Worldwide $3+ Trillion Health Insurance Market Size is Expected to Grow at a CAGR of over 4.4% During 2022-2028 | Vantage Market Research – GlobeNewswire
WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Health Insurance Market finds that the increase in adoption of data analytics is expediting market growth. Primarily driven by rising healthcare expenditure the Global Market is expected to witness a sustainable growth.
The total Global Health Insurance Market is estimated to reach USD 3.3 Trillion by 2028. The market stood at a revenue of USD 2.6 Trillion in the year 2021, and expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.4%.
Furthermore, the growing prevalence of chronic diseases is also anticipated to augment the growth of the Global Health Insurance Market, states Vantage Market Research, in a report, titled “Health Insurance Market Size, Share & Trends Analysis Report by Provider (Public, Private), by Coverage Type (Life Insurance, Term Insurance), by Health Insurance Plans (Health Maintenance Organization (HMO) plans, Preferred Provider Organization (PPO) , Exclusive Provider Organization (EPO), Point of Service (POS), by Level of Coverage (Bronze, Silver, Gold, Platinum), by Demographics (Minors, Adults, Seniors), by End-use (Individuals, Corporates, Adults), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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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.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Health Insurance market is predicted to grow at a CAGR of roughly 4.4% during the forecast period.The Health Insurance market was estimated to be worth roughly USD 2.6 Trillion in 2021 and is expected to reach USD 3.3 Trillion by 2028; based on primary research.On the basis of region, North America is projected to dominate the worldwide Health Insurance market.
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Segmentation of Health Insurance Market –
By Provider -(Revenue- USD Million, 2016-2028)
By Coverage Type -(Revenue- USD Million, 2016-2028)
Life InsuranceTerm Insurance
By Health Insurance Plans -(Revenue- USD Million, 2016-2028)
Health Maintenance Organization (HMO) plansPreferred 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)
By Demographics -(Revenue- USD Million, 2016-2028)
By End-use -(Revenue- USD Million, 2016-2028)
IndividualsCorporatesAdults
By Region- (Revenue- USD Million, 2016-2028)
North America-
Europe-
GermanyThe UKFranceItalySpainRest of Europe
Asia-Pacific-
ChinaJapanIndiaSouth KoreaSouth East AsiaRest of Asia Pacific
Latin America-
BrazilArgentinaRest of Latin America
Middle East & Africa-
GCC CountriesSouth AfricaRest of Middle East and Africa
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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.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021Key Strategies Undertaken by Companies to Tackle COVID-19Long Term DynamicsShort Term Dynamics
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The report on Health Insurance Market highlights:
Assessment of the marketPremium InsightsCompetitive LandscapeCOVID Impact AnalysisHistoric Data, Estimates and ForecastCompany ProfilesGlobal and Regional Dynamics
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.
List of Prominent Players in the Health Insurance Market:
United HealthcareAetnaAnthem Inc.AvivaAllianzCenteneCignaCVS Health CorporationHumanaKaiser FoundationBupa
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on “Health Insurance Market Size, Share & Trends Analysis Report by Provider (Public, Private), by Coverage Type (Life Insurance, Term Insurance), by Health Insurance Plans (Health Maintenance Organization (HMO) plans, Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), Point of Service (POS), by Level of Coverage (Bronze, Silver, Gold, Platinum), by Demographics (Minors, Adults, Seniors), by End-use (Individuals, Corporates, Adults), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/health-insurance-market-032551
Key questions answered in the report:
Which regional market will show the highest and rapid growth?Which are the top five players of the Health Insurance Market?How will the Health Insurance Market change in the upcoming six years?Which application and product will take a lion’s share of the Health Insurance Market? What is the Health Insurance market drivers and restrictions? What will be the CAGR and size of the Health Insurance Market throughout the forecast period?
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.
This market titled “Health Insurance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
ParameterDetailsMarket Size Provided for Years2016-2028Base Year2021Historic Years2016-2020Forecast Years2022-2028Segments Covered • Provider
• Public
• Private
• Coverage Type
• Life Insurance
• Term Insurance
• Health Insurance Plans
• Health Maintenance Organization (HMO) plans
• Preferred Provider Organization (PPO)
• Exclusive Provider Organization (EPO)
• Point of Service (POS)
• High Deductible Health Plan (HDHP) plans
• Level of Coverage
• Bronze
• Silver
• Gold
• Platinum
• Demographics
• Minors
• Adults
• Seniors
• End-use
• Individuals
• Corporates
• Adults
• Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & AfricaRegion & Counties Covered • North America
• U.S.
• Canada
• Mexico
• Europe
• U.K
• France
• Germany
• 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 & AfricaCompanies Covered • United Healthcare
• Aetna
• Anthem Inc.
• Aviva
• Allianz
• Centene
• Cigna
• CVS Health Corporation
• Humana
• Kaiser Foundation
• BupaReport CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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