Global Health Insurance Market – Industry Trends and Forecast to 2030

Global 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 2030.

Health Insurance Market Analysis and Sizes

Health insurance encourages individuals to seek timely medical attention and preventive care. Health insurance offers protection against high healthcare costs. In case of unexpected illnesses, accidents, or chronic conditions, having insurance coverage can prevent individuals from incurring significant out-of-pocket expenses that could otherwise lead to financial strain or even bankruptcy.

Data Bridge Market Research analyses that the health insurance market which was USD 1,855.30 billion in 2022, and 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. 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.

Health Insurance Market Scope and Segmentation

Market Definition

Health insurance is a form of insurance coverage that provides financial protection and assistance for medical expenses incurred by individuals or groups. It is a contract between an individual or an employer and an insurance company, where the insurer agrees to pay for a portion or all of the covered healthcare services and treatments, in exchange for the payment of regular premiums. Health insurance helps individuals afford the costs associated with medical care, including doctor visits, hospital stays, prescription medications, diagnostic tests, and preventive services. It aims to alleviate the financial burden of healthcare expenses and ensure access to necessary medical treatments.

Global Health Insurance Market Dynamics

Drivers

• Rising Cost of Medical Services

The rising expenses associated with surgeries, hospital stays, and medical services have resulted in a global financial crisis. In cases of severe illness or accidents, health insurance offers crucial financial assistance. The cost of medical services encompasses various elements, such as surgical expenses, doctor fees, hospitalization costs, emergency room charges, and diagnostic testing fees. This upward trend in medical service costs has consequently fueled the expansion of the health insurance market.

• Increasing Number of Daycare Procedures

Daycare procedures refer to medical procedures or surgeries that involve a shorter hospital stay. Patients undergoing daycare procedures only need to stay in the hospital for a brief period. In recent times, many health insurance companies have started including daycare procedures in their insurance plans. Unlike traditional insurance claims that require a minimum 24-hour hospital stay, policyholders can now claim insurance for daycare procedures without meeting this requirement. This inclusion of daycare procedures in health insurance policies has increased the demand for such coverage and contributed to the growth of the market.

Opportunities

• Advantages of Health Insurance Policies

Health insurance plans provide policyholders with reimbursement for various medical expenses, including hospitalization, surgeries, and treatments related to injuries or illnesses. A health insurance policy represents an agreement between the policyholder and the insurance company. Under this agreement, the insurance company commits to covering the costs of future medical issues, while the policyholder agrees to pay regular premiums according to the chosen insurance plan. The advantages offered by health insurance policies create favorable conditions for the expansion of the global health insurance market, as individuals recognize the value and benefits of securing such coverage.

• Increasing Healthcare Expenditure

Healthcare expenditure worldwide is experiencing rapid growth. According to a report by the World Health Organization (WHO), global spending on health has shown a consistent upward trend. Over the past two decades, health spending has more than doubled, reaching USD 8.5 trillion in 2019, equivalent to 9.8% of global GDP. However, the distribution of health spending is unequal, with high-income countries accounting for approximately 80% of the total expenditure. In low-income countries, healthcare is primarily financed through out-of-pocket spending (44%) and external aid (29%), whereas government spending takes precedence in high-income countries (70%). This increasing healthcare expenditure presents opportunities for the global health insurance market to expand and cater to the growing demand for comprehensive coverage.

Restraints/Challenges

• High Cost of Insurance Premiums

Health insurance is designed to cover a wide range of medical treatment costs, providing crucial financial support to policyholders when they require hospitalization. It extends coverage to both pre-hospitalization and post-hospitalization expenses, ensuring comprehensive support throughout the treatment journey. To maintain an active health insurance policy, policyholders are required to pay regular insurance premiums. However, in many cases, the cost of insurance premiums can be high, posing a challenge to the market's growth. The affordability and pricing of insurance plans are important factors to consider in order to address this barrier and foster market expansion.

Lack of Awareness Regarding the Benefits of Health Insurance

A significant portion of the global population lacks awareness about the advantages of health insurance policies in the healthcare sector. As medical expenses rise due to advancements in the field, the healthcare industry is experiencing substantial growth. However, the adoption of health insurance policies remains limited due to a lack of awareness about their benefits. Despite the growth and advancements in healthcare technology, there is a need to increase awareness and understanding among individuals regarding the value and advantages of health insurance coverage.

This health insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the health insurance market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.

Global Health Insurance Market Scope

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. The growth amongst these segments will help you analyze 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.

Type

• Product
• Solutions

Services

• Inpatient Treatment
• Outpatient Treatment
• Medical Assistance
• Others

Level of Coverage

• Bronze

• Silver
• Gold
• Platinum

 Service Providers

• Private Health Insurance Providers
• Public 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

Recent Developments

• In August 2020, International Medical Group, Inc. (IMG) introduced expanded product offerings to assist organizations in planning and researching safe international travel. The company introduced unique assistance services aimed at supporting clients in their travel plans for both the present and future. This strategic development enabled IMG to navigate the challenges posed by the pandemic successfully and maintain its growth and success.
• In June 2021, Vitality revealed a collaboration with Samsung UK, whereby Samsung Health will be integrated into the Vitality Programme. This integration aims to offer members additional options for tracking their activity and enhancing their overall health. By linking their Samsung Health profile to their Vitality Member Zone account, Android users can now enjoy the complete advantages of the Vitality Programme. The partnership allows for the automatic recording of daily steps and heart rate activity through Samsung Health, enabling members to earn Vitality activity points seamlessly.

Global Health Insurance Market Regional Analysis/Insights

The health insurance market is analysed and market size insights and trends are 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 health insurance market report are U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia and New Zealand, Thailand, Indonesia, Philippines, Hong Kong, Taiwan & Rest of Asia-Pacific, Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

North America dominates the health insurance market because of the high disposable income of consumers. North America is followed by Europe and is expected to witness significant growth during the forecast period, due to growing demand for health insurance from corporates sector in the region.

Asia-Pacific is expected to grow significantly during the forecast period of 2023 to 2030 owing to the rising awareness of benefits and advantages offered by health insurance plans.

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 like down-stream and upstream value chain analysis, technical trends and 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 global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Health Insurance Market Share Analysis

The 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, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health insurance market.

Some of the major players operating in the surgical microscopes market are:

• 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.)