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Health Insurance Market Analysis, Challenges, Growth and Forecast By 2030
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This growth rate is mainly attributed to increasing awareness of health insurance among consumers, rising demand for health insurance products, and the growing need for comprehensive health plans. Additionally, the introduction of new products and the penetration of the health insurance market in emerging economies are expected to further boost the CAGR of the health insurance market during the forecast period. Health insurance covers various Health expenses, including the routine of health examinations, unforeseen illnesses or injuries, inpatient & outpatient surgery, specialist referral visits, and prescription medications of insured people. health insurance provides compensation for such medical expenses that may incur, owing to sickness or injury to the insured people in exchange for a monthly premium or a payroll tax to provide the Health benefits.
Health insurance provides coverage to quick suffering diseases with a minimum premium amount. Various governments across the globe provide subsidies for people who cannot afford to pay the premium for health insurance. However, some public health insurance providers do not cover expensive diseases such as cancer and dental recovery.
Increase in the prevalence of chronic diseases such as cardiovascular disease, cancer and diabetes boost the growth of the global health insurance market. In addition, the major factor that drives the growth of the market includes rise in Health expenses. Furthermore, the mandatory provision of health insurance for private and public sector employees propel the market growth.
However, term and condition mentioned in health insurance policies, such as limitation of reimbursement in certain hospitals & clinics and elimination of insurance coverage for expensive treatments are expected to hamper the market growth. On the contrary, introduction of advanced health system is expected to serve as a remunerative opportunity for market expansion.
The global health insurance is studied on the basis of provider, insurance type, coverage type demographics, network, and region. By provider, the market is divided into private providers and public providers. Depending on insurance, it is categorized into disease insurance, medical insurance, and income protection insurance. As per coverage type, it is divided into lifetime coverage and term coverage. it is fragmented into minors, adults, and senior citizen. On the basis of network, it is segregated into preferred provider organizations (PPOs), point of services (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOs). In-depth analysis of the health insurance market is provided for North America, Europe, Asia-Pacific, and LAMEA.
KEY MARKET BENEFITS FOR STAKEHOLDERS
•This report entails a detailed quantitative analysis of the current market trends from 2023 to 2030 to identify the prevailing opportunities.
• Market estimations are based on a comprehensive analysis of the key developments in the industry.
• In-depth analysis based on region assists to understand the regional market to assist in strategic business planning.
• The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
KEY MARKET SEGMENTS
By Provider
• Private Providers
• Public Providers
By Insurance Type
• Disease Insurance
• Medical Insurance
• Income Protection Insurance
By Coverage Type
• Lifetime Coverage
• Term Coverage
By Demographics
• Minors
• Adults
• Senior Citizen
By Network
• Preferred Provider Organizations (PPOs)
• Point of Services (POS)
• Health Maintenance Organizations (HMOs)
• Exclusive Provider Organizations (EPOs)
By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
France
United Kingdom
Italy
Spain
Others
• Asia-Pacific
Japan
China
Australia
India
South Korea
Others
• LAMEA
Brazil
Saudi Arabia
South Africa
Others
KEY PLAYERS PROFILED
• Allianz Group
• Assicurazioni Generali S.p.A
• AIA Group Limited
• Anthem, Inc.
• AXA Equitable Life Insurance Company
• China Life Insurance Company Limited
• Munich Re
• Ping An Insurance (Group) Company of China, Ltd.
• State Farm Group
• Zurich Insurance Group.
The other players of the health insurance market in value chain analysis (not included in this report) are
• Berkshire Hathaway Inc.
• Prudential Plc.
• Nippon Life Insurance Company
• Dai-ichi Life Holdings, Inc.
• Kaiser Foundation Group of Health Plans
• Berkshire Hathaway Inc.
• New York Life Insurance Company
• Life Insurance Corporation of India
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