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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Health Insurance Market Size
The global health insurance market attained a value of approximately USD 1.58 trillion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.2%, reaching a value of around USD 2.70 trillion by 2032.
Around the world, the prevalence of different chronic conditions such as diabetes, cancer, musculoskeletal disorders, neurological disorders, cardiovascular diseases, and respiratory diseases is increasing at a significant rate. The rising public awareness of the financial advantages of having health insurance is a key factor contributing to the growth of the health insurance market. Unhealthy lifestyles are increasing the prevalence of chronic health issues and the cost of treatment can be high and can consume all of a person's savings. As a result, more people are investing in health insurance for protection against any unexpected expenses due to ill health or accidents.
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Global Health Insurance Market Share by Region
The ease in accessibility of multiple health insurance policies in North America is propelling the region to be one of the market leaders in health insurance. The United States is a major contributor to the market for health insurance, as healthcare tends to be expensive and the country offers a favourable landscape with the presence of many major players. Health insurance is also widely provided by employers in the United States as a part of job benefits, further boosting the U.S. health insurance market size.
Meanwhile, the Asia Pacific is expected to register significant growth in the market for health insurance in the upcoming years. This is attributed to the large population and growing economy in countries such as China and India. The growing awareness for health and improving medical infrastructure is bolstering the market in the region.
Health Insurance Market Segmentation
Health insurance is a type of contract where the insurance provider pays for healthcare expenses of a person in exchange of a regular payment of a premium. Depending upon the type of health insurance, individuals can avail of reimbursement for their medical expenses including consultation charges with a physician and treatment expenditure for a disease or injury. This can help the health insured person to save massive amounts of money which would have been incurred in sudden hospitalisations or other healthcare expenses.
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On the basis of provider, the market is bifurcated into:
- Public
- Private
By insurance type, the market is classified into:
- Disease Insurance
- Medical Insurance
- Others
Based on insurance plan, the market is segmented into:
- Health Maintenance Organisation (HMO)
- Preferred Provider Organisation (PPO)
- Exclusive Provider Organisation (EPO)
- Point of Service (POS)
- Health Savings Account (HSA)
- Others
By coverage type, the market is bifurcated into:
- Lifetime Coverage
- Term Coverage
On the basis of demographics, the market is divided into:
- Minors
- Adults
- Senior Citizens
By end user, the market is categorised into:
- Corporates
- Individual
- Others
The regional markets for health insurance are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing Geriatric Population to Propel the Health Insurance Market Growth
The geriatric population has been increasing across the world, particularly in developed economies such as European nations and the United States. The elderly population base is more vulnerable to chronic and acute illnesses due to decline in body functions. Elderly age group people require better and more frequent monitoring for their health conditions and their treatment can also include expensive surgical procedures that are not easy to afford. This is leading to the burgeoning demand for health insurance. The growing incidents of diseases and awareness for health is expected to boost the market for health insurance further in the near future.
Key Players in the Global Health Insurance Market
The report gives a detailed analysis of the following key players in the global health insurance market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- AWP Health & Life SA
- United HealthCare Services, Inc.
- Anthem Insurance Companies, Inc.
- Aetna Inc.
- Centene Corporation
- Assicurazioni Generali S.P.A
- Life Insurance Corporation of India
- The Cigna Group
- Health Care Service Corporation
- Humana Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Provider |
|
| Breakup by Insurance Type |
|
| Breakup by Insurance Plan |
|
| Breakup by Coverage Type |
|
| Breakup by Demographics |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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Health Insurance Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for health insurance attained a value of approximately USD 1.58 trillion.
The market is projected to grow at a CAGR of 6.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 2.70 trillion by 2032.
The major market drivers include increasing global population, improving consumer living standards, rising health awareness, high costs of medical facilities and treatments, and improving accessibility to medical insurance.
The key health insurance market trends include the growing geriatric population, improvements in healthcare infrastructure, and availability of specialised health insurances policies.
The major regions in the market are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
The significant health insurance providers in the market are public and private.
The various insurance types in the market for health insurance include disease insurance, and medical insurance, among others.
The different insurance plans in the market for health insurance include health maintenance organisation (HMO), preferred provider organisation (PPO), exclusive provider organisation (EPO), point of service (POS), and health savings account (HAS), among others.
The leading coverage types of health insurance in the market include lifetime coverage and term coverage.
The major demographics in the market for health insurance are minors, adults, and senior citizens.
The significant end users of health insurance in the market include corporates, and individual, among others.
The major players in the market, according to the report, are AWP Health & Life SA, United HealthCare Services, Inc., Anthem Insurance Companies, Inc., Aetna Inc., Centene Corporation, Assicurazioni Generali S.P.A, Life Insurance Corporation of India, The Cigna Group, Health Care Service Corporation, and Humana Inc., among others.
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