Europe Health Insurance Market By Type (Products, 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), Country (Germany, Italy, France, U.K., Spain, Russia, Netherlands, Switzerland, Belgium, Turkey, and rest of Europe), Market Trends and Forecast to 2027
Market Analysis and Insights: Europe Health Insurance Market
Health insurance market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with highest a CAGR of 4.4% in the forecast period of 2020 to 2027 and expected to reach USD 535,584.66 million by 2027. Increasing cost of healthcare services and public policies facilitating health insurance are the factors for the market growth.
Health insurance in the European countries is mandatory in some form or other primarily due to high cost of healthcare services in most of the countries. As health insurance offers efficient cost sharing among those who are currently healthy and those who are currently unhealthy and in need of medical requirements with these factors, the market is growing in the region.
This Health Insurance Market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Health Insurance Market Scope and Market Size
Europe health insurance market is segmented on the basis of component, type, services, level of coverage, service providers, demographics, coverage type, end user, and distribution channels. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Based on type, the market is segmented into products and solution. The product segment is dominating the market as according to the systems of European Union employ, a third party has to pay or to ensure health expenses so, that money is transferred from the population/patient (first party) to the service provider (second party). This system is aimed at sharing the high medical costs between the sick and the healthy and to balance different levels of ability to pay the cost for medical care.
- Based on services, the market is segmented into inpatient treatment, outpatient treatment, medical assistance and others. Inpatient services are dominating the market as the costs are higher due to additional auxiliary costs associated with inpatient treatment such as accommodation and meals in addition to the service cost. For instance, in Germany, hospitals also provide inpatient medical rehabilitation that includes treatments and procedures that help people to regain independence and improve their fitness after undergoing an intensive treatment.
- Based on level of coverage, the market is segmented into bronze, silver, gold and platinum. Insurance policies with bronze level of coverage are dominating the market as a result of highest number of policies purchased and coupled with the universal preference for plans with lower monthly premiums for a long period of time that is applicable in Europe as well.
- Based on service providers, the market is segmented into public health insurance providers and private health insurance providers. Public health insurances are dominating the market as the government authorities in major health insurance markets including Germany and the UK. For instance, the German state healthcare scheme covers approximately 90% of the residents. Moreover, in certain conditions, spouses, civil partners and children of those covered under state healthcare are also eligible for family co-insurance.
- Based on health insurance plans, 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. Point of service (POS) plans is dominating the market as they enable patients to receive care from primary care physician or receive care from non-network providers.
- Based on demographics, the market is segmented into adults, minors and senior citizens with adults are dominating the market as the primary beneficiaries of health insurance. For instance, in Germany, both EU and non-EU nationals working in the country are subject to compulsory state health insurance which essentially comprises of adult population. Moreover, paid employees or vocational trainees and apprentices, who earn less than €60,750 per year, are covered by the public healthcare system.
- Based on coverage type, the market is segmented into lifetime coverage and term coverage. Lifetime coverage dominates the market as a result of significant involvement of public healthcare authorities in the provision of universal coverage. For instance, as the Germany public healthcare payment system is heavily subsidized by the government in addition to a combination of employer and employee insurance contributions, so that those on pensions and unemployment can still access the benefits of healthcare.
- Based on end user, the market is segmented into corporates, individuals and others. Corporates are dominating the market due to regulations in several countries, mandating employers to provide health insurance to all salaried employees. For instance, Germany's state-run public healthcare system is funded by employers and employees through social security insurance contributions. This makes corporate the primary end users of health insurance.
- Based on distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics and others. Direct sales are dominating the market as the preferred channel by corporates. As employers are the major providers of health insurance, direct sales are most profitable and convenient way of managing bulk insurance schemes.
Health Insurance Market Country Level Analysis
Europe market is analysed and market size information is provided by country, type, services, level of coverage, service providers, health insurance plans, demographics coverage type, end user, and distribution channel as referenced above.
The countries covered in the health insurance market report are Germany, Italy, France, U.K., Spain, Russia, Netherlands, Switzerland, Belgium, Turkey, and rest of Europe in Europe.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory act and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
High Investment by Private Insurers along with Well-Established Public Health Insurance Systems
Europe health insurance market also provides you with detailed market analysis for every country for every country growth regarding different kind of products for health insurance market, impact of high cost of delivering medical services, regulatory scenarios and their impact on the health insurance market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Health Insurance Market Share Analysis
Europe health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, company strengths and weaknesses, product launch, product width and breadth and growth. The above data points provided are only related to the companies’ focus related to Europe health insurance market.
The major players covered in the report are Unitedhealth Group, Anthem Insurance Companies, Inc. (A Subsidiary of Anthem, Inc.), Aetna Inc. (A Subsidiary of CVS Health), Centene Corporation, Cigna, Allianz Care (A Subsidiary of Allianz), Axa, Assicurazioni Generali S.P.A., Bupa, AIA Group Limited, Aviva, BMI Healthcare, Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., International Medical Group, Inc. (A Subsidiary Of Sirius International Insurance Group Ltd.), Mapfre, Now Health International, Oracle, VHI Group, Vitality Corporate Services Limited (A Subsidiary Of Discovery Limited) among other players domestic and global. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
- In November 2019, Allianz Care launched a suite of private healthcare plans targeting expectations and obstacles of modern families, couples and individuals. The new plans are especially focused on individuals who are relocating with their families to destinations across Europe, Middle East, the U.S. and Asia.
- In July 2018, Allianz Care announced its partnership with a local insurer in Mozambique, ICE Insurance to enhance the product offerings and services to local population. This will provide ICE Insurance's local experience to customers. The partnership is an important move for the company towards expansion in Africa.
Such investment and partnership other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for Health Insurances through expanding insurance policies and its product portfolio.
Customization Available: Europe Health Insurance Market
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