The leading players of the industry include CVS Health, Humana Inc., National Insurance Company Limited, AWP Health & Life SA, United HealthCare Services, Inc, Anthem Insurance Companies, Inc., Aetna Inc., Centene Corporation, Assicurazioni Generali S.P.A, and Life Insurance Corporation of India, among others.
In 2020, the global health insurance market was valued at around USD 1286 billion and is predicted to grow at a CAGR of 6% in the forecast period of 2022-2027.
Health insurance is an insurance that compensates for medical treatment costs, such as ambulance fees, hospitalisation, medications, and childcare product prices, among other things. It also offers cashless services in various networks, depending on the insurer, and tax incentives for a variety of medical problems.
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The market has seen tremendous expansion over the years and it is likely to continue in the projected period. The rise in chronic illnesses and rising treatment costs, the growing elderly population, and the introduction of new mergers, acquisitions, and partnerships contribute to the market expansion. The elderly population requires greater and more frequent health monitoring. Their therapy may also require costly and difficult-to-afford surgical treatments. As a result, the health insurance market is experiencing a surge in demand.
The ease of access to various health insurance policies in North America has propelled the region to lead of the health insurance market. Due to its favourable landscape and the presence of many large companies, the United States is one of the major contributors to the health insurance industry. Employers in the United States are increasingly providing health insurance as a component of employee benefits, further supporting the country's health insurance industry growth. Meanwhile, the health insurance market in the Asia Pacific is predicted to increase significantly in the future years. This can be linked to China's and India's massive populations and increasing economies.
Headquarters: Woonsocket, Rhode Island, United States
CVS Health is the leading health solutions company that delivers care in ways no one else can. We reach people in more ways and improve the health of communities across America through our local presence, digital channels, and our nearly 300,000 dedicated colleagues- including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners.
Headquarters: Louisville, Kentucky, United States
Humana Inc. is a for-profit American health insurance company and is also one of the industry's formidable players. Humana continuously creates innovative solutions and resources that help people live their healthiest lives on their terms –when and where they need it. The company's segments include retail, group and speciality, and healthcare services.
Headquarters: Kolkata, India
The National Insurance Company Limited. is an Indian government-owned general insurance company that is also a market leader in the insurance business. Presently, the company is considered as one of the stellar public sector insurance organizations of India and owns approximately 2000 offices across the country.
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