Health Insurance Market - By Service Provider (Private, Public), By Type (Hospitalization Insurance, Critical Illness Insurance, Medical Insurance), By Network Provider (Health Maintenance Organization, Exclusive Provider Organization), By Age-group (Minors, Adults, Senior Citizens), By Time Period (Life Insurance, Term Insurance) & Forecast, 2023 – 2032

Health Insurance Market - By Service Provider (Private, Public), By Type (Hospitalization Insurance, Critical Illness Insurance, Medical Insurance), By Network Provider (Health Maintenance Organization, Exclusive Provider Organization), By Age-group (Minors, Adults, Senior Citizens), By Time Period (Life Insurance, Term Insurance) & Forecast, 2023 – 2032

Health Insurance Market Size

Health Insurance Market size crossed USD 3 trillion in 2022 and will see a 5.5% CAGR from 2023-2032. Growing healthcare expenditure and the rising GDP worldwide will have a positive impact on industry outlook.
 

Expanding geriatric population is responsible for the rising disease burden worldwide with an expanding patient pool suffering from chronic illnesses. The elderly community falls under the underproductive section of the population, making it more difficult to afford extensive medical care. As a result, insurers are introducing supportive policies to cater to the geriatrics, which may create lucrative growth opportunities.

Stringent regulations and longer claim reimbursement times are some of the major roadblocks to health insurance industry development. In addition, insurance companies delay or reject applications that are raised too late by patients. For instance, certain health policies offered by some insurance firms require the payer to inform 3 days prior to any surgery or hospitalization in order to claim a reimbursement in time. Such strict regulations are posing a challenge for both insurance providers as well as payers.
 

Health Insurance Market Analysis

Critical illness health insurance market size is poised to surpass USD 2 trillion by 2032. Critical illness insurance is very beneficial as they provide coverage for an array of life-threatening diseases such as cancer, stroke, heart attack, and renal failure. As per the Nation Cancer Registry Program of ICMR, cancer incidences in India surged from more than 1.3 million in 2020 to over 1.4 million in 2022. Critical illnesses require extensive care with multiple hospital visits and hefty expenditure on treatment services. Insurance programs for such ailments not only cover hospitalization expenses, but also help patients pay for doctor visits, medical bills, and more, which may create a favorable environment for market progress.
 

Health insurance market valuation from public service providers is set to reach over USD 3 trillion by 2032. Public insurance supports patients that fall under low- and middle-income groups to cater to a demographic with unmet medical needs. These policies help minimize out-of-pocket expenditure on healthcare services. Several governments worldwide across Germany, the U.S., and India are introducing extensive health insurance programs to provide the geriatric population and groups with low disposable income access to healthcare services.
 

Health insurance market from the senior citizens age group will register over 3.5% CAGR from 2023-2032. Senior citizens are more prone to chronic illnesses and aging-related disorders, resulting in significant healthcare expenditures. However, since they cannot afford out-of-pocket expenses, the geriatric population relies on health insurance policies to cover their medical bills. These policies provides them access to free annual check-ups along with benefits such as coverage inclusive of outpatient services, and no medical screening before buying insurance plans.
 

North America held a 34% share of the health insurance market in 2022. North America is set to emerge as a key hub for health insurance due to the massive healthcare expenditure in countries such as the U.S., and Canada. Additionally, hefty investments in healthcare infrastructure and government-backed initiatives focusing on the development of more inclusive insurance programs are aiding industry expansion across the region.
 

Health Insurance Market Share

Some of the key companies include

• Aetna
• Anthem Health Insurance
• Centene
• Cigna Corporation
• HCSC
• Highmark Inc
• Jubliee Holding Limited
• Kaiser Permanente
• Ottonova,
• United Healthcare.
   

Recent Developments

• February 2023Cigna Worldwide Insurance Company became the first international insurance provider to get a branch license from the Saudi Central Bank (SAMA), allowing the firm to operate in the Kingdom of Saudi Araba.
   

The health insurance market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032, for the following segments

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By Service Provider

• Private
• Public

By Type

• Hospitalization Insurance
• Critical Illness Insurance
• Income Protection Insurance
• Medical Insurance

By Network Provider

• Health Maintenance Organization [HMO]
• Preferred Provider Organization [PPO]
• Exclusive Provider Organization [EPO]
• Others

By Age-group

• Minors
• Adults
• Senior Citizens

By Time Period

• Life Insurance
• Term Insurance

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • Netherlands
  • Switzerland
  • Rest of Europe
• Asia Pacific
  • Japan
  • India
  • China
  • Australia
  • South Korea
  • Indonesia
  • Thailand
  • Vietnam
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Columbia
  • Peru
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Iran
  • Egypt
  • Israel
  • Rest of MEA