Health Insurance Market Size, Share, Trends, Demand, Growth 2023-28

by Zayn Mathew Market Research Reports

According to the latest report by IMARC Group “Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global health insurance market reached a value of US$ 2,599.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,599.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.11% during 2023-2028.

Health insurance refers to a type of insurance that periodically charges a predefined amount from the individual and pays for medical and surgical expenses incurred by the policyholder in case of a medical emergency. A health insurance plan usually covers services such as diagnosis and treatment for chronic ailments, psychiatric care, emergency evacuation, in-patient and out-patient treatment, maternity, dental care, etc. Nowadays, several health insurance companies offer health coverage, wherein medical supervision is provided at home for specific ailments.

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Market Trends:

The rising costs of healthcare services, along with the increasing prevalence of cancer, stroke, kidney failure, etc., are primarily driving the demand for health insurance policies. Moreover, the governing agencies across several countries have launched regulatory norms that mandate employers to provide health insurance to their employees. Besides this, with the sudden outbreak of COVID-19, there is an escalating demand for health insurance coverage, which in turn is propelling the market on a global level. Other factors, like growing health awareness, improving healthcare infrastructures, and reduced hassle in insurance claiming process, will continue to further augment the market for health insurance policies in the coming years.

Breakup by Provider:

Private Providers
Public Providers

Breakup by Type:

Life-Time Coverage
Term Insurance

Breakup by Plan Type:

Medical Insurance
Critical Illness Insurance
Family Floater Health Insurance
Others

Breakup by Demographics:

Minor
Adults
Senior Citizen

Breakup by Provider Type:

Preferred Provider Organizations (PPOs)
Point of Service (POS)
Health Maintenance Organizations (HMOs)
Exclusive Provider Organizations (EPOs)

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Aetna Inc. (CVS Health Corporation)
AIA Group Limited
Allianz SE
Aviva Plc
Berkshire Hathaway Inc.
Cigna Corporation
International Medical Group Inc. (Sirius International Insurance Group Ltd.)
Prudential Plc
United Health Group Inc.
Zurich Insurance Group AG.

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