatric care, emergency evacuation, in-patient and out-patient treatment, maternity, dental care, etc. Nowadays, several health insurance companies offer health coverage, wherein medical supervision is provided at home for specific ailments.
The rising costs of healthcare services, along with the increasing prevalence of cancer, stroke, kidney failure, etc., are leading the demand for health insurance policies. Furthermore, launched the governing agencies across several countries have regulatory norms that mandate employers to provide health insurance to their employees. Besides this, with the sudden outbreak of COVID-19, there is an overstatement of demand for health insurance coverage, which in turn is propelling the market on a global level. Other factors, like growing health awareness, improving healthcare infrastructures, and reduced hassle in insurance claim process, will continue to further augment the market for health insurance policies in the coming years.
Note: 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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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
CVS Health Corporation (“CVS Health”), AIA (1299.HK)(AAGIY), ALLIANZ SE (ALV.DE), AVIVA PLC ORD 25P (AV.L), Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), Cigna Corporation (CI), International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc. and Zurich Insurance Group AG.
The report has segmented the market on the basis of Provider, Type, Plan Type, Demographics, Provider Type, End Use and Region.
Breakup by Provider:
Breakup by Type:
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Breakup by Plan Type:
Critical Illness Insurance
Family Floater Health Insurance
Breakup by Demographics:
Breakup by Provider Type:
Preferred Provider Organizations (PPOs)
Point of Service (POS)
Health Maintenance Organizations (HMOs)
Exclusive Provider Organizations (EPOs)
Breakup by Region:
Middle East and Africa
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after consideration the impact of this pandemic.
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