The global health insurance market size was USD 2.33 trillion in 2023, estimated at USD 2.50 trillion in 2024 and is anticipated to reach around USD 5.12 trillion by 2034, expanding at a CAGR of 7.42% from 2024 to 2034.
The global health insurance market size was USD 2.33 trillion in 2023, estimated at USD 2.50 trillion in 2024 and is anticipated to reach around USD 5.12 trillion by 2034, expanding at a CAGR of 7.42% from 2024 to 2034.
Access our Healthcare Data Intelligence Tool with 10000+ Database, Visit: Towards Healthcare
The U.S. health insurance market size was estimated at USD 570.85 billion in 2023 and is predicted to be worth around USD 1,264.33 billion by 2034, at a CAGR of 8% from 2024 to 2034.
North America led the global health insurance market in 2023. The market size of North America region was USD 800 billion in 2023. The higher penetration of the health insurance in North America has led to the growth of this segment. The healthcare costs and expenditure are very high in North America. In fact, most of the people depend on the reimbursements for receiving the treatments. Furthermore, the prevalence of chronic diseases is very high in the major market like U.S. It is estimated that approximately 60% of the U.S. population is suffering from one or more chronic conditions. The availability of advanced healthcare infrastructure and improved access to the advanced healthcare facilities are the major factors behind the high healthcare costs. The increased awareness among the population regarding the benefits of insurance policies and the high literacy rate in the region are the prominent factors behind the rapid growth of the health insurance market.
Asia Pacific is expected to exhibit the highest growth rate during the forecast period. The Asia Pacific region is the home to the world’s largest population. The rapid urbanization and growing penetration of the insurance companies is fueling the market growth. The changing lifestyle of the consumers, unhealthy eating habits, and rising obesity are the major factors behind the growing prevalence of chronic diseases in the region. The rising disposable income, improving access to the internet, rising literacy rates, increasing investments on the development of advanced healthcare infrastructure, and rising awareness regarding the health insurances among the population are the most prominent factors that are expected to drive the growth of the Asia Pacific health insurance market in the forthcoming years.
The health insurance market is anticipated to witness rapid growth owing to the rising burden of diseases and growing geriatric population across the globe. The prevalence of various chronic diseases such as cardiovascular diseases, respiratory diseases, neurological diseases, cancer, musculoskeletal diseases, and diabetes is rising at a significant pace across the globe. The growing awareness among the population regarding the financial benefits of having health insurance is expected to drive the growth of the global health insurance market.
According to the GLOBOCAN report by 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. Cardiovascular diseases are the leading cause of deaths across the globe that accounted for 32% of the global death, as per the World Health Organization.
The rising obesity, physical inactivity, increased consumption of tobacco and sugar, increasing prevalence of smoking, and unhealthy food habits are the major causes behind the surging burden of chronic diseases across the globe. The cost of treatment is expensive and it can drain all the savings of an individual. Therefore, the rising financial literacy among the modern people and the easy availability of various types of health insurance providers are the significant factors behind the burgeoning demand for the health insurance.
| Report Coverage | Details |
| Market Size in 2023 | USD 2.33 Trillion |
| Market Size in 2023 | USD 2.50 Trillion |
| Market Size by 2034 | USD 5.12 Trillion |
| Market Growth Rate from 2024 to 2034 | CAGR of 7.42% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | By Provider, By Coverage Type, By Network Provider, By Plan Type,By Age Group, and By Distribution Channel |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
By provider, the public provider was the leading segment in the global health insurance market in 2023. In case of the public provider, the government act as the major insurance provider and the increased public trust and confidence on the government bodies regarding their funds is a prominent driver of the public provider segment. For instance, MEDICARE and MEDICAID services of the US Federal government and the Life Insurance Corporation of India are the well-known public providers of health insurance. Moreover, the regulatory changes regarding the reimbursement policies pertaining to the services acquired from the telehealth platforms is expected to foster the growth of the public provider segment in the forthcoming future.
The private provider is anticipated to exhibit the highest CAGR during the forecast period. The global health insurance market is flooded by the presence of numerous top global and domestic players. The aggressive marketing strategies and lucrative offers provided by them is gaining consumer attention rapidly. Furthermore, the rising adoption of digital technologies and adoption of hassle-free settlement procedures are the major factors that are expected to have a significant impact on the growth of the private providers segment. Moreover, the inefficiencies and delays in procedures associated with the public providers in solved in the private providers, which are fueling the growth of this segment.
Depending on the coverage type, the lifetime coverage was the dominant segment in the global health insurance market, accounting for over 55% of the market share in 2023. The lifetime coverage health insurance is more popular among the customers owing to the tax benefits associated with it.
The term insurance is anticipated to be the fastest-growing segment during the forecast period. The low cost and a wider range of benefits associated with the term insurances is fueling the adoption of the term health insurances among the consumers across the globe. Moreover, the regular product launches with addition of new benefits gains the consumer attraction and hence this segment is expected to be the fastest-growing.
Depending on the network provider, the preferred provider organization was the leading segment that accounted for a market share of more than 27% in 2023. The preferred provider organizations have a huge variety and wider range of health insurances products to offer to the customers. It also offers choices among the hospitals and doctors to the customers. Therefore, the availability of wider range of options with the preferred provider organizations has made it the most dominating segment in the global health insurance market.
The point of sale is anticipated to be the most lucrative segment during the forecast period. The mixed features of the point of sale organizations have made it a popular choice among the customers. It includes the features of both the preferred provider organization and the health maintenance organization.
Segments Covered in the Report
By Provider
By Coverage Type
By Network Provider
By Plan Type
By Age Group
By Distribution Channel
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. Age Group Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Health Insurance Market
5.1. COVID-19 Landscape: Health Insurance Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Health Insurance Market, By Provider Type
8.1. Health Insurance Market, by Provider Type, 2024-2034
8.1.1. Public
8.1.1.1. Market Revenue and Forecast (2021-2034)
8.1.2. Private
8.1.2.1. Market Revenue and Forecast (2021-2034)
Chapter 9. Global Health Insurance Market, By Coverage Type
9.1. Health Insurance Market, by Coverage Type, 2024-2034
9.1.1. Term Insurance
9.1.1.1. Market Revenue and Forecast (2021-2034)
9.1.2. Life-time Coverage
9.1.2.1. Market Revenue and Forecast (2021-2034)
Chapter 10. Global Health Insurance Market, By Network Provider
10.1. Health Insurance Market, by Network Provider Type, 2024-2034
10.1.1. Point of Service
10.1.1.1. Market Revenue and Forecast (2021-2034)
10.1.2. Preferred Provider Organizations
10.1.2.1. Market Revenue and Forecast (2021-2034)
10.1.3. Exclusive Provider Organizations
10.1.3.1. Market Revenue and Forecast (2021-2034)
10.1.4. Health Maintenance Organizations
10.1.4.1. Market Revenue and Forecast (2021-2034)
Chapter 11. Global Health Insurance Market, By Plan Type
11.1. Health Insurance Market, by Plan Type, 2024-2034
11.1.1. Medical Insurance
11.1.1.1. Market Revenue and Forecast (2021-2034)
11.1.2. Critical Illness Insurance
11.1.2.1. Market Revenue and Forecast (2021-2034)
11.1.3. Family Floater Health Insurance
11.1.3.1. Market Revenue and Forecast (2021-2034)
11.1.4. Others
11.1.4.1. Market Revenue and Forecast (2021-2034)
Chapter 12. Global Health Insurance Market, By Distribution Channel
12.1. Health Insurance Market, by Distribution Channel, 2024-2034
12.1.1. Direst Sales
12.1.1.1. Market Revenue and Forecast (2021-2034)
12.1.2. Brokers/Agents
12.1.2.1. Market Revenue and Forecast (2021-2034)
12.1.3. Banks
12.1.3.1. Market Revenue and Forecast (2021-2034)
12.1.4. Others
12.1.4.1. Market Revenue and Forecast (2021-2034)
Chapter 13. Global Health Insurance Market, By Age Group
13.1. Health Insurance Market, by Coverage Type, 2024-2034
13.1.1. Minor
13.1.1.1. Market Revenue and Forecast (2021-2034)
13.1.2. Adults
13.1.2.1. Market Revenue and Forecast (2021-2034)
13.1.3. Senior Citizen
13.1.3.1. Market Revenue and Forecast (2021-2034)
Chapter 14. Global Health Insurance Market, Regional Estimates and Trend Forecast
14.1. North America
14.1.1. Market Revenue and Forecast, by Provider (2021-2034)
14.1.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.1.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.1.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.1.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.1.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.1.7. U.S.
14.1.7.1. Market Revenue and Forecast, by Provider (2021-2034)
14.1.7.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.1.7.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.1.7.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.1.8. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.1.8.1. Market Revenue and Forecast, by Age Group (2021-2034)
14.1.9. Rest of North America
14.1.9.1. Market Revenue and Forecast, by Provider (2021-2034)
14.1.9.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.1.9.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.1.9.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.1.10. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.1.11. Market Revenue and Forecast, by Age Group (2021-2034)
14.1.11.1.
14.2. Europe
14.2.1. Market Revenue and Forecast, by Provider (2021-2034)
14.2.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.2.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.2.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.2.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.2.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.2.7.
14.2.8. UK
14.2.8.1. Market Revenue and Forecast, by Provider (2021-2034)
14.2.8.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.2.8.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.2.9. Market Revenue and Forecast, by Plan Type (2021-2034)
14.2.10. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.2.10.1. Market Revenue and Forecast, by Age Group (2021-2034)
14.2.11. Germany
14.2.11.1. Market Revenue and Forecast, by Provider (2021-2034)
14.2.11.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.2.11.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.2.12. Market Revenue and Forecast, by Plan Type (2021-2034)
14.2.13. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.2.14. Market Revenue and Forecast, by Age Group (2021-2034)
14.2.14.1.
14.2.15. France
14.2.15.1. Market Revenue and Forecast, by Provider (2021-2034)
14.2.15.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.2.15.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.2.15.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.2.16. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.2.16.1. Market Revenue and Forecast, by Age Group (2021-2034)
14.2.17. Rest of Europe
14.2.17.1. Market Revenue and Forecast, by Provider (2021-2034)
14.2.17.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.2.17.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.2.17.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.2.18. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.2.18.1. Market Revenue and Forecast, by Age Group (2021-2034)
14.3. APAC
14.3.1. Market Revenue and Forecast, by Provider (2021-2034)
14.3.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.3.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.3.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.3.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.3.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.3.7. India
14.3.7.1. Market Revenue and Forecast, by Provider (2021-2034)
14.3.7.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.3.7.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.3.7.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.3.8. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.3.9. Market Revenue and Forecast, by Age Group (2021-2034)
14.3.10. China
14.3.10.1. Market Revenue and Forecast, by Provider (2021-2034)
14.3.10.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.3.10.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.3.10.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.3.11. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.3.11.1. Market Revenue and Forecast, by Age Group (2021-2034)
14.3.12. Japan
14.3.12.1. Market Revenue and Forecast, by Provider (2021-2034)
14.3.12.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.3.12.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.3.12.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.3.12.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.3.12.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.3.13. Rest of APAC
14.3.13.1. Market Revenue and Forecast, by Provider (2021-2034)
14.3.13.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.3.13.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.3.13.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.3.13.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.3.13.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.4. MEA
14.4.1. Market Revenue and Forecast, by Provider (2021-2034)
14.4.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.4.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.4.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.4.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.4.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.4.7. GCC
14.4.7.1. Market Revenue and Forecast, by Provider (2021-2034)
14.4.7.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.4.7.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.4.7.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.4.8. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.4.9. Market Revenue and Forecast, by Age Group (2021-2034)
14.4.10. North Africa
14.4.10.1. Market Revenue and Forecast, by Provider (2021-2034)
14.4.10.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.4.10.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.4.10.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.4.11. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.4.12. Market Revenue and Forecast, by Age Group (2021-2034)
14.4.13. South Africa
14.4.13.1. Market Revenue and Forecast, by Provider (2021-2034)
14.4.13.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.4.13.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.4.13.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.4.13.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.4.13.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.4.14. Rest of MEA
14.4.14.1. Market Revenue and Forecast, by Provider (2021-2034)
14.4.14.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.4.14.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.4.14.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.4.14.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.4.14.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.5. Latin America
14.5.1. Market Revenue and Forecast, by Provider (2021-2034)
14.5.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.5.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.5.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.5.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.5.6. Market Revenue and Forecast, by Age Group (2021-2034)
14.5.7. Brazil
14.5.7.1. Market Revenue and Forecast, by Provider (2021-2034)
14.5.7.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.5.7.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.5.7.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.5.8. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.5.8.1. Market Revenue and Forecast, by Age Group (2021-2034)
14.5.9. Rest of LATAM
14.5.9.1. Market Revenue and Forecast, by Provider (2021-2034)
14.5.9.2. Market Revenue and Forecast, by Coverage (2021-2034)
14.5.9.3. Market Revenue and Forecast, by Network Provider (2021-2034)
14.5.9.4. Market Revenue and Forecast, by Plan Type (2021-2034)
14.5.9.5. Market Revenue and Forecast, by Distribution Channel (2021-2034)
14.5.9.6. Market Revenue and Forecast, by Age Group (2021-2034)
Chapter 15. Company Profiles
15.1. Cigna Corporation
15.1.1. Company Overview
15.1.2. Product Offerings
15.1.3. Financial Performance
15.1.4. Recent Initiatives
15.2. CVS Health Corporation
15.2.1. Company Overview
15.2.2. Product Offerings
15.2.3. Financial Performance
15.2.4. Recent Initiatives
15.3. Allianz
15.3.1. Company Overview
15.3.2. Product Offerings
15.3.3. Financial Performance
15.3.4. Recent Initiatives
15.4. Centene Corporation
15.4.1. Company Overview
15.4.2. Product Offerings
15.4.3. Financial Performance
15.4.4. Recent Initiatives
15.5. United Healthcare Services, Inc.
15.5.1. Company Overview
15.5.2. Product Offerings
15.5.3. Financial Performance
15.5.4. Recent Initiatives
15.6. WellCare Health Plans, Inc.
15.6.1. Company Overview
15.6.2. Product Offerings
15.6.3. Financial Performance
15.6.4. Recent Initiatives
15.7. National Insurance Company Limited
15.7.1. Company Overview
15.7.2. Product Offerings
15.7.3. Financial Performance
15.7.4. Recent Initiatives
15.8. Bupa Global
15.8.1. Company Overview
15.8.2. Product Offerings
15.8.3. Financial Performance
15.8.4. Recent Initiatives
15.9. Humana, Inc.
15.9.1. Company Overview
15.9.2. Product Offerings
15.9.3. Financial Performance
15.9.4. Recent Initiatives
15.10. AIA Group Limited
15.10.1. Company Overview
15.10.2. Product Offerings
15.10.3. Financial Performance
15.10.4. Recent Initiatives
Chapter 16. Research Methodology
16.1. Primary Research
16.2. Secondary Research
16.3. Assumptions
Chapter 17. Appendix
17.1. About Us
17.2. Glossary of Terms
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client
Get a Sample