Health Insurance Market Overview
The Global Health Insurance Market is expected to grow significantly during the forecast period. Health insurance offers groups or individuals with cover for the medical costs of illness or accidents. Health insurers also provide other products, such as long-term care insurance for critical illness. It is anticipated that the market held a valuation of USD 137.4 billion in 2018 and is projected to register a CAGR of 6% during the forecast period. The increasing participation of key players is one of the key factors driving the health insurance market. For example, Reliance Health Insurance, a subsidiary of Reliance Capital, has received the necessary approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and has begun its operations from December 2018. Moreover, increasing research & development in the healthcare sector and an increase in the number of hospitals are boosting the growth of the global health insurance market.
The segmentation of the global health insurance market has been done into type, demographics, term, service providers and region. The global market for health insurance, by demographics, is segmented into minor, adult and senior citizens. According to Insurance Sweden 2017, about 643,000 employed people between the age of 16-64 had private health insurance in Sweden.
Based on type, the market is segmented into health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans and preferred provider organizations (PPOs).
Based on the period, the market is segmented into life-time coverage and term insurance. The healthcare status of the population is directly linked with the economic development of a country. According to the World Bank, the global healthcare expenditure as a percentage of GDP rose from 9.52% in 2010 to 9.9% in 2015. Factors such as the rise in disposable income and increasing per capita is expected to propel the global health insurance market.
Based on the service providers, the market is segmented into public and private. Public health insurance is further segmented into Medicare and Medicaid. The private health insurance is further segmented into primary private health insurance, duplicate private health insurance, complimentary private health insurance, supplementary private health insurance. Medicaid offers low-cost or free medical benefits to individuals with disabilities. Whereas Medicare offers medical health insurance to people under the age of 65 with certain disabilities and for an individual of any age with end-stage renal disease. The private health insurance coverage was more dominant than government coverage in the US, at 67.2 percent and 37.7 percent, respectively, in 2017.
Some of the key players in the global health insurance industry are Integra Global Health Limited (UK), Blue Cross (US), Allianz SE (Germany), William Russell (UK), International SOS (Asia), MediCare International (UK), IHI-Bupa (UK), Aetna (US), Expacare (UK), MultiNational Underwriters (US). CIGNA (US), HealthCare International (UK),
In the current scope of the study, the market has been analyzed across four global regions, namely the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The health insurance market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European health insurance market has been bifurcated into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The health insurance market in Asia-Pacific has been segregated into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The health insurance market in the Middle East & Africa has been categorized as the Middle East and Africa.
On a regional basis, the health insurance market in the Asia-Pacific is expected to be the fastest-growing during the forecast period. Growing healthcare sector and government policies related to health insurance, rise in prevalence of diseases, increasing awareness about insurances regarding health issues are driving the growth of the health insurance market in the Asia-Pacific region.
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