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Asia-Pacific Health Insurance Market – Industry Trends and Forecast to 2029

  • Healthcare
  • Published Report
  • Apr 2022
  • Asia-Pacific
  • 350 Pages
  • No of Tables: 158
  • No of Figures: 33
  • Healthcare
  • Published Report
  • Apr 2022
  • Asia-Pacific
  • 350 Pages
  • No of Tables: 158
  • No of Figures: 33

Asia-Pacific Health Insurance Market, By Type (Product, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others), Level of Coverage (Bronze, Silver, Gold, Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (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), Others), Demographics (Adults, Minors, Senior Citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, Others) Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, Others) Industry Trends and Forecast to 2029.

Asia-Pacific Health Insurance Market

Asia-Pacific Health Insurance Market Analysis and Size

A health insurance policy consists of several types of features and benefits. It provides financial coverage to policyholders against certain treatments. Health insurance policy offers advantages, including cashless hospitalization, pre-and post-hospitalization coverage, reimbursement, and various add-ons.

Health Insurance Market

asia-pacific-health-insurance-market

Increasing costs for medical services and the growing number of day-care procedures are some of the drivers boosting health insurance demand in the market. With the increasing demand for health insurance globally, major companies are expanding their product portfolios in different countries to strengthen their presence for these products and solutions in the market.

Data Bridge Market Research analyses that the Asia-Pacific health insurance market is expected to reach USD 540,143.73 million by 2029, at a CAGR of 4.1% during the forecast period of 2022-2029. "Product" accounts for the most prominent by type segment as they cover medi claim insurance, hospitalization insurance, critical illness insurance, individual coverage insurance, family floater coverage insurance, senior citizen coverage insurance, unit-linked health plans, and permanent health insurance. They cover 94.63% of insurance because it has the highest claim rate to policyholders and compensation for a covered loss or policy event. The Asia-Pacific health insurance market report also covers pricing analysis, patent analysis, and technological advancements in depth.       

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020

Quantitative Units

Revenue in USD Million, Pricing in USD

Segments Covered

Type (Product, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others), Level of Coverage (Bronze, Silver, Gold, Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (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), Others), Demographics (Adults, Minors, Senior Citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, Others) Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, Others)

Countries Covered

China, Japan, India, South Korea, Singapore, Malaysia, Australia & New Zealand, Thailand, Indonesia, Hong Kong, Taiwan, Philippines, and the Rest of the Asia-Pacific

Market Players Covered

Cigna, Bupa, Now Health International, Aetna Inc. (A subsidiary of CVS Health), AXA, HBF Health Limited, International Medical Group, Inc. (a subsidiary of Sirius Point Ltd.), Allianz Care (A subsidiary of Allianz), HealthCare International Global Network Ltd., ASSICURAZIONI GENERALI S.P.A., Aviva, MAPFRE, AIA Group Limited, Oracle, among others

Market Definition

Health insurance is a type of insurance that provides coverage for all types of surgical expenses and medical treatment incurred from the illness or injury. It applies to a comprehensive or limited range of medical services that cover the full or partial costs of specific services. It provides financial support to the policyholder as it covers all the medical expenses when the policyholder is hospitalized for treatment. It also covers pre as well as post-hospitalization expenses.

  • In the health insurance plan, several types of coverage are available: cashless or reimbursement claims. The cashless benefit is available when the policyholder takes treatment from the network hospitals of the insurance company. If the policyholder takes treatment from hospitals that are not in the list network, in that case, the policyholder meets all the medical expenses and then claims for reimbursement in the insurance company by submitting all the medical bills.

Asia-Pacific Health Insurance Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:

  • Increasing Cost of Medical Services

Health insurance provides financial support in cases of serious sickness or accident. Increasing medical services' costs for surgeries and hospital stays has created a new financial epidemic worldwide. The cost of medical services is comprised of the cost of surgery, doctor fee, hospital stay cost, cost of the emergency room, diagnostic testing cost, among others. Due to such high medical service costs, 60% of all bankruptcies are related to medical expenses, especially for those families who don't have health insurance or have limited budgets. The high cost of medical services has burdened the patients; however, health insurance provides financial support to the patients since it funds all the medical services' costs according to the terms and conditions of the insurance plan. Therefore, this increase in the cost of medical services propels the growth of the market      

  • Growing Number of Day-care Procedures

Day-care procedures are those types of medical procedure or surgery that primarily requires less stay time in the hospitals. In the day-care procedure, patients must stay in the hospital for a short period.

Most health insurance companies are now covering day-care procedures in their insurance plans. For the claim of such types of surgery, there is no compulsion to spend 24 hours in the hospital, which is the minimum stay to claim insurance.

While most health insurance plans cover hospital stays and major surgeries, the policyholders can also claim day-care procedures under their health insurance policy, which is expected to propel the market demand.

  • Mandatory Provision of Healthcare Insurance in Public and Private Sectors

Buying a healthcare insurance policy is a mandatory provision for employees in public and the private sector. Health insurance offers key medical benefits which the employee can avail of while working in a corporate. In case of any emergency or medical issues, the health insurance cover is highly useful to meet treatment expenses.

The employee's health insurance is an extended benefit the individual employer gives to their employees. The health insurance provided covers the employee and covers their family members under the same policy plan. Also, in certain cases, the employer may pay a part of a premium or insurance coverage of the health insurance policy. 

  • High Cost of Insurance Premiums

Health insurance covers all types of medical treatment costs. It provides financial support to the policyholder since it covers all the medical expenses when the policyholder is hospitalized for treatment. Health insurance also covers pre as well as post-hospitalization expenses. The policyholder has to pay insurance premiums regularly to keep the health insurance policy active to purchase health insurance. The insurance premium cost is high in most cases based on the insurance plan, which is expected to hamper the market's growth.

The premium amount of health insurance is an upfront payment made on behalf of the individual and families to keep their policy of health insurance active. The cost of health insurance premiums is usually paid monthly to keep the policy in force.   

  • Strict Documentation Process for Claim Reimbursement

Health insurance consists of two insurance covers, such as cashless and claims reimbursement. The insurance company provides a list of hospitals part of the network or tie-ups with the insurance company.

If the policyholder is treated in any network hospital, they will benefit from the cashless procedure. In the cashless procedure, hospitals take approval from the insurance company by verifying the patient's details, and the policyholder does not need to pay any amount for their treatment to the hospital.

Suppose the policyholder is admitted to any of the hospitals, not in the insurance company's network. In that case, the patient will pay the whole amount to the hospital out-of-pocket for their treatment and submit all the bills to the insurance company for claim reimbursement. The claim reimbursement process has strict rules and regulations for approval and provision of reimbursement expenses of all the bills, which hampers the market's growth.

asia-pacific-health-insurance-market

Post COVID-19 Impact on Health Insurance Market

COVID-19 has transformed the health insurance market; almost every country has positive changes, and some challenges have occurred in the health insurance industry over the past few years. The insurance providers have brought these changes to adjust to the new norms of the COVID-19 pandemic and continue delivering their services without any hassles for the customers. COVID-19 specific health insurance plans have been included in the regular health insurance plans by the insurers for the policyholders.

The growth of the Asia-Pacific health insurance market is increasing due to digitalizing entirely for the purchase and renewal of the health insurance policies using the insurer's official website. The sale of health insurance plans has increased dramatically over the last few years as people realize the importance of financial backup for medical emergencies. Even in times of economic burden on the industries, the health insurance sector has made its way out and has evolved with the world's customers' requirements and changes.

The health insurance sector is making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple research and development activities to improve the Health insurance policy. The companies focus on boosting sales and providing insurance to the customers of their choice. In addition, the government of many countries has reduced the repo rates and bond interests, which can potentially lead to challenges in maintaining the reserves, credit risks, liquidity risks, etc., which is majorly leading to the market's growth.

Recent Developments

  • In January 2021, Allianz Care officially began its eight-year worldwide partnership with the Olympic & Paralympic Movements, building on a collaboration with the Paralympic Movement since 2006. This development will act as strategic branding and help build brand image
  • In December 2020, Aetna Inc. announced updates to its cover for communicable diseases, including COVID-19, all aimed at supporting the physical health of its members in an ever-evolving international landscape. This development helped the company to serve more customers and attract goodwill  

Asia-Pacific Health Insurance Market Scope

The Asia-Pacific health insurance market is segmented based on type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

By Type

  • Product
  • Solutions

On the basis of type, the Asia-Pacific health insurance market is segmented into product and solutions.

Services

  • Inpatient Treatment
  • Outpatient Treatment
  • Medical Assistance
  • Others

On the basis of services, the Asia-Pacific health insurance market has been segmented into inpatient treatment, outpatient treatment, medical assistance, and others.

Level of Coverage

  • Bronze
  • Silver
  • Gold
  • Platinum

On the basis of level of coverage, the Asia-Pacific health insurance market has been segmented into bronze, silver, gold, platinum.

Service Providers

  • Public Health Insurance Providers
  •  Private Health Insurance Providers

On the basis of service providers, the Asia-Pacific health insurance market has been segmented into public health insurance providers, private health insurance providers.

Health Insurance Plans 

  • 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)
  •  Others

On the basis of health insurance plans, the Asia-Pacific health insurance market has been 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), others.

. Demographics

  • Adults
  •  Minors
  •  Senior Citizens

On the basis of demographics, the Asia-Pacific health insurance market has been segmented into adults, minors, and senior citizens.

Coverage Type

  • Lifetime Coverage
  • Term Coverage

On the basis of coverage type, the Asia-Pacific health insurance market has been segmented into lifetime coverage, term coverage

End User

  • Corporates
  •  Individuals
  •  Others

On the basis of end user, the Asia-Pacific health insurance market has been segmented into corporates, individuals, others

Distribution Channel

  • Direct Sales
  • Financial Institutions
  • E-commerce
  • Hospitals
  •  Clinics
  • Others

asia-pacific-health-insurance-market

On the basis of distribution channel, the Asia-Pacific health insurance market has been segmented into direct sales, financial institutions, e-commerce, hospitals, and clinics, others.

Asia-Pacific Health Insurance Market Regional Analysis/Insights

The Asia-Pacific health insurance market is analysed, and the market size is calculated based on type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel as referenced above.

Some of the countries covered in the Asia-Pacific health insurance market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and the Rest of Asia-Pacific.

China is expected to dominate the Asia-Pacific health insurance market as private healthcare offers easier ways to book appointments, shorter waiting times, more attention from specialist doctors, access to state-of-the-art equipment, better treatments, and medication.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Asia-Pacific Health Insurance Market Share Analysis

The Asia-Pacific health insurance market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points are only related to the companies' focus on the Asia-Pacific health insurance market.

Some of the major players operating in the Asia-Pacific health insurance market are Bupa, Now Health International, Aetna Inc. (A subsidiary of CVS Health), AXA, Cigna, HBF Health Limited, International Medical Group, Inc. (a subsidiary of Sirius Point Ltd.), Allianz Care (A subsidiary of Allianz), HealthCare International Global Network Ltd., ASSICURAZIONI GENERALI S.P.A., Aviva, MAPFRE, AIA Group Limited, Oracle, among others.


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Frequently Asked Questions

The Asia-Pacific Health Insurance Market will be projected to grow at a CAGR of 4.1% during forecast by 2029.
The Asia-Pacific Health Insurance Market will be projected at USD 540,143.73 million during forecast by 2029.
The major players operating in the Asia-Pacific Health Insurance Market are Cigna, Bupa, Now Health International, Aetna Inc. (A subsidiary of CVS Health), AXA, HBF Health Limited, International Medical Group, Inc. (a subsidiary of Sirius Point Ltd.), Allianz Care (A subsidiary of Allianz), HealthCare International Global Network Ltd., ASSICURAZIONI GENERALI S.P.A., Aviva, MAPFRE, AIA Group Limited, Oracle, among others.
The major countries covered in the Asia-Pacific Health Insurance Market are China, Japan, India, South Korea, Singapore, Malaysia, Australia & New Zealand, Thailand, Indonesia, Hong Kong, Taiwan, Philippines, and the Rest of the Asia-Pacific.