Global Health Insurance Market Size & Share to Surpass USD 3.3 Trillion by 2028 | Vantage Market Research

WASHINGTON, Oct. 31, 2022 (GLOBE NEWSWIRE) — A Qualitative Research report released by Vantage Market research with titled Health Insurance Market guarantees you will remain better informed than your competition. Health Insurance is the finest market research report which is the result of a proficient team and their potential capabilities. The Health Insurance report is generated with the systematic gathering and analysis of information about individuals or organizations which is conducted through social and opinion research. It highlights public demands, competencies and the constant growth of the working industry, vibrant reporting, or high data protection services while analyzing market information about the Health Insurance industry. The quality of the Health Insurance market research report is at par which gains customer confidence and trust. Thus, the Health Insurance report presents an in-depth market analysis to prosper in this competitive environment.  

The global Health Insurance Market size was valued at USD 2.6 Trillion in 2021 and is expected to reach USD 3.3 Trillion by 2028, registering a CAGR of 4.4% during the forecast period of 2022-2028. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Vantage Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

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What is Health Insurance? How Big is Health Insurance Market Size?

Market Dynamics:

Driver: Increase in Adoption of Data Analytics to Fuel Global Health Insurance Market

The increasing adoption of data analytics technology is expected to fuel the growth of the Health Insurance Market during the forecast period. Data analytics delivers an untold number of benefits to health insurance industry. The health insurance industry has been gradually shifting to member-centric from product-centric, leading towards better results. With the use of customer relationship management (CRM) system in order to analyze the data collected, insurers can produce profiles of member which provide health insurance agents and representatives with all the required details of each member. Further, the information gained can deliver valuable customer service insights, which involves a deeper understanding of a customer needs, and more all of which allow for more personalized, member-centric service. Additionally, with the use of artificial intelligence, the health insurers can offer personalize coverage to the individual using chatbot technology and on-demand insurance.

Recent Developments:

March, 2022: UnitedHealth, the largest healthcare insurance company in the United States, announced that it intends to purchase LHC Group, a leader in home healthcare services, for approximately $5.4 billion.

List of Prominent Players in the Health Insurance Market:

• United Healthcare
• Aetna
• Anthem Inc.
• Aviva
• Allianz
• Centene
• Cigna
• CVS Health Corporation
• Humana
• Kaiser Foundation
• Bupa

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Key Insights and Findings from the In-depth Report:

• Life insurance is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR) in the forecast period. The market growth is attributed to benefits like permanent coverage and a guaranteed death payment increase. Life insurance gives financial assistance during emergency cases, and such reasons may further propel market growth.
• The PPO segment holds a significant market share in 2022. The market growth is attributed to factors such as it makes it easier for their patients to have well-managed healthcare plans, and provides more versatility in their schemes. It provides health plans coupled with healthcare providers and hospitals.
• The adult segment is projected to grow at a faster rate in the forecast period. The market growth is attributed to the unhealthy lifestyles of the adult population. Thus, the adult population is more susceptible to chronic diseases which necessitate long-term healthcare investment which propels the market growth.
• North America is the largest regional segment. The US and Canada are the largest consumers of Health Insurance in the North American region. Moreover, the presence of key players in the countries is further propelling the market growth in the region over the forecast period.

Segmentation of Health Insurance Market –

By Provider -(Revenue- USD Million, 2016-2028)

• Public
• Private

By Coverage Type -(Revenue- USD Million, 2016-2028)

• Life Insurance
• Term Insurance

By Health Insurance Plans -(Revenue- USD Million, 2016-2028)

• Health Maintenance Organization (HMO) plans
• Preferred Provider Organization (PPO)
• Exclusive Provider Organization (EPO)
• Point of Service (POS)
• High Deductible Health Plan (HDHP) plans

By Level of Coverage -(Revenue- USD Million, 2016-2028)

• Bronze
• Silver
• Gold
• Platinum

By Demographics -(Revenue- USD Million, 2016-2028)

• Minors
• Adults
• Seniors

By End-use -(Revenue- USD Million, 2016-2028)

• Individuals
• Corporates
• Adults

By Region- (Revenue- USD Million, 2016-2028)

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa   

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The Report Provides Insights on the Following Pointers:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the Health Insurance market.
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market.  
• Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market.
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Health Insurance Market.

Driver: Increasing Integration of Artificial Intelligence to Stimulate Market Growth

The increase in integration of artificial intelligence is anticipated to augment the growth of the Health Insurance Market within the estimated period. Artificial intelligence in insurance helps in analysing claims data through Health Risk Assessment. HRAs are evaluations that compare members against an average which will benefit the member’s health but it will also benefit the plan. Additionally, the implementation of predictive analytics models is another major big data trend taking the health insurance industry by storm. Health insurers have started to turn to predictive analytics to derive meaningful and valuable insights from big data and create more sophisticated models. Thus, owing to the benefits offered by AI technology has in turn increased the demand for Health Insurance to a considerable rate.

The report on Health Insurance Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics

Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Health Insurance Market Forecast Report (2022-2028).

Regional Analysis:

North America to Dominate the Global Health Insurance Market

North America has dominated the Global Health Insurance Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the e presence of a large number of insurance companies in the region. Furthermore, the well-developed healthcare infrastructure with all the facilities in the region along with increasing investments in healthcare is also anticipated to augment the growth of the market in the years to come.

Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rising public and private health expenditures in the region. Additionally, the increasing penetration of insurance services is also expected to support the regional growth of the market in the years to come. Further, thriving healthcare sectors along with favorable government policies in the region is also expected to support the growth of the market within the estimated timeframe.

Scope of the Report:

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