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Nov, 27 2023

Empower Your Health: Seamless Coverage Management and Wellness Boost with Innovative Insurance Apps

Health insurance applications bring convenience and efficiency to the management of insurance policies. These digital platforms offer policyholders instant access to their coverage details, facilitate streamlined claims submission and processing, and provide digital ID cards for easy proof of insurance. The apps often include additional features such as health and wellness programs, communication alerts, and tools for estimating healthcare costs. Policyholders can customize their coverage, receive real-time updates, and benefit from enhanced security measures to protect their sensitive information. Overall, health insurance applications contribute to a more accessible, user-friendly, and transparent experience, fostering better communication between insurers and policyholders while encouraging proactive healthcare management.

According to Data Bridge Market Research analyses, the Global Health Insurance Market, which was USD 1,855.30 billion in 2022, is expected to reach USD 2,658.69 billion by 2030, and is expected to undergo a CAGR of 4.6% during the forecast period.  

"Rise in Costs of Medical Services Boosts the Market Growth"

The escalating costs of medical services, including surgeries, hospital stays, and various medical treatments, have become a global financial crisis, prompting a surge in demand for health insurance. As medical expenses continue to rise, health insurance plays a crucial role in providing financial protection to individuals facing potential financial hardships due to illness or accidents. The concept of risk mitigation through the pooling of resources in health insurance becomes increasingly vital as healthcare costs soar, ensuring the sustainability of the insurance market. The heightened awareness of the financial risks associated with healthcare, coupled with the growing demand for protection against these risks, further propels the expansion of the health insurance market, making it a key driver in managing the escalating expenses of medical services.

What restraints the growth of global health insurance market?

“Limited Awareness of Health Insurance Restrains the Market Growth”

The limited awareness about the benefits of health insurance acts as a significant impediment to the growth of the health insurance market. Despite substantial progress in healthcare, a considerable portion of the global population remains uninformed about the protective and financial advantages of health insurance policies. The rising complexity and costs of medical services, driven by technological advancements, underscore the need for comprehensive coverage. However, the lack of awareness hampers the widespread adoption of health insurance, as individuals may not fully comprehend the financial protection, access to diverse healthcare services, and risk mitigation aspects that these policies provide.

Segmentation: Global Health Insurance Market

The health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel.

  • On the basis of type, the global health insurance market is segmented into product, and solutions
  • on the basis of services, the global health insurance market is segmented into inpatient treatment, outpatient treatment, medical assistance, and others
  • On the basis of level of coverage, the global health insurance market is segmented into bronze, silver, gold, and platinum
  • On the basis of service provider, the global health insurance market is segmented into public health insurance providers, and private health insurance providers
  • On the basis of health insurance plan, the global health insurance market is segmented into (point of service (POS), exclusive provider organization (epos), indemnity health insurance, health savings account (HSA), qualified small employer health reimbursement arrangements (QSEHRAS), preferred provider organization (PPO), health maintenance organization (HMO), and others
  • On the basis of demographics, the global health insurance market is segmented into adults, minors, and senior citizens
  • On the basis of coverage type, the global health insurance market is segmented into lifetime coverage, and term coverage
  • on the basis of end-user, the global health insurance market is segmented into corporates, individuals, and others
  • On the basis of distribution channel, the global health insurance market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics, and others

Regional Insights: North America region Dominates the Global Health Insurance Market

  • North America dominates the health insurance market due to high consumer disposable income. Europe follows, experiencing growth from rising corporate demand for health insurance, driven by a focus on employee well-being and workforce productivity
  • Asia-Pacific region is expected to grow significantly from 2023 to 2030 due to increasing awareness of the benefits. Rising healthcare costs, lifestyle-related diseases, and proactive efforts by governments and insurers are driving the demand for health insurance in the region. The expanding middle class and a growing focus on health and well-being contribute to this anticipated surge in adoption

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Recent Developments in Global Health Insurance Market

  • In August 2020, International Medical Group, Inc. (IMG) unveiled an enhanced suite of products, aiding organizations in securing international travel planning. The company introduced innovative assistance services tailored to current and future travel needs, strategically navigating pandemic challenges while sustaining growth
  • In June 2021, Vitality's collaborated with Samsung U.K., integrating Samsung Health into the Vitality Programme. This partnership provides members with expanded options for activity tracking, fostering holistic health improvement. Android users can seamlessly sync their Samsung Health profiles with their Vitality Member Zone accounts, automating the recording of daily steps and heart rate activities for effortless Vitality points accumulation

The Prominent Key Players Operating in the Global Health Insurance Market Include:

  • Bupa (U.K.)
  • Now Health International (China)
  • Cigna (U.S.)
  • Aetna Inc. (U.S.)
  • AXA (France)
  • HBF Health Limited (Australia)
  • Centene Corporation (U.S.)
  • International Medical Group, Inc. (U.S.)
  • Anthem (U.S.)
  • Broadstone Corporate Benefits Limited (U.K.)
  • Allianz Care (France)
  • HealthCare International Global Network Ltd (U.K.)
  • Assicurazioni Generali S.P.A. (Italy)
  • Aviva (U.K.)
  • Vhi Group (Ireland)
  • UnitedHealth Group (U.S.)
  • MAPFRE (Spain)
  • AIA Group Limited (Hong Kong)
  • Oracle (U.S.)

Above are the key players covered in the report, to know about more and exhaustive list of global health insurance market companies contact,

Research Methodology: Global Health Insurance Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.

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