The global health insurance market is predicted to witness a compound annual growth rate of 3.52% during the forecast period to reach a total market size of US$1218.93 billion by 2023, increasing from US$990.45 billion in 2017.
Health Insurance is an insurance solution which provides for medical and surgical expenses of a person who has taken this policy. It functions in two ways either it provides reimbursement of the expenditure incurred due to illness or injury or it pays a specific amount directly to care provider.
The increase in medical cost or medical care expenses globally is driving the market for health insurance. Moreover, the rapid growth of chronic diseases among population across the globe such as heart disease, cancer, type 2 diabetes, and arthritis and rise in aging population has further contributed to the expansion of the market.
However, the cost associated with the health insurance may act as a market constraint. Geographically, USA will be driving the market over the forecasted years owing to its peerless healthcare system in the world. Moreover, escalating disposable income and improvement of health standard system is estimated to impact the health insurance market in APAC positively
Major industry players profiled as part of the report are Zurich, AXA, Allianz, AIA group Limited and Blue Cross Blue Shield Association among others.