The global healthcare insurance market is anticipated to grow at a significant CAGR of 6.4 % during the forecast period. Health insurance protects and insured individuals against financial losses arising during medical emergencies. The major factor that drives the growth of the market includes growing health awareness, and improving healthcare infrastructure across the globe. For instance, In June 2021, gross written premiums of health insurance companies in the non-life insurance sector increased by 32.25% YoY (for the FY period up to August 2021) to $ 4.04 billion, driven by rising demand for health insurance products amid the COVID-19 pandemic.
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Another factor includes, the growing cost of healthcare and high medical inflation rates are continuously growing the healthcare insurance market. For instance, as per the Pasco County Community Health Assessment 2019, Survey respondents were asked about their ability to access needed health care services. Nearly 23% reported that they did not receive needed health care in the past year due to cost or accessibility, and 30% reported the same for needed dental care. About 25% of respondents reported utilizing the emergency room in the past year, yet nearly 60% of those respondents went to the ER for non-urgent health care needs.
Additionally, the rising pervasiveness of chronic diseases is also driving the healthcare insurance market. For instance, according to national healthcare expenditure, Hospital expenditures grew 6.4% to $1,270.1 billion in 2020, slightly faster than the 6.3% growth in 2019, and Physician & clinical services expenditures grew 5.4% to $809.5 billion in 2020, faster growth than the 4.2% in 2019.
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Global Healthcare Insurance Market Segmentation
By Provider
- Private
- Public
By Time Period
- Life Time Insurance
- Term Insurance
By End-User
- Individual
- Corporate
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- AIA Group Ltd.
- Assicurazioni Generali S.p.A.
- Anthem Inc.
- Aviva Plc
- Allianz
- Berkshire Hathaway Inc.
- China Life Insurance Company
- CVS health
- Equitable Holdings Inc.
- Health Care Service Corp.
- Highmark Inc.
- International Medical Group, Inc.
- Jubilee Holdings Ltd.
- Kaiser Foundation Health Plan, Inc.
- Prudential Plc.
- United HealthCare Services, Inc.
- Zurich
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