Health insurance provides financial support in cases of serious sickness or accident. Increasing medical services’ costs for surgeries and hospital stays has created a new financial epidemic around the world. The cost of medical services is comprised of the cost of surgery, doctor fees, hospital stay cost, cost of the emergency room, and diagnostic testing costs among others.
Health insurance plans give coverage for many different types of surgeries and ailments along with other aspects of medical treatment. Medical costs are increasing rapidly. In many medical cases, health insurance covers ambulance costs, the cost of medicines, consultation fees, hospitalization costs, tests, and the expenditure of post-hospitalization, due to which, people secure their lives by taking a health insurance policy.
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Data Bridge Market Research analyzes that Global Health Insurance Market is expected to reach USD 3,723,048.30 million by 2031 from USD 2,035,166.07 million in 2023, growing with a CAGR of 7.9% in the forecast period of 2024 to 2031.
Key Findings of the Study
Growing Number of Daycare Procedures
Daycare procedures are those types of medical procedures or surgery that primarily require less stay time in the hospitals. In the daycare procedure, patients are required to stay in the hospital for a short period. Most health insurance companies are now covering the procedures of daycare in their insurance plans, and for the claim of such types of surgery, there is no compulsion to spend 24 hours in the hospital, which is the minimum stay in the hospital to claim insurance. The daycare procedures that earlier required prolonged stays in hospitals are completed in less than 24 hours due to the technological advancements in the medical industry. Health insurance policies earlier covered only those types of expenses that involved expensive treatments for critical illnesses that would require a prolonged stay in the hospital. In addition, policyholders can receive a claim for daycare procedures in both ways, cashless and claim reimbursement, due to which, the growing number of daycare procedures is growing in the market, which is propelling the market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Year
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2022 (Customizable to 2016 – 2021)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Type (Product and Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assurance, and Others), Level of Coverage (Bronze, Silver, Gold, and Platinum), Service Providers (Public Health Insurance Providers and Private Health Insurance Providers), Health Insurance Plans (Point of Service (POS), Exclusive Provider Organization (EPOS), Preferred Provider Organization (PPO), Indemnity Health Insurance, Health Maintenance Organization (HMO), Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), and Others), Demographics (Adults, Minors, and Senior Citizens), Coverage Type (Lifetime Coverage and Term Coverage), End User (Corporates, Individuals, and Others), Distribution Channel (Direct Sales, Financial Institutions, E-Commerce, Hospitals, Clinics, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Russia, Spain, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, Japan, India, South Korea, Australia and New Zealand, Singapore, Thailand, Indonesia, Philippines, Malaysia, Hong Kong, Taiwan, Rest of Asia-Pacific, Brazil, Argentina Rest of South America, South Africa, Saudi Arabia, United Arab Emirates, Israel, Egypt, and Rest of Middle East and Africa
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Market Players Covered
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Bupa (U.K.), Now Health International (China), Cigna Healthcare (U.S.), Aetna Inc. (a subsidiary of CVS Health) (U.S.), AXA (France), HBF Health Limited (U.S.), Vitality (a subsidiary of Discovery Limited) (U.K.), Centene Corporation (U.S.), International Medical Group, Inc. (A subsidiary of Sirius International Insurance Group Ltd.) (U.S.), Anthem Insurance Companies, Inc. (a subsidiary ofElevance Health.) (U.S.), Broadstone Corporate Benefits Limited (U.K.), Allianz Care (a subsidiary of Allianz SE) (France), HealthCare International Global Network Ltd (U.K.), Vhi Group (Ireland), UnitedHealth Group (U.S.), and Oracle (U.S.) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis
The global health insurance market is segmented into nine notable segments based on type, service, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel.
- On the basis of type, the market is segmented into product and solutions
In 2024, the product segment is expected to dominate the global health insurance market
In 2024, the product segment is expected to dominate the market with a market share of 94.42% due to the high number of premiums sold across the globe.
- On the basis of services, the market is segmented into inpatient treatment, outpatient treatment, medical assistance, and others
In 2024, the inpatient treatment segment is expected to dominate the global health insurance market
In 2024, the inpatient treatment segment is expected to dominate the market with a market share of 53.88% as most of the premium plans are used only in inpatient treatment.
- On the basis of level of coverage, the market is segmented into bronze, silver, gold, and platinum. In 2024, the bronze segment is expected to dominate the market with a market share of 43.42%
- On the basis of service providers, the market is segmented into private health insurance providers and public health insurance providers. In 2024, the public health insurance segment is expected to dominate the market with a market share of 56.56%
- On the basis of health insurance plans, the 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. In 2024, the Point of Service (POS) segment is expected to dominate the market with a market share of 36.69%
- On the basis of demographics, the market is segmented into adults, minors, and senior citizens. In 2024, the adults segment is expected to dominate the market with a market share of 49.57%
- On the basis of coverage type, the market is segmented into lifetime coverage and term coverage. In 2024, the lifetime coverage segment is expected to dominate the market with a market share of 63.82%
- On the basis of end user, the market is segmented into corporates, individuals, and others. In 2024, the corporates segment is expected to dominate the market with a market share of 52.67%
- On the basis of distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics, and others. In 2024, the direct sales segment is expected to dominate the market with a market share of 53.46%
Major Players
Data Bridge Market Research analyzes Cigna Healthcare (U.S.), Centene Corporation (U.S.), Allianz Care (A Subsidiary of Allianz) (France), Aetna Inc. (A Subsidiary of CVS Health) (U.S.), Anthem Insurance Companies, Inc. (A subsidiary of Elevance Health) (U.S.) as major market players in global health insurance market.
Market Developments
- In March 2022, HBF Health Limited and TerryWhite Chemmart entered into a partnership to deliver pharmacy-based health and wellbeing services to cover a larger area of Australia, as more than 420 TerryWhite Chemmart pharmacies in Queensland, New South Wales, and the ACT, Victoria, Tasmania, and South Australia are now part of the HBF Member Plus network. This has helped the company increase its presence in other regions
- In February 2022, UnitedHealth Group, in collaboration with Quip, launched digital resources to help improve dental care. The latest offering expands access to 24/7 Virtual Dental Visits to help members meet with a licensed dentist via phone or video, giving eligible members in many UnitedHealthcare Dental plans two virtual dental appointments with no cost-sharing. This development will help the company to attract customers who are interested in dental plans
- In February 2022, Bupa made a significant move to be fully powered with the use of renewable energy in their operations. For this Bupa’s business in Australia entered into a partnership with renewable energy generator Pacific Hydro Australia to make a switch to clean energy in the country. This will enable the healthcare company to make an important step forward in its journey to becoming a Net Zero business by 2040
- In July 2021, Broadstone Corporate Benefits Limited acquired PwC’s private client and treasury investment consulting team as the company continues to grow its investment consulting practice. This is the company’s big strategic move for the expansion of its investment consulting business
- In August 2020, Oracle was named a winner by Celent in its recent Health Policy Administration Systems: 2020 XCelent Awards. The Celent ABCD Vendor View evaluates companies on several factors. Amongst the 22 health and medical product insurance administration systems reviewed, Oracle Health Insurance received the award for having the greatest breadth of functionality. This development gave the company global recognition and improved the brand image
Regional Analysis
Geographically, the countries covered in the global health insurance market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Russia, Spain, Turkey, Belgium, Netherlands, Switzerland, rest of Europe, China, Japan, India, South Korea, Australia and New Zealand, Singapore, Thailand, Indonesia, Philippines, Malaysia, Hong Kong, Taiwan, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Saudi Arabia, United Arab Emirates, Israel, Egypt, and rest of Middle East and Africa.
North America is expected to dominate and is estimated to be the fastest-growing region in the global health insurance market
North America is expected to dominate and is estimated to be the fastest-growing region in the market due to the increasing willingness of individuals and businesses to invest in comprehensive health insurance coverage.
For more detailed information about the global health insurance market report, click here – https://www.databridgemarketresearch.com/es/reports/global-health-insurance-market
