Mexico Private Health Insurance Market, By Product Type (Into Mediclaim Insurance, Hospitalization Coverage Insurance, Critical Illness Insurance, Individual Coverage Insurance, Family Floater Coverage Insurance, Senior Citizen Coverage Insurance, Unit Linked Health Plans, Permanent Health Insurance, and Others), Business Solution (Lead Generation Solutions, Revenue Management and Billing Solutions, Robotic Process Automation, Insurance Cloud Solutions, Claims Administration Cloud Solutions, Value-Based Payments Solutions, Artificial Intelligence & Blockchain Solutions, Intelligent Case Management Solutions, and Others), Assistance/Service Type (Inpatient/Daycare, Hospital Accommodation, Medical Evacuation, Oncology, Rehabilitation Treatment, Palliative Care, Organ Transplant, Psychiatry and Psychotherapy, Laser Eye Treatment, Accidental Death Benefit, Maternity, Dental, Out-Patient, Repatriation Plan, and Others), Level Of Coverage (Bronze, Silver, Gold, and Platinum), Type Of Insurance Plans (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), Demographics (Adults, Minors, and Senior), Coverage Type (Lifetime Coverage and Term Coverage), End User (Family, Corporate, Individual, and Others), Distribution Channel (Direct Sales, Financial Institutions, E-Commerce, Hospitals, Clinics, and Others) - Industry Trends and Forecast to 2030.
Mexico Private Health Insurance Market Analysis and Size
The health insurance policy consists of several types of features and benefits. It provides financial coverage to policyholders against certain treatments. Health insurance policy offers advantages including cashless hospitalization, coverage of pre and post-hospitalization, reimbursement, and various add-ons.
The increasing cost of medical services and health expenditure are driving factors of Mexico private health insurance market. However, the high cost of insurance premiums is restraining the growth of the Mexico private health insurance market. Advantages of health insurance policies to provide opportunities for Mexico private health insurance market growth. However, a lack of awareness regarding the benefits of health insurance has become a challenge for market growth. Data Bridge Market Research analyses that the Mexico private health insurance market is expected to reach the value of USD 140,015.67 million by 2030, at a CAGR of 4.5% during the forecast period. The Mexico private health insurance market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2020-20216)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, and Pricing in USD
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Segments Covered
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By Product Type (Into Mediclaim Insurance, Hospitalization Coverage Insurance, Critical Illness Insurance, Individual Coverage Insurance, Family Floater Coverage Insurance, Senior Citizen Coverage Insurance, Unit Linked Health Plans, Permanent Health Insurance, and Others), Business Solution (Lead Generation Solutions, Revenue Management and Billing Solutions, Robotic Process Automation, Insurance Cloud Solutions, Claims Administration Cloud Solutions, Value-Based Payments Solutions, Artificial Intelligence & Blockchain Solutions, Intelligent Case Management Solutions, and Others), Assistance/Service Type (Inpatient/Daycare, Hospital Accommodation, Medical Evacuation, Oncology, Rehabilitation Treatment, Palliative Care, Organ Transplant, Psychiatry and Psychotherapy, Laser Eye Treatment, Accidental Death Benefit, Maternity, Dental, Out-Patient, Repatriation Plan, and Others), Level Of Coverage (Bronze, Silver, Gold, and Platinum), Type Of Insurance Plans (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), Demographics (Adults, Minors, and Senior), Coverage Type (Lifetime Coverage and Term Coverage), End User (Family, Corporate, Individual, and Others), Distribution Channel (Direct Sales, Financial Institutions, E-Commerce, Hospitals, Clinics, and Others)
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Country Covered
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Mexico
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Market Players Covered
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AXA, GNP Seguros (A subsidiary of SAB National Provincial Group), Pan- American Life Insurance Group, Banco Bibao Vizcaya Argentaria S.A., Seguros Monterrey New York Life, MetLife, Inc., Chub, Guardian Insurance MX., Allianz, Now Health International, Best Doctors Insurance, Zurich Santander Seguros México, SA, and Bupa, among others.
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Market Definition
Health insurance is a type of insurance that provides coverage for all kinds of surgical expenses as well as medical treatment incurred from an illness or injury. It applies to a comprehensive or limited range of medical services covering full or partial costs of specific services. Insurance also helps the policyholder financially by covering all of their medical costs when they are admitted to the hospital for treatment. However, it covers pre as well as post-hospitalization expenses.
In the health insurance plan, several types of coverage are available: cashless or reimbursement claim. The cashless benefit is available when the policyholder takes treatment from the network hospitals of the insurance company. If the policyholder takes treatment from hospitals that are not in the list network, in that case, the policyholder meets all the medical expenses and then claims the reimbursement from the insurance company by submitting all the medical bills.
Mexico Private Health Insurance Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increasing cost of medical services and health expenditure
Health insurance provides financial support in cases of serious sickness or accident. Increasing medical services costs for surgeries and hospital stays have created a new financial epidemic in Mexico and 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.
- In 2020, approximately USD 4 trillion was spent on health care in America. Out of this, USD 1.24 trillion was spent on hospital services, and USD 2,607 is the average per day hospital stay cost in the U.S., California (USD 3,726 per day) just edging out Oregon (USD 3,271) for the most expensive
Due to such high medical service costs, 60% of all bankruptcies are related to medical expenses, especially for those families who don't have health insurance or have limited budgets. The high cost of medical services has burdened the patients. However, health insurance provides financial support to the patients since it funds all the medical services' costs according to the terms and conditions of the insurance plan. Therefore, this increase in the cost of medical services propels the growth of the market.
- Growing number of daycare procedures
Daycare procedures are those types of medical procedure or surgery that primarily requires 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. While most health insurance plans cover hospital stays and major surgeries, the policyholders can also claim daycare procedures under their health insurance policy, which propels the market's demand.
Opportunity
- Advantages of health insurance policies
In health insurance plans, the policyholder gets reimbursement insured for their medical expenses such as hospitalization, surgeries, and treatments that arise from the injuries. A health insurance policy is a type of agreement between the policyholder and the insurance company, where the insurance company agrees to guarantee payment for the treatment costs in case of future medical issues, and the policyholder agrees to pay the amount of premium according to the insurance plan.
The health insurance policy provides access to the best healthcare. A good insurance policy should offer comprehensive coverage. The benefits and advantages of health insurance policies are framed based on the needs of individuals as well as families and senior citizens. Increasing benefits and advantages of health insurance policies are boosting the demand for health insurance among people.
Restraint/Challenge
- High cost of insurance premiums
Health insurance covers all types of medical treatment costs. It provides financial support to the policyholder since it covers all the medical expenses when the policyholder is hospitalized for treatment. Health insurance also covers pre as well as post-hospitalization expenses. To purchase health insurance, the policyholder has to pay insurance premiums regularly to keep the health insurance policy active. The cost of insurance premiums is high in the majority of cases based on the insurance plan, which is hampering the growth of the market.
The premium amount of health insurance is an upfront payment that is made on behalf of the individual as well as families to keep their policy of health insurance active. The cost of health insurance premiums is usually paid on a monthly basis to keep the policy in force.
Post COVID-19 Impact on Mexico Private Health Insurance Market
COVID-19 created a negative impact on the Mexico private health insurance market due to the shutdown of Mexico logistics and transportation and lack of testing for the system.
The COVID-19 pandemic has impacted the Mexico private health insurance market to an extent in negative manner. However, Automation has become a key focus for many industries, including automotive, electronics, and aerospace, as it offers several benefits, including increased productivity, improved quality control, and reduced labor costs. The private health insurance market plays a critical role in automation by providing non-destructive testing of products and components during the manufacturing process. The increasing demand for automation is thus affecting positively for the demand of the private health insurance market across the globe. The market players under the Mexico private health insurance market are responding by increasing their product portfolio for inspection systems.
The market players are conducting multiple research and development activities to improve the technology involved in the accessories. With this, the companies will bring advancement and innovation for the market. In addition, government funding for the private health insurance market has led the market growth.
Recent Development
- In February 2023, Seguros Monterrey New York Life, S.A. de C.V. (SMNYL Financial )'s Strength Rating (FSR) of A++ (Superior), Long-Term Issuer Credit Rating (Long-Term ICR) of "aa+" (Superior), and Mexico National Scale Rating of "aaa. MX" (Exceptional) have all been confirmed by AM Best (Mexico City, Mexico). The ratings take into account SMNYL's good operating performance, positive business profile, and effective enterprise risk management, which AM Best rates as the company with the strongest balance sheet (ERM).
- In March 2022, complete acquisition of Raven Capital Management by MetLife Investment Management. This strengthens the company existing robust private credit platform and broadens our capability for origination.
Mexico Private Health Insurance Market Scope
The Mexico private health insurance market is segmented on the basis of the product type, business solution, assistance/service type, level of coverage, type of 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 a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
PRODUCT TYPE
- INTO MEDICLAIM INSURANCE
- HOSPITALIZATION COVERAGE INSURANCE
- CRITICAL ILLNESS INSURANCE
- INDIVIDUAL COVERAGE INSURANCE
- FAMILY FLOATER COVERAGE INSURANCE
- SENIOR CITIZEN COVERAGE INSURANCE
- UNIT LINKED HEALTH PLANS
- PERMANENT HEALTH INSURANCE
- OTHERS
On the basis of product type, the market is segmented into mediclaim insurance, hospitalization coverage insurance, critical illness insurance, individual coverage insurance, family floater coverage insurance, senior citizen coverage insurance, unit linked health plans, permanent health insurance, and others.
BUSINESS SOLUTION
- LEAD GENERATION SOLUTIONS
- REVENUE MANAGEMENT & BILLING SOLUTIONS
- ROBOTIC PROCESS AUTOMATION
- INSURANCE CLOUD SOLUTIONS
- CLAIMS ADMINISTRATION CLOUD SOLUTIONS
- VALUE-BASED PAYMENTS SOLUTIONS
- ARTIFICIAL INTELLIGENCE & BLOCKCHAIN SOLUTIONS
- INTELLIGENT CASE MANAGEMENT SOLUTIONS
- OTHERS
On the basis of business solution, the market is segmented into lead generation solutions, revenue management & billing solutions, robotic process automation, insurance cloud solutions, claims administration cloud solutions, value-based payments solutions, artificial intelligence & blockchain solutions, intelligent case management solutions, and others.
ASSISTANCE/SERVICE TYPE
- INPATIENT/DAYCARE
- HOSPITAL ACCOMMODATION
- MEDICAL EVACUATION
- ONCOLOGY
- REHABILITATION TREATMENT
- PALLIATIVE CARE
- ORGAN TRANSPLANT
- PSYCHIATRY AND PSYCHOTHERAPY
- LASER EYE TREATMENT
- ACCIDENTAL DEATH BENEFIT
- MATERNITY
- DENTAL
- OUT-PATIENT
- REPATRIATION PLAN
- OTHERS
On the basis of assistance/service type, the market is segmented into inpatient/daycare, hospital accommodation, medical evacuation, oncology, rehabilitation treatment, palliative care, organ transplant, psychiatry and psychotherapy, laser eye treatment, accidental death benefit, maternity, dental, out-patient, repatriation plan, and others.
LEVEL OF COVERAGE
- BRONZE
- SILVER
- GOLD
- PLATINUM
On the basis of the level of coverage, the market is segmented into bronze, silver, gold, and platinum.
TYPE OF INSURANCE PLANS
- POINT OF SERVICE (POS)
- EXCLUSIVE PROVIDER ORGANIZATIONS (EPOS)
- INDEMNITY PRIVATE HEALTH INSURANCE
- HEALTH SAVINGS ACCOUNT (HSA)
- QUALIFIED SMALL EMPLOYER HEALTH REIMBURSEMENT ARRANGEMENTS (QSEHRAS)
- PREFERRED PROVIDER ORGANIZATION (PPO)
- HEALTH MAINTENANCE ORGANIZATION (HMO)
- OTHERS
On the basis of type of 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.
DEMOGRAPHICS
- ADULTS
- MINORS
- SENIORS
On the basis of demographics, the market is segmented into adults, minors, and seniors.
COVERAGE TYPE
- LIFETIME COVERAGE
- TERM COVERAGE
On the basis of coverage type, the market is segmented into lifetime coverage and term coverage.
END USER
- FAMILY
- CORPORATE
- INDIVIDUAL
- OTHERS
On the basis of end user, the market is segmented into family, corporate, individual, and others.
DISTRIBUTION CHANNEL
- DIRECT SALES
- FINANCIAL INSTITUTIONS
- E-COMMERCE
- HOSPITALS
- CLINICS
- OTHERS
On the basis of distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics, and others.
Mexico Private Health Insurance Market Country Analysis/Insights
The Mexico private health insurance market is analysed, and market size insights and trends are provided by country, product type, business solution, assistance/service type, level of coverage, type of insurance plans, demographics, coverage type, end user, and distribution channel range as referenced above. The country covered in the Mexico private health insurance market report is Mexico. Mexico is dominating the market as the country has a private health insurance market because of the strong base of healthcare facilities, stringent regulation and implementation of standards mandated by various associations and the rising number of research activities in this region. The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Mexico brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Mexico Private Health Insurance Market Share Analysis
The Mexico private health 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 the Mexico private health insurance market.
Some of the major players operating in the market are AXA, GNP Seguros (A subsidiary of SAB National Provincial Group), Pan- American Life Insurance Group, Banco Bibao Vizcaya Argentaria S.A., Seguros Monterrey New York Life, MetLife, Inc., Chub, Guardian Insurance MX., Allianz, Now Health International, Best Doctors Insurance, Zurich Santander Seguros México, SA, and Bupa, among others.
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