Global Medical Insurance Market – Industry Trends and Forecast to 2029

Market Analysis and Insights of Medical Insurance Market

Data Bridge Market Research analyses that the medical insurance market to account USD 29.227 billion by 2029 growing at a CAGR of 10.30% in the forecast period of 2022-2029. The growing cost of healthcare and need for efficient flow of processes without the inconvenience caused due to payment processes will help in driving the growth of the health insurance market.

Medical expenses incurred during the treatment of any disease, injury, or other mental or physical impairment are covered by health insurance. It provides healthcare benefits in exchange for a monthly/semi-annual/annual premium or a payroll tax. The insurer is required to cover the policyholder's medical expenses for the duration and coverage of the policy. Depending on the policy, coverage may differ for a variety of factors such as diseases, age group, government policies, and others.

The increase in cases of several diseases, such as cancer, dengue fever, and diabetes, during the COVID-19 pandemic is thought to be a major factor driving the global health insurance market's growth. Furthermore, improved claim management services and increased awareness of health insurance in rural areas are some of the major factors driving market growth. Furthermore, increased use of advanced technology by healthcare professionals to treat chronic diseases such as cancer and cardiovascular disease is expected to increase the cost of medical treatment. As a result of these high treatment costs becoming unaffordable to consumers, the adoption of health insurance is expected to skyrocket in the coming years.

However, a lack of knowledge about the coverages included in health insurance policies, as well as an increase in the cost of health insurance premiums, are some of the factors limiting the health insurance market opportunity. Strict regulation and longer claim reimbursement times are likely to impede the growth of the health insurance market during the forecast period.

This medical insurance market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on medical insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Medical Insurance Market Scope and Market Size

The medical insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.

• Based on type, the medical insurance market is segmented into products and solutions.
• On the basis of services, the medical insurance market is segmented into inpatient treatment, outpatient treatment, medical assistance and others.
• Based on level of coverage, the medical insurance market is segmented into bronze, silver, gold and platinum.
• On the basis of service providers, the medical insurance market is segmented into public health insurance providers and private health insurance providers.
• Based on health insurance plans, the medical insurance market is segmented into point of service (POS), exclusive provider organization (EPOS), indemnity health insurance, health savings account (HSA), qualified small employer health reimbursement arrangements (QSEHRAS), preferred provider organization (PPO), health maintenance organization (HMO) and others.
• On the basis of demographics, the medical insurance market is segmented into adults, minors and senior citizens.
• Based on coverage type, the medical insurance market is segmented into lifetime coverage and term coverage.
• The medical Insurance market has also been segmented based on the end user into corporates, individuals and others.
• Based on distribution channel, the medical insurance market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics and others.

Medical Insurance Market Country Level Analysis

The medical insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user and distribution channel.

The countries covered in the medical insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the medical insurance market due to the availability of multi-value health insurance policies and a favourable health insurance landscape in the United States, whereas Asia-Pacific is expected to grow at the fastest rate from 2022 to 2029 due to the availability of expensive health facilities and an increase in demand for health insurance policies in high-population countries such as India and China.

The country section of the medical insurance market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed Base and New Technology Penetration

The medical insurance market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical insurance market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical insurance market. The data is available for historic period 2010 to 2020.

Competitive Landscape and Medical Insurance Market Share Analysis

The medical insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to medical insurance market.

Some of the major players operating in the medical insurance market are Unitedhealth Group, Anthem Insurance Companies, Inc., Aetna Inc., Centene Corporation, Cigna, Allianz Care, Axa, Assicurazioni Generali S.P.A., Bupa, AIA Group Limited, Aviva, BMI Healthcare, Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., International Medical Group, Inc., Mapfre, Now Health International, Oracle, VHI Group and Vitality Corporate Services Limited among others.

Key Developments

• In August 2020, Baxter International confirmed that the U.S. FDA had granted a new application for Theranova, its novel dialysis membrane.
• In August 2020, Stryker received the FDA approval for an extended indication of the Neuroform Atlas Stent System.

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