Healthcare Insurance Market (By Provider: Public and Private; Coverage Type: Term Insurance and Life-Time Coverage; Provider Type: Point of Service, Preferred Provider Organizations, Exclusive Provider Organizations, and Health Maintenance Organizations) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030
The global healthcare insurance market was estimated at USD 1,899 billion in 2021 and is expected to reach USD 3,948.7 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.6% during the forecast period 2021 to 2030.
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The global healthcare insurance market is primarily driven by various factors such as the rising prevalence of chronic diseases, high healthcare costs, increased disposable income, constant new product launches by the numerous players, rising awareness regarding health insurance, and improved services related to claim settlement. The rising prevalence of various chronic diseases and the associated costs of treatment is major factors that compel people to opt for healthcare insurance. The major diseases and health risks that are covered under healthcare insurance include road accidents, cancer, HIV, diabetes, and heart ailments to name a few. According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer-related deaths were reported in the year 2020, across the globe. According to the World Health Organization, diabetes is a major cause of blindness, kidney failure, heart attacks, and strokes. According to the WHO, road accidents are the major cause of death among children and young adults, aged 5 years to 29 years. All these health risks are the major drivers of the healthcare insurance market.
The global healthcare insurance market is highly fragmented owing to the presence of a huge number of market players. Therefore, the various developmental strategies adopted by them such as mergers, acquisitions, and new product launches significantly impact the market as there are constant strategies undertaken by the players. The development of various treatments and drugs for curing chronic diseases such as cancer, diabetes, and cardiovascular ailments is expected to drive the healthcare insurance market. The various latest and innovative treatments involve high cost and hence people who are aware of such latest treatments tend to buy a healthcare insurance policy.
The recent outbreak and rapid spread of the COVID-19 virus in 2020 had positively impacted the sales of the health insurance policies. According to Policybazaar.com, an online portal for all types of insurance products, it sold one million insurance policies between April and December in 2020. The COVID-19 pandemic had made people realize the importance of having a health insurance policy, as the treatment costs of COVID-19 were extremely high in the private hospitals in India.
Report Highlights | Details |
Market Size in 2023 | USD 2,026.20 Billion |
Market Size by 2030 | USD 3,948.7 Billion |
Growth Rate from 2021 to 2030 | CAGR of 7.6% |
Largest Market | North America |
Base Year | 2021 |
Forecast Period | 2021 to 2030 |
Segments Covered | Provider Type, Coverage Type, Health Insurance Plans Type, End-Use Type, Level of Coverage Type, Demographics Type |
Regional Scope |
|
Companies Mentioned | Aetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI, Aviva, AXA, Cigna, Ping An Insurance (Group), UnitedHealth Group, Zurich. |
Based on the provider, the public segment accounted 56% revenue share in 2020 and is estimated to sustain its dominance during the forecast period. This is attributed to the increased public confidence and trust because the government itself acts as the main insurer and the provider of the services relating to healthcare. For instance, LIC Corporation in India and Medicare of the Federal government in US. Furthermore, public health insurance companies offers safety and operates at low cost.
On the other hand, the private segment is estimated to be the most opportunistic segment during the forecast period. The private players are coming up with improved healthcare services and premium options for the customers. Moreover, certain inefficiencies associated with the public sector healthcare insurance companies are overcome by the private market players, and hence is gaining more attention in the market. Moreover, they offer higher benefits as compared to that of the public segment.
Based on coverage type, the life-time coverage segment accounted for more than 52% of the market share. People chooses a life insurance policy as an investment option that also has huge tax-saving benefits. Moreover, the availability of wider variations of life insurance policies offered by the various market players serves the wider range of customers with different needs.
On the other hand, the term insurance segment is expected to show highest CAGR during the forecast period. This is attributed to the availability of huge benefits at low cost to the customers. It includes healthcare insurance plans that mainly covers the treatment costs at healthcare units. Therefore, rising prevalence of various chronic disease is the major driver of this segment. This also provides safety and helps the customers to safeguard their medical expenses.
Based on provider type, the preferred provider organizations segment accounted for over 26% of the market share in 2020. The availability of large variety of insurance plans that offers huge number of options regarding the hospitals and doctors to choose from. The customers or the insurance policy holders have full independence of choosing his doctor or hospital.
The point of sale segment is estimated to be the most opportunistic segment during the forecast period. This is mainly attributed to the characteristics of the point of sale segment. It is a combination of both health maintenance organization and preferred provider organization and hence it enjoys the befit of both.
Based on region, North America accounted for 42% of revenue share in 2020 and is estimated to sustain its dominance during the forecast period. North America is characterized by increased awareness regarding the benefits of healthcare insurance, increased disposable income, increased prevalence of diseases, growing geriatric population, increased demand for the latest surgeries and drugs, and increased expenditure on healthcare. All these factors has augmented the growth of the market in this region.
On the other hand, Asia Pacific is projected to reach 9.1% of CAGR during the forecast period. The presence of huge population, rising disposable income, increasing awareness regarding the benefits of insurance policies, rising number of road accidents, and growing desire to invest in a less risky field. Asia Pacific healthcare insurance market is highly fragmented with the presence of huge number of players that have a positive impact on the market growth, is contributing towards the market growth.
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In June 2018, UniCredit and the Allianz Group entered into a partnership agreement in Europe that aimed at combining the Allianz’s insurance expertise with UniCredit’s banking franchise.
The various developmental strategies like mergers, acquisitions, and partnerships fosters market growth and offers lucrative growth opportunities to the market players.
Segments Covered in the Report
By Provider Type
By Coverage Type
By Health Insurance Plans Type
By End-use Type
By Level of Coverage Type
By Demographics Type
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Healthcare Insurance Market, By Provider Type
7.1. Healthcare Insurance Market, by Provider Type, 2021-2030
7.1.1. Public
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Private
7.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Healthcare Insurance Market, By Coverage Type
8.1. Healthcare Insurance Market, by Coverage Type, 2021-2030
8.1.1. Term Insurance
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Life-time Coverage
8.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Healthcare Insurance Market, By Health Insurance Plans Type
9.1. Healthcare Insurance Market, by Health Insurance Plans Type, 2021-2030
9.1.1. Point of Service
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Preferred Provider Organizations
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Exclusive Provider Organizations
9.1.3.1. Market Revenue and Forecast (2019-2030)
9.1.4. Health Maintenance Organizations
9.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Healthcare Insurance Market, By End-use Type
10.1. Healthcare Insurance Market, by End-use Type, 2021-2030
10.1.1. Individuals
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Corporates
10.1.2.1. Market Revenue and Forecast (2019-2030)
10.1.3. Adults
10.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Healthcare Insurance Market, By Level of Coverage Type
11.1. Healthcare Insurance Market, by Level of Coverage Type, 2021-2030
11.1.1. Bronze
11.1.1.1. Market Revenue and Forecast (2019-2030)
11.1.2. Silver
11.1.2.1. Market Revenue and Forecast (2019-2030)
11.1.3. Gold
11.1.3.1. Market Revenue and Forecast (2019-2030)
11.1.4. Platinum
11.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 12. Global Healthcare Insurance Market, By Demographics Type
12.1. Healthcare Insurance Market, by Demographics Type, 2021-2030
12.1.1. Minors
12.1.1.1. Market Revenue and Forecast (2019-2030)
12.1.2. Adults
12.1.2.1. Market Revenue and Forecast (2019-2030)
12.1.3. Seniors
12.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 13. Global Healthcare Insurance Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.1.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.1.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.1.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.1.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.1.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.1.7. U.S.
13.1.7.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.1.7.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.1.7.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.1.7.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.1.7.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.1.7.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.1.8.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.1.8.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.1.8.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.1.8.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.1.8.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.2.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.2.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.2.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.2.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.2.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.2.7. UK
13.2.7.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.2.7.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.2.7.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.2.7.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.2.7.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.2.7.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.2.8. Germany
13.2.8.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.2.8.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.2.8.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.2.8.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.2.8.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.2.8.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.2.9. France
13.2.9.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.2.9.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.2.9.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.2.9.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.2.9.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.2.9.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.2.10. Rest of Europe
13.2.10.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.2.10.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.2.10.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.2.10.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.2.10.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.2.10.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.3.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.3.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.3.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.3.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.3.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.3.7. India
13.3.7.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.3.7.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.3.7.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.3.7.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.3.7.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.3.7.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.3.8.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.3.8.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.3.8.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.3.8.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.3.8.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.3.9. Japan
13.3.9.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.3.9.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.3.9.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.3.9.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.3.9.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.3.9.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.3.10. Rest of APAC
13.3.10.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.3.10.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.3.10.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.3.10.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.3.10.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.3.10.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.4.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.4.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.4.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.4.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.4.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.4.7. GCC
13.4.7.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.4.7.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.4.7.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.4.7.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.4.7.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.4.7.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.4.8.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.4.8.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.4.8.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.4.8.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.4.8.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.4.9. South Africa
13.4.9.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.4.9.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.4.9.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.4.9.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.4.9.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.4.9.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.4.10. Rest of MEA
13.4.10.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.4.10.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.4.10.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.4.10.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.4.10.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.4.10.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.5.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.5.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.5.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.5.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.5.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.5.7. Brazil
13.5.7.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.5.7.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.5.7.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.5.7.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.5.7.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.5.7.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Provider Type (2019-2030)
13.5.8.2. Market Revenue and Forecast, by Coverage Type (2019-2030)
13.5.8.3. Market Revenue and Forecast, by Health Insurance Plans Type (2019-2030)
13.5.8.4. Market Revenue and Forecast, by End-use Type (2019-2030)
13.5.8.5. Market Revenue and Forecast, by Level of Coverage Type (2019-2030)
13.5.8.6. Market Revenue and Forecast, by Demographics Type (2019-2030)
Chapter 14. Company Profiles
14.1. Aetna Inc.
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. AIA Group Limited
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. Allianz
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. ASSICURAZIONI GENERALI
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Aviva
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. AXA
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Cigna
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Ping An Insurance (Group)
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. UnitedHealth Group
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. Zurich
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
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