Heath Insurance Market Size
Health Insurance Market is estimated to grow from
in 2019 to
by 2027, at a
The quick reimbursement with minimum premium amounts for the people suffering from diseases, coverage of most of the critical illness and major type of surgeries coupled with its affordable health services like hospitalization, immunization and others is expected to boost the growth of the market for Health Insurance across the globe.
Final Report will have an in-depth analysis of the COVID-19
impact on the Health Insurance Market
Health Insurance Market by Service Provider (Public, Private); by Network Provider (Point of Service (POS), Exclusive Provider Organization (EPO), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO) and Others); by Insurance Type (Medical insurance, Critical Illness insurance, Income protection insurance, Hospitalization insurance and Others); by Coverage (Term insurance, Life insurance); by Demographics (Senior Citizens, Adults, Minors) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027
Market Drivers, Restraining, Opportunities:
• Increasing geriatric population
• Increases in the prevalence of chronic diseases
• Increase in healthcare expenses
• Increasing GDP and healthcare expenditure across the globe
• Strict regulations and longer time for claim reimbursement
• Lack of awareness of healthcare insurance in rural region
• Government initiatives for developing reimbursement policies
• Innovation in healthcare insurance products
Health Insurance Companies
Top 10 Health Insurance Companies in 2020
• Cigna (U.S.)
• Nippon Life Insurance Company (Japan)
• Prudential Plc (U.K.)
• Blue Cross Blue Shield Companies (U.S.)
• Kaiser Permanente (U.S.)
• Dai-ichi Life Holdings, Inc. (Japan)
• Allianz Group (Germany)
• HCSC (U.S.)
• Aetna (U.S.)
• New York Life Insurance Company (U.S.)
The report provides key player analysis along with company
revenue shares in order to give a broader overview of the market
players in the health insurance market.
Segmental and Geographic Analysis:
Private Service provider accounted for the largest share of Health Insurance market in 2019
Private service provider accounted for about 64% of the market and is expected to grow at a CAGR of 4.5% during the forecast period. Private service providers are able to provide customized healthcare solutions with quality healthcare solutions to a larger section as compared to public providers.
Private providers as compared to the public ones offer more control over the choices of healthcare services and allows its users to avail their choice of doctors and facilities. These providers often prompt referrals to the consultants, offer flexible time, advanced treatment options and quick services in the private hospitals.
Huge FDI, inflow of vast amount of funds and other foreign companies also are into investing in private sector health insurance thus enhancing the growth in private service provider sector.
HMO segment reported highest share of Health Insurance
Network provider market in 2019
Health maintenance organization (HMO) segment accounted for more than 40% of the market in 2019 whereas, the Preferred Provider Organization (PPO) segment is expected to grow at the fastest CAGR of 5.1% during the forecast period.
Patients with HMO always need to first go to their primary care physician who help the patient to deal with the minor health related problems. In case the problem persists then the patient is referred to the in-network specialist. This helps to lower out-of-pocket costs, deductibles and premiums.
PPO incurs higher monthly premium but offers more flexibility by letting the patient to select their choice of physician and pharmacy, and later claim to receive the payment of benefits. This allows more flexibility to the patients, less paper work and have a well-managed healthcare plan, thus boosting the growth of this segment in the near future.
Medical Insurance contributed for the largest share of Health
Insurance Type market in 2019
North America accounted as a major revenue generator of the
Health Insurance Type market in 2019
Healthcare Insurance Market Segmentation:
By Service Provider
By Network Provider
• Point of Service (POS)
• Exclusive Provider Organization (EPO)
• Preferred Provider Organization (PPO)
• Health Maintenance Organization (HMO)
By Insurance Type
• Medical insurance
• Critical Illness insurance
• Income protection insurance
• Hospitalization insurance
• Term insurance
• Life insurance
• Senior Citizens