$2.2 Trillion Healthcare Insurance Market - Global Forecast to 2024
DUBLIN, June 5, 2019 /PRNewswire/ -- The "Healthcare Insurance Market by Coverage Type, by Insurance Type, by Service Provider, by Insurance Network, by Insured Type, by Distribution Channel, by Geography Global Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024" report has been added to ResearchAndMarkets.com's offering.
The global healthcare insurance market is predicted to attain a size of $2.2 trillion by 2024, progressing at a CAGR of 4.3% during the forecast period (2019-2024).
he main factors driving the growth of the market are increasing prevalence of chronic diseases, surging geriatric population, rising healthcare expenditure, and huge medical costs around the globe.
Lifetime and term are the two kinds of coverages offered in the global healthcare insurance market. In 2018, the term coverage category held the larger revenue share of 76.5% in the market. This can be ascribed to various benefits attached with this category, such as receipt of a lump sum amount at term end, low cost of premiums, and rising awareness about the advantages of health insurance among the global population.
The service provider segment is classified into private and public. Of these, the public service provider classification dominated the healthcare insurance market. In 2018, it generated a revenue of nearly $0.9 trillion and is projected to reach $1.2 trillion by 2024, advancing at a CAGR of 4.1%. However, the private service provider classification is anticipated to observe the faster growth in the market, registering at a CAGR of 4.7% during 2019-2024.
North America is leading the global healthcare insurance market and is projected to advance at a CAGR of 3.7% during the forecast period, owing to the well-structured insurance and healthcare system, compulsory provision of health insurance from employers, and increasing number of chronic disease cases in the continent.
On a global ground, the market is predicted to observe the fastest growth in Asia-Pacific (APAC), registering a CAGR of 5.7% during the forecast period. Furthermore, the region is estimated to generate a revenue of nearly $0.5 trillion for the market by 2024. The main factors driving the market growth in APAC are expanding healthcare sector, growing healthcare awareness, and increasing prevalence of chronic diseases.
In the region, the overall dynamics of the healthcare sector are changing, especially on account of the improving infrastructure and growing healthcare expenditure. Due to these changes, healthcare insurance plans are becoming popular among the residents of regional countries. For instance, in November 2018, Insurinnovator Connect organized a conference on health insurance in Hong Kong, which saw the presence of esteemed healthcare insurance players, mainly from the APAC region. The conference concentrated on the growing healthcare insurance industry and innovations and advancements in this domain.
Similarly, in 2019, IBC Asia (S) Pte Ltd., a Singapore-based conference, exhibition, and training company, plans to host its 13th annual healthcare insurance conference in Singapore. The key points of this conference will be the services and innovations in the Asian market, insights into the expanding healthcare insurance market, and digital transformation of the sector. Such seminars and conference create awareness about the advantages and features of healthcare insurance products, resulting in the market growth.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Breakdown of Primary Research Respondents
2.3.1 By region
2.3.2 By industry participant
2.3.3 By company type
2.4 Market Size Estimation
2.5 Data Triangulation
2.6 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Coverage Type
4.1.1.1 Term coverage
4.1.1.2 Lifetime coverage
4.1.2 By Insurance Type
4.1.2.1 Medical
4.1.2.2 Disease
4.1.2.3 Income protection
4.1.3 By Service Provider
4.1.3.1 Public
4.1.3.2 Private
4.1.4 By Insurance Network
4.1.4.1 EPO
4.1.4.2 PPO
4.1.4.3 POS
4.1.4.4 HMO
4.1.5 By Insured Type
4.1.5.1 Senior citizens
4.1.5.2 Adults
4.1.5.3 Minors
4.1.6 By Distribution Channel
4.1.6.1 Agents/brokers
4.1.6.2 Bancassurance
4.1.6.3 Direct marketing
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Evolution of the market with product launches and other insurance related programs
4.2.2 Drivers
4.2.2.1 Increasing GDP and healthcare expenditure across the globe
4.2.2.2 Growing geriatric population
4.2.2.3 Increasing prevalence of chronic diseases
4.2.2.4 High medical costs
4.2.2.5 Impact analysis of drivers on market forecast
4.2.3 Restraints
4.2.3.1 Surging cost of healthcare insurance products
4.2.3.2 Strict regulations and longer time for claim reimbursement
4.2.4 Opportunities
4.2.4.1 Employer-sponsored healthcare insurance plans
4.2.4.2 Innovation in healthcare insurance products
4.3 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Coverage Type
5.2 By Insurance Type
5.3 By Service Provider
5.4 By Insurance Network
5.5 By Insured Type
5.6 By Distribution Channel
5.7 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Benchmarking of Players Based on Coverage and Insurance Types
11.2 Global Strategic Development of Key Players
11.2.1 Geographic Expansions
11.2.2 Acquisitions
11.2.3 Other Developments
Chapter 12. Company Profiles
- Allianz Group
- Anthem Inc.
- Centene Corporation
- Kaiser Permanente
- Cigna corporation
- Gulf Insurance Group
- International Medical Group Inc.
- Zurich Insurance Group
- The People's Insurance Company (Group) of China Limited
- Aetna Inc.
- Apollo Munich Health Insurance Company Limited
- UnitedHealth Group Incorporated
- AIA Group Limited
- Aviva plc
- Highmark Health
- Molina Healthcare Inc.
- State Farm Mutual Automobile Insurance Company
- AXA Group
For more information about this report visit https://www.researchandmarkets.com/r/o35bih
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article