Health Insurance Market size to grow by USD 994.17 billion from 2023 to 2028, Growth Driven by Increasing demand due to growing healthcare awareness - Technavio

NEW YORK, Jan. 10, 2024 /PRNewswire/ -- The "health insurance market by service (public and private), type (life insurance and term insurance), and geography (North America, APAC, Europe, South America, and Middle East and Africa) - Forecast and Analysis 2024-2028" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the health insurance market between 2023 and 2028 is USD 994.17 billion.

The increasing demand due to growing healthcare awareness is the key factor driving market growth. This growth directly impacts premiums, deductibles, and coverage plans, offering diverse options for consumers. It addresses concerns surrounding healthcare costs, underwriting, and claims processing. Moreover, it ensures access to broad network providers while navigating co-payments, coinsurance, and the complexities of pre-existing conditions, thereby catering to evolving healthcare needs.

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Market Trend 

The emerging trend in the Health Insurance market revolves around the rise in demand, boosted by an escalating emphasis on preventive health measures. This trend directly impacts various segments like Medicare, Medicaid, and individual health insurance, and group health insurance. It promotes Health Maintenance Organizations (HMO), Preferred Provider Organizations (PPO), and Exclusive Provider Organizations (EPO), while also embracing High Deductible Health Plans (HDHP), Health Reimbursement Arrangements (HRA), and the critical aspect of Open Enrollment, thus reflecting a collective shift towards proactive health management.

Market Challenge

Escalating costs of healthcare services and medical treatments is a significant challenge restricting market growth. This challenge intersects with Health Insurance Regulations like the Affordable Care Act (ACA) and involves navigating Health Savings Accounts (HSA), Insurance Brokers, and Insurance Exchanges. Addressing this hurdle necessitates effective Risk Pooling strategies by Insurance Providers, while considering the needs of Policyholders, managing exclusions, and leveraging the dynamics of the Marketplace.

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The health insurance market is segmented by service (public and private), type (life insurance and term insurance), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The market share growth by the public segment will be significant during the forecast period. The growth of the public sector as a major service provider in global healthcare insurance markets is attributed to increasing government involvement in ensuring universal access to healthcare expansion of government institutions is also a result of collaboration with commercial insurance companies, legislative frameworks, and, investments in healthcare infrastructure.

• North America is estimated to contribute 44% to the growth of the global market during the forecast period.

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Key Companies in the Health Insurance Market:

ACKO General Insurance Ltd., Aditya Birla Management Corp. Pvt. Ltd., Allianz Care, Bharti Enterprises Ltd., Centene Corp., CVS Health Corp., Elevance Health Inc., General Insurance Corp. of India Ltd., HDFC Bank Ltd., ICICI Lombard General Insurance Co. Ltd., Independence Health Group Inc., Indian Farmers Fertiliser Cooperative Ltd., Kotak Mahindra Bank Ltd., Life Insurance Corp. of India, Max Financial Services Ltd., Oscar Health Inc, Reliance General Insurance Co. Ltd., Star Health and Allied Insurance Co Ltd., The Cigna Group, and UnitedHealth Group Inc.

Related Reports:

The insurance analytics market size is projected to increase by USD 13.14 billion, at a CAGR of 15.96% between 2023 and 2028. 

The insurance market size is estimated to grow at a CAGR of 4.5% between 2022 and 2027. The insurance market share is forecast to increase by USD 1,429.64 billion. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Service

Market Segmentation by Type 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio