Healthcare Insurance Market Size and Forecast Report 2024
The global healthcare insurance market is projected to contribute a revenue of $2.2 trillion by 2024, witnessing a CAGR of 4.3% during the forecast period (2019–2024).
Increasing prevalence of chronic diseases, rising geriatric population, growing GDP and healthcare expenditure, and high medical costs are driving the progress of the sector. Healthcare insurance is a kind of insurance that covers surgical and medical expenses, which is directly paid to healthcare providers for the treatment of an insured individual. The policy holder can pay the premium monthly or annually on their discretion.
The global healthcare insurance market is projected to contribute a revenue of $2.2 trillion by 2024, witnessing a CAGR of 4.3% during the forecast period (2019–2024).
Increasing prevalence of chronic diseases, rising geriatric population, growing GDP and healthcare expenditure, and high medical costs are driving the progress of the sector. Healthcare insurance is a kind of insurance that covers surgical and medical expenses, which is directly paid to healthcare providers for the treatment of an insured individual. The policy holder can pay the premium monthly or annually on their discretion.
Healthcare Insurance Market Size to Reach $2.2 Trillion by 2024 www.psmarketresearch.com
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<strong>Healthcare</strong> <strong>Insurance</strong> <strong>Market</strong><br />
<strong>Size</strong> to Reach $2.2 Trillion by<br />
<strong>2024</strong><br />
www.psmarketresearch.com
<strong>Healthcare</strong> <strong>Insurance</strong> <strong>Market</strong><br />
<strong>Healthcare</strong> insurance market is expected to generate a revenue of $2.2 trillion by <strong>2024</strong>,<br />
advancing at a CAGR of 4.3% during the forecast period, the market is driven by rising prevalence<br />
of chronic diseases, growing geriatric population, increasing healthcare expenditure, <strong>and</strong> high<br />
medical costs, globally.<br />
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<strong>Healthcare</strong> <strong>Insurance</strong> <strong>Market</strong><br />
Term <strong>and</strong> lifetime are the two types of coverage available in the healthcare insurance market.<br />
Term coverage category is estimated to dominate the market, contributing 76.5% share to the<br />
overall market in 2018. This can be attributed to several advantages associated with this category,<br />
such as low cost of premiums, receipt of a lump sum amount at the end of the term, <strong>and</strong><br />
increasing awareness about the benefits of health insurance among the global population.<br />
The service provider segment is categorized into public <strong>and</strong> private service providers. Public<br />
service provider is the leading category in the healthcare insurance market. The category is<br />
estimated to generate revenue of around $0.9 trillion in 2018 <strong>and</strong> is expected to reach $1.2 trillion<br />
by <strong>2024</strong>, progressing at a CAGR of 4.1%. However, private service provider category is predicted to<br />
witness faster growth in the market, advancing at a CAGR of 4.7% during the forecast period.<br />
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<strong>Healthcare</strong> <strong>Insurance</strong> <strong>Market</strong><br />
Globally, the healthcare insurance market is expected to witness the fastest growth in APAC,<br />
progressing at a CAGR of 5.7% during the period 2019–<strong>2024</strong>. The APAC market is projected to<br />
generate approximately $0.5 trillion revenue by <strong>2024</strong>. This growth is mainly led by exp<strong>and</strong>ing<br />
healthcare industry, increasing healthcare awareness, <strong>and</strong> surging prevalence of chronic ailments<br />
in the region. Increasing medical tourism industry is also supporting the growth of the market in<br />
APAC.<br />
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<strong>Healthcare</strong> <strong>Insurance</strong> <strong>Market</strong><br />
Globally, the healthcare insurance market is witnessing rapid evolution with a substantial increase in the<br />
number of product launches <strong>and</strong> expansion. For instance, in January 2019, Aviva plc launched a new<br />
approach for its midmarket clients so as to exp<strong>and</strong> its corporate level services <strong>and</strong> customer level<br />
underwriting. This approach is advocated by technological advancements, <strong>and</strong> helps in exp<strong>and</strong>ing the<br />
network of specialists. Similarly, in financial year 2017–2018, Apollo Munich Health <strong>Insurance</strong> Company,<br />
headquartered in India, launched a new product called health wallet. Funds deposited in this wallet can<br />
be used by consumers for outpatient department (OPD) expenses, non-payable items under the<br />
insurance policy, <strong>and</strong> renewing the plan (up to 50% of the amount).<br />
Some of the key players operating in the global healthcare insurance market are Allianz Group, Anthem<br />
Inc., Centene Corporation, Kaiser Permanente, Cigna Corporation, Gulf <strong>Insurance</strong> Group, International<br />
Medical Group Inc., Zurich <strong>Insurance</strong> Group, <strong>and</strong> Aetna Inc.<br />
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