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Global Health Insurance Market to Grow at a CAGR of 6% in the Forecast Period, Aided by the Growing Geriatric Population

According to a new report by EMR titled, ‘Global Health Insurance Market Report and Forecast 2022-2027’, the global health insurance industry reached a value of USD 1286 billion in 2020. The industry is further expected to grow at a CAGR of 6% in the forecast period of 2022-2027.

Due to declining biological functions, the geriatric population is more sensitive to chronic and acute illnesses, necessitating better and more regular monitoring of their health conditions. 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 health insurance market is predicted to develop in the near future as disease incidences rise and people become more aware of their health. In confluence with the growing prevalence of diabetes, cancer, stroke, and kidney failure, the increasing costs of healthcare services represent one of the key factors escalating the demand for health insurance worldwide. Several countries have made it mandatory for employers to provide health insurance to their employees. These authorities are also implementing rules that require travellers to have foreign health insurance. Aside from that, the growing elderly population is encouraging people to join in government-sponsored health insurance plans or schemes with reduced premiums. Several firms also offer coverage for medical costs incurred during the treatment of coronavirus sickness. They are also concentrating on digitising claim processing and policy administration, which is expected to have a favourable impact on the market in the next few years.

Insurers may change their models and strategies to compete with ever-changing consumer demand with the expanding use of Big Data analytics in health insurance. For instance, Oscar Health Inc. (NYSE: OSCR), an American health insurance firm, announced a partnership with Emory Healthcare, a large healthcare institution in Georgia, United States, in November 2021 to provide technology-connected health insurance and services in United States cities, such as Atlanta and Columbus.

Market Analysis by Providers, Insurance Types, Insurance Plans, Coverage Types, Demographics, End Users, and Regions:

  • On the basis of provider, the health insurance industry is bifurcated into public and private.
  • The various types of insurance include disease insurance and medical insurance, among others.
  • The different insurance plans include Health Maintenance Organisation (HMO), Preferred Provider Organisation (PPO), Exclusive Provider Organisation (EPO), Point of Service (POS), and Health Savings Account (HSA), among others.
  • Based on coverage type, the industry is bifurcated into lifetime coverage and term coverage.
  • On the basis of demographics, health insurance is divided into minors, adults, and senior citizens.
  • The end-users of the market are corporates and individual, among others.
  • The regional markets for health insurance include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • The large population and growing economy in countries, such as China and India, are invigorating the market growth.
  • The growing awareness for health and improving medical infrastructure is bolstering the health insurance demand globally, thereby boosting the market growth.
  • The ease in accessibility of multiple health insurance policies is further boosting the market growth.
  • The market is further driven by the widespread adoption of social media for the promotion of health insurance products by various players.

Key Offerings of the Report:

  • The EMR report gives an overview of the global health insurance market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for providers, insurance types, insurance plans, coverage types, demographics, end users, and major regions of health insurance.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global health insurance industry are 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. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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