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Health Insurance Market

Global Health Insurance Market Size, Share, Growth, Forecast: By Provider: Public, Private; By Insurance Type: Disease Insurance, Medical Insurance, Others; By Insurance Plan: Health Maintenance Organisation (HMO); Others; By Coverage Type; By Demographics; By End User; Regional Analysis; Competitive Landscape; 2024-2032

Global Health Insurance Market Size

The global health insurance market attained a value of approximately USD 1.58 trillion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.2%, reaching a value of around USD 2.70 trillion by 2032.

 

Around the world, the prevalence of different chronic conditions such as diabetes, cancer, musculoskeletal disorders, neurological disorders, cardiovascular diseases, and respiratory diseases is increasing at a significant rate. The rising public awareness of the financial advantages of having health insurance is a key factor contributing to the growth of the health insurance market. Unhealthy lifestyles are increasing the prevalence of chronic health issues and the cost of treatment can be high and can consume all of a person's savings. As a result, more people are investing in health insurance for protection against any unexpected expenses due to ill health or accidents.

 

Global Health Insurance Market

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Global Health Insurance Market Share by Region

The ease in accessibility of multiple health insurance policies in North America is propelling the region to be one of the market leaders in health insurance. The United States is a major contributor to the market for health insurance, as healthcare tends to be expensive and the country offers a favourable landscape with the presence of many major players. Health insurance is also widely provided by employers in the United States as a part of job benefits, further boosting the U.S. health insurance market size.

 

Meanwhile, the Asia Pacific is expected to register significant growth in the market for health insurance in the upcoming years. This is attributed to the large population and growing economy in countries such as China and India. The growing awareness for health and improving medical infrastructure is bolstering the market in the region.

 

Health Insurance Market Segmentation

Health insurance is a type of contract where the insurance provider pays for healthcare expenses of a person in exchange of a regular payment of a premium. Depending upon the type of health insurance, individuals can avail of reimbursement for their medical expenses including consultation charges with a physician and treatment expenditure for a disease or injury. This can help the health insured person to save massive amounts of money which would have been incurred in sudden hospitalisations or other healthcare expenses.

 

Global Health Insurance Market

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On the basis of provider, the market is bifurcated into:

  • Public 
  • Private

 

By insurance type, the market is classified into:

  • Disease Insurance
  • Medical Insurance
  • Others

 

Based on insurance plan, the market is segmented into:

  • Health Maintenance Organisation (HMO)
  • Preferred Provider Organisation (PPO)
  • Exclusive Provider Organisation (EPO)
  • Point of Service (POS)
  • Health Savings Account (HSA)
  • Others

 

By coverage type, the market is bifurcated into:

  • Lifetime Coverage
  • Term Coverage

 

On the basis of demographics, the market is divided into:

  • Minors 
  • Adults
  • Senior Citizens

 

By end user, the market is categorised into:

  • Corporates
  • Individual
  • Others

 

The regional markets for health insurance are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Health Insurance Market

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Growing Geriatric Population to Propel the Health Insurance Market Growth

The geriatric population has been increasing across the world, particularly in developed economies such as European nations and the United States. The elderly population base is more vulnerable to chronic and acute illnesses due to decline in body functions. Elderly age group people require better and more frequent monitoring for their health conditions and their treatment can also include expensive surgical procedures that are not easy to afford. This is leading to the burgeoning demand for health insurance. The growing incidents of diseases and awareness for health is expected to boost the market for health insurance further in the near future.

 

Key Players in the Global Health Insurance Market

The report gives a detailed analysis of the following key players in the global health insurance market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • AWP Health & Life SA
  • United HealthCare Services, Inc.
  • Anthem Insurance Companies, Inc.
  • Aetna Inc.
  • Centene Corporation
  • Assicurazioni Generali S.P.A
  • Life Insurance Corporation of India
  • The Cigna Group
  • Health Care Service Corporation
  • Humana Inc. 
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Provider
  • Insurance Type
  • Insurance Plan
  • Coverage Type
  • Demographics
  • End User
  • Region
Breakup by Provider
  • Public 
  • Private
Breakup by Insurance Type
  • Disease Insurance
  • Medical Insurance
  • Others
Breakup by Insurance Plan
  • Health Maintenance Organisation (HMO)
  • Preferred Provider Organisation (PPO)
  • Exclusive Provider Organisation (EPO)
  • Point of Service (POS)
  • Health Savings Account (HSA)
  • Others
Breakup by Coverage Type
  • Lifetime Coverage
  • Term Coverage
Breakup by Demographics
  • Minors 
  • Adults
  • Senior Citizens
Breakup by End User
  • Corporates
  • Individual
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • AWP Health & Life SA
  • United HealthCare Services, Inc.
  • Anthem Insurance Companies, Inc.
  • Aetna Inc.
  • Centene Corporation
  • Assicurazioni Generali S.P.A
  • Life Insurance Corporation of India
  • The Cigna Group
  • Health Care Service Corporation
  • Humana Inc. 
  • Others

 

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Health Insurance Market Report Snapshots

Health Insurance Market Size

Health Insurance Market Growth

Health Insurance Companies

Health Insurance Market Regional Analysis

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Health Insurance Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Health Insurance Historical Market (2018-2023) 
    8.3    Global Health Insurance Market Forecast (2024-2032)
    8.4    Global Health Insurance Market by Provider
        8.4.1    Public
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Private
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Health Insurance Market by Insurance Type
        8.5.1    Disease Insurance
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Medical Insurance
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Others
    8.6    Global Health Insurance Market by Insurance Plan
        8.6.1    Health Maintenance Organisation (HMO)
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Preferred Provider Organisation (PPO)
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Exclusive Provider Organisation (EPO)
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Point of Service (POS)
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Health Savings Account (HSA)
            8.6.5.1    Historical Trend (2018-2023)
            8.6.5.2    Forecast Trend (2024-2032)
        8.6.6    Others
    8.7    Global Health Insurance Market by Coverage Type
        8.7.1    Lifetime Coverage
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Term Coverage
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
    8.8    Global Health Insurance Market by Demographics
        8.8.1    Minors
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Adults
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Senior Citizens
            8.8.3.1    Historical Trend (2018-2023)
            8.8.3.2    Forecast Trend (2024-2032)
    8.9    Global Health Insurance Market by End User
        8.9.1    Corporates
            8.9.1.1    Historical Trend (2018-2023)
            8.9.1.2    Forecast Trend (2024-2032)
        8.9.2    Individual
            8.9.2.1    Historical Trend (2018-2023)
            8.9.2.2    Forecast Trend (2024-2032)
        8.9.3    Others
    8.10    Global Health Insurance Market by Region
        8.10.1    North America
        8.10.2    Europe
        8.10.3    Asia Pacific
        8.10.4    Latin America
        8.10.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2018-2023)
        9.3.2    Forecast Trend (2024-2032)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2018-2023)
        9.4.2    Forecast Trend (2024-2032)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2018-2023)
        9.5.2    Forecast Trend (2024-2032)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    AWP Health & Life SA
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    United HealthCare Services, Inc.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Anthem Insurance Companies, Inc.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Aetna Inc.
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Centene Corporation
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Assicurazioni Generali S.P.A
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    Life Insurance Corporation of India
            11.2.7.1    Company Overview
            11.2.7.2    Product Portfolio
            11.2.7.3    Demographic Reach and Achievements
            11.2.7.4    Certifications
        11.2.8    The Cigna Group
            11.2.8.1    Company Overview
            11.2.8.2    Product Portfolio
            11.2.8.3    Demographic Reach and Achievements
            11.2.8.4    Certifications
        11.2.9    Health Care Service Corporation
            11.2.9.1    Company Overview
            11.2.9.2    Product Portfolio
            11.2.9.3    Demographic Reach and Achievements
            11.2.9.4    Certifications
        11.2.10    Humana Inc.
            11.2.10.1    Company Overview
            11.2.10.2    Product Portfolio
            11.2.10.3    Demographic Reach and Achievements
            11.2.10.4    Certifications
        11.2.11    Others
12    Key Trends and Developments in the Market

  
List of Key Figures and Tables

1.    Global Health Insurance Market: Key Industry Highlights, 2018 and 2032
2.    Global Health Insurance Historical Market: Breakup by Provider (USD Billion), 2018-2023
3.    Global Health Insurance Market Forecast: Breakup by Provider (USD Billion), 2024-2032
4.    Global Health Insurance Historical Market: Breakup by Insurance Type (USD Billion), 2018-2023
5.    Global Health Insurance Market Forecast: Breakup by Insurance Type (USD Billion), 2024-2032
6.    Global Health Insurance Historical Market: Breakup by Insurance Plan (USD Billion), 2018-2023
7.    Global Health Insurance Market Forecast: Breakup by Insurance Plan (USD Billion), 2024-2032
8.    Global Health Insurance Historical Market: Breakup by Coverage Type (USD Billion), 2018-2023
9.    Global Health Insurance Market Forecast: Breakup by Coverage Type (USD Billion), 2024-2032
10.    Global Health Insurance Historical Market: Breakup by Demographics (USD Billion), 2018-2023
11.    Global Health Insurance Market Forecast: Breakup by Demographics (USD Billion), 2024-2032
12.    Global Health Insurance Historical Market: Breakup by End User (USD Billion), 2018-2023
13.    Global Health Insurance Market Forecast: Breakup by End User (USD Billion), 2024-2032
14.    Global Health Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
15.    Global Health Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
16.    North America Health Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    North America Health Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Europe Health Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Europe Health Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Asia Pacific Health Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Asia Pacific Health Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Latin America Health Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
23.    Latin America Health Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
24.    Middle East and Africa Health Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
25.    Middle East and Africa Health Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
26.    Global Health Insurance Market Structure

Key Questions Answered in the Report

In 2023, the global market for health insurance attained a value of approximately USD 1.58 trillion.

The market is projected to grow at a CAGR of 6.2% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 2.70 trillion by 2032.

The major market drivers include increasing global population, improving consumer living standards, rising health awareness, high costs of medical facilities and treatments, and improving accessibility to medical insurance.

The key health insurance market trends include the growing geriatric population, improvements in healthcare infrastructure, and availability of specialised health insurances policies.

The major regions in the market are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

The significant health insurance providers in the market are public and private.

The various insurance types in the market for health insurance include disease insurance, and medical insurance, among others.

The different insurance plans in the market for health insurance include health maintenance organisation (HMO), preferred provider organisation (PPO), exclusive provider organisation (EPO), point of service (POS), and health savings account (HAS), among others.

The leading coverage types of health insurance in the market include lifetime coverage and term coverage.

The major demographics in the market for health insurance are minors, adults, and senior citizens.

The significant end users of health insurance in the market include corporates, and individual, among others.

The major players in the market, according to the report, are AWP Health & Life SA, United HealthCare Services, Inc., Anthem Insurance Companies, Inc., Aetna Inc., Centene Corporation, Assicurazioni Generali S.P.A, Life Insurance Corporation of India, The Cigna Group, Health Care Service Corporation, and Humana Inc., among others.

Analyst Review

The global health insurance market attained a value of approximately USD 1.58 trillion in 2023, driven by the growing elderly population, which are prone to various chronic and acute health conditions. Aided by the rising health awareness among individuals and improved accessibility to health insurance, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6.2%. The market is projected to reach a value of around USD 2.70 trillion by 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. By provider, the market is classified into public and private. Based on insurance type, the market is segmented into disease insurance, and medical insurance, among others. By insurance plan, the market is divided into health maintenance organisation (HMO), preferred provider organisation (PPO), exclusive provider organisation (EPO), point of service (POS), and health savings account (HAS), among others. By coverage type, the market is bifurcated into lifetime coverage and term coverage. On the basis of demographics, the market is segmented into minors, adults, and senior citizens. Based on end user, the market is classified into corporates, and individual, among others.

 

The major regional markets for health insurance are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific. The key players in the above market include AWP Health & Life SA, United HealthCare Services, Inc., Anthem Insurance Companies, Inc., Aetna Inc., Centene Corporation, Assicurazioni Generali S.P.A, Life Insurance Corporation of India, The Cigna Group, Health Care Service Corporation, and Humana Inc., among others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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