Healthcare Insurance Market Scope
Health Insurance is policy against medical and surgical expenses provided by the insurance company to the member who has taken that policy. This policy can be applied in two ways that provides repayment of the expenditure incurred due to illness or pays a specific amount directly to care provider. Expenses are paid to the member as per the benefits decided in the insurance agreement. Increasing medical care expenses and rapid growth of chronic diseases among population fuels the growth of the health insurance market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia-pacific |
Largest Market | United States |
Unit | Value (USD Billion) |
Key Companies Profiled | Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva ( United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance ( Japan), MetLife (United States), Allstate (United States), Aegon (Netherlands), Prudential Financial (United States) and New York Life Insurance (United States) |
CAGR | 6.6% |
"According to AMA, the Global Healthcare Insurance market is expected to see growth rate of 6.6% and may see market size of USD1198.89 Billion by 2030."To survive and maintain their position in the market key players are adopting strategies like maintaining transparency in insurance policy and present them in comprehensive manner so as to make it easily understandable for the customers. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Healthcare Insurance market throughout the predicted period.
Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva ( United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance ( Japan), MetLife (United States), Allstate (United States), Aegon (Netherlands), Prudential Financial (United States) and New York Life Insurance (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Aetna (United States), TIAA-CREF (United States), Mitsui Mutual Life Insurance (Japan), Royal & Sun Alliance (United Kingdom), Swiss Reinsurance (Switzerland), CNP Assurances (France), PingAn (China) and Cigna (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Healthcare Insurance market by Type , by Application (Public Sector, Private Sector and Stand-Alone Insurers) and Region with country level break-up. On the basis of Type, Life-time Coverage are dominating the market in the year 2023 where as Term Insurance stood as second largest market share.
On the basis of application, Private Sector segment is dominating the market in the year 2023 where as Public Sector segment stood as second largest market.
On the basis of geography, the market of Healthcare Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). United States region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In March 2024, Allianz Ayudhya Capital PCL (AYUD) has acquire Aetna Thailand, a prominent player in the Thai health insurance market. The proposed acquisition will allow AYUD to expand its client base and distribution channels and increase its market share in health insurance, thereby providing a wider range of insurance solutions to customers in Thailand.
In January 2024, Zuno General Insurance, a cutting-edge digital insurer, launched its new Zuno HealthPlus Policy. This new health insurance plan is intended to give individuals and families with specialized coverage and benefits at an affordable rate. This inflation-adjusted product provides coverage for up to nine family members under a single policy, simplifying the management of several policies.
Influencing Trend:
increasing transparency in terms of insurance and integrating solutions through data analytics and modeling techniques
Market Growth Drivers:
increasing number of individuals with high income, health security standards advancement, rising chronic diseases among population and increasing medical care expenses
Challenges:
competitive market and high threat of new entrant
Restraints:
Undulating economic conditions and comparatively less profit margins
Opportunities:
digitization in accessing policies and improving disposable income
Key Target Audience
Health maintenance organization, Technology, equipment, and solution providers, Private utility players, Government and research organizations, Distribution consultancies and End users ( public and private sectors)