BANGALORE, India, Oct. 16, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Health Insurance Market By Type (Insured Liability, Payment Method), By Application (Personal, Enterprise) and Region – Global Forecast to 2026", published on Valuates Reports.
In 2019, the global Health Insurance market size was USD 17440 Million and it is expected to reach USD 86490 Million by the end of 2026, with a CAGR of 25.4% during 2021-2026.
Major factors driving the growth of health insurance market size are a rise in health costs, an increase in the prevalence of chronic diseases, and health insurance availability for workers in the private and public sectors.
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TRENDS INFLUENCING THE HEALTH INSURANCE MARKET SIZE
Due to government support and a push to reduce healthcare costs and make healthcare accessible, the health insurance market size is expected to show a double-digit growth rate. Apart from these criteria, this market growth is indirectly supported by other factors such as rising healthcare IT acceptance, enhancing healthcare knowledge exchanges, and integration environments.
The growing geriatric population is expected to fuel the health insurance market size during the forecast period. Most of the senior population is prone to chronic illnesses. Also, people suffering from diseases in the age group of 65 and above may need continuous vital monitoring and surgical procedures. Since the senior population has an unproductive share of the population, costly surgical operations and lengthy hospital stays cannot be afforded. Therefore, the availability of multiple insurance policies has a positive effect on business growth.
The biggest contributor to the health insurance industry's growth is medical insurance, due to the rise in the number of road accidents. In addition, medical insurance covers medical admission costs, diagnostic tests such as MRI & CT scans, surgery, consultant visit costs, hospital accommodation, and nursing care, which drive the adoption of medical insurance, thereby complementing the overall market development.
HEALTH INSURANCE MARKET SHARE ANALYSIS
North America is expected to hold the largest health insurance market share during the forecast period. This dominance of North America is attributed to the accessibility of multiple-value health insurance plans. Moreover, the existence of a favorable health insurance environment in the U.S. has a positive effect on business growth.
Asia-Pacific is expected to witness the highest growth during the forecast period. This is due to the availability of costly health facilities in high-populated countries such as India and China and the rise in demand for health insurance policies.
- North America
- Southeast Asia
- Central & South America.
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HEALTH INSURANCE MARKET SEGMENTATION
Market segment by Type, the product can be split into
- Insured Liability
- Payment Method.
Market segment by Application, split into
- UnitedHealth Group
- Kaiser Permanente
- Aetna Inc
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