The global Health Insurance Market is estimated to be valued at US$ 2,602.0 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Health insurance helps provide financial security against medical, surgical, and other expenses incurred during hospitalization or medical procedures. It also covers costs associated with room rent, nursing, medicines and certain medical investigations.
Market key trends:
The introduction of new products and special health plans by key players is one of the major trends being witnessed in the health insurance market. Major players are introducing various innovative health plans catering to specific needs of customers. For instance, Aetna launched Medicare Advantage plans catering to needs of senior citizens. Similarly, Ping An launched “Health Cloud” which offers one-stop healthcare services like consultation, insurance and hospital referral through digital platforms. Such new launches are fueling the growth of health insurance market.
Market key trends:
The health insurance market is witnessing increased demand for hybrid health insurance plans that provide both cashless and reimbursement options. Insurers are launching hybrid plans that cover hospitalization expenses through the cashless route and other expenses through the reimbursement route. This provides customers with increased coverage and flexibility. Another key trend is the rise in demand for family floater health insurance policies. These plans offer coverage for multiple family members at relatively lower premiums compared to individual policies.
SWOT Analysis
Strength: Presence of several major insurers with strong financials and nationwide coverage.
Weakness: High medical inflation increasing claim ratios and premium costs for insurers.
Opportunity: Untapped potential in rural areas and increasing health awareness among citizens.
Threats: Cut-throat competition reducing margins and increased regulatory framework.
Key Takeaways
The global Health Insurance Market Share size was valued at US$ 2,602.0 Mn in 2023. The market is expected to grow at a CAGR of 9.7% during the forecast period.
In terms of regional analysis, North America dominated the global health insurance market in 2023. The presence of major insurers, high healthcare spending, and focus on innovations are driving the North America market. Asia Pacific is expected to be the fastest-growing regional market between 2023 to 2030. Rapid economic growth, rising medical costs, and government initiatives are boosting the health insurance adoption in Asia Pacific countries.
Key players operating in the health insurance market are Aetna Inc., AIA Group Limited, Allianz, Assicurazioni Generali S.P.A., AVIVA, AXA, CIGNA, Ping an Insurance, and UnitedHealth Group Inc., among others. Launch of new hybrid plans, tie-ups with online aggregators, and focus on digital technologies are some of the key strategies adopted by leading players to gain an edge in this highly competitive market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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