Growing number of daycare procedures is expected to drive market growth. However, the high cost of insurance premiums is expected to restrain market growth. The advantages of health insurance policies is expected to act as opportunities for market growth. However, Lack of awareness regarding the benefits of health insurance is expected to pose a challenge to market growth.
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Data Bridge Market Research analyzes that the Europe Health Insurance Market is expected to reach EURO 706,497.32 million by 2030 from EURO 481,427.01 million in 2022, growing with a substantial CAGR of 5.1% in the forecast period of 2023 to 2030.
Key Findings of the Study
Increasing Cost of Medical Services
The Europe health insurance market saw growth due to several factors. Rising medical service costs, an increasing number of day procedures, and the mandatory requirement for health insurance in both public and private sectors were significant drivers. These factors collectively contributed to the expansion of the health insurance market in Europe.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in EURO Million
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Segments Covered
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Offering (Services and Solution), Provider (Public and Private), Level of Coverage (Bronze, Silver, Gold and Platinum), Network (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), Demographics (Adults, Minors, and Seniors), Coverage Type (Lifetime and Term), End User (Corporate and Individual), Distribution Channel (Direct Sales, Financial Institutions, E-Commerce, Hospitals, Clinics and Others)
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Countries Covered
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U.K., Germany, France, Russia, Italy, Spain, Netherlands, Poland, Switzerland, Belgium, Sweden, Turkey, Denmark, Norway, Finland and Rest of Europe
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Market Players Covered
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Aetna Inc . (A Subsidiary of CVS Health) (U.S.), UNITEDHEALTH GROUP (U.S.), AXA (France), Bupa (U.K.), ASSICURAZIONI GENERALI S.P.A. (Italy), Allianz Care (A subsidiary of Allianz) (France), Cigna (U.S.), Aviva (U.K.), VHI Group (Ireland), Vitality (U.K.), Oracle (U.S.), MAPFRE (Spain), Saga (U.K.), International Medical Group Inc. (U.S.), Broadstone Corporate Benefits Limited (U.K.), General and Medical Finance Ltd (U.K.), Healthcare International Global Network Ltd. (U.K.), Now Health International (Hong Kong), Freedom Health Insurance (U.K.) and among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis
Europe health insurance is segmented into eight notable segments based on offering, provider, coverage, network, demographics, coverage type, end use and distribution channel.
- On the basis of offering, the market is segmented into services and solution.
In 2023, services segment is expected to dominate the Europe health insurance market
In 2023, services segment is expected to dominate the market with a market share of 57.67% as health insurance market heavily depend on services such as inpatient treatment, outpatient treatment, medical assurance offered by insurance providers.
- On the basis of provider, the market is segmented into public and private. In 2023, public segment is expected to dominate the market with a market share of 63.34%.
- On the basis of level of coverage, the market is segmented into bronze, silver, gold and platinum.
In 2023, bronze segment is expected to dominate the Europe health insurance market
In 2023, bronze segment is expected to dominate the market with a market share of 43.90% owing to its advantages such as growing adoption of this term plan in mid-class all over the world.
- On the basis of network, the 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). In 2023, the point of service (POS) segment is expected to dominate the market with a market share of 37.05%.
- On the basis of demographics, the market is segmented into adults, minors, and seniors. In 2023, adults segment is expected to dominate the market with a market share of 56.39%.
- On the basis of coverage type, the market is segmented into lifetime and term. In 2023, lifetime segment is expected to dominate the market with a market share of 64.07%.
- On the basis of end use, the market is segmented into corporate and individual. In 2023, corporate segment is expected to dominate the market with a market share of 77.49%.
- On the basis of distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics and others. In 2023, the direct sales segment is expected to dominate the market with a market share of 53.51%.
Major Players
Data Bridge Market Research analyzes Aetna Inc. (A Subsidiary of CVS Health) (U.S.), UNITEDHEALTH GROUP (U.S.), AXA (France), Bupa (U.K.), ASSICURAZIONI GENERALI S.P.A. (Italy), are the major market players in the Europe health insurance market.
Market Developments
- In August 2023, AXA declared an agreement to acquire Laya Healthcare Limited (“Laya”) from Corebridge Financial Inc., a subsidiary of AIG.
- In February 2022, UnitedHealth Group launched digital resources, in collaboration with Quip, to help improve dental care.
- In August 2022, Bupa partnered with Willis Towers Watson, securing access to the cutting-edge Radar Live platform This platform employed advanced analytics and market-leading modeling techniques to determine health insurance premiums in real-time.
- In February 2022, Assicuranzioni Generali S.P.A. signed an agreement for the acquisition of La Médicale, which is an insurance company for healthcare professionals.
- In May 2021, Aetna Inc. won ‘Best Individual International Healthcare Provider’ at the UK Health & Protection Awards for the first time.
Regional Analysis
Geographically, the countries covered in the Europe health insurance market report are U.K., Germany, France, Russia, Italy, Spain, Netherlands, Poland, Switzerland, Belgium, Sweden, Turkey, Denmark, Norway, Finland and Rest of Europe.
As per Data Bridge Market Research analysis:
U.K. is expected to be the dominating and is the fastest-growing region in the Europe health insurance market during forecast period of 2023-2030
U.K. is expected to dominate the market due to the high disposable income of consumers.
For more detailed information about the Europe health insurance market report, click here – https://www.databridgemarketresearch.com/reports/europe-health-insurance-market
