Pune, India, May 23, 2022 (GLOBE NEWSWIRE) — The world health insurance market size is expected to reach $3.038.6 trillion by 2028. Fortune Business Insights™ has presented this insight in a new study titled ““Health Insurance Market, 2021-2028””. The study further mentions that the market stood at USD 1.9666 trillion in 2020. It would show a CAGR of 5.5% during the forecast period between 2021 and 2028. Several government and private agencies are introducing new programs to attract more customers. In December 2020, for example, ICICI Lombard unveiled its latest “ICICI Lombard comprehensive health insurance” offering unique benefits and health plans.

Health insurance covers medical expenses incurred while treating any illness, injury or other mental and physical impairment. It acts as compensation in exchange for a monthly/half-yearly/annual premium or payroll tax for providing health care benefits. The insurer is obliged to cover the medical expenses of the policyholder up to the duration and coverage of the policy. Depending on the policy, coverage may vary based on many factors including illnesses, age group, government policies and others.

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Segmentation-

The private provider segment will dominate, supported by their growing presence

Based on end users, the market is divided into individuals and enterprises. By network provider, it is segmented into Provider Organizations (PPO), Point of Service (POS), Health Maintenance Organization (HMO), and Exclusive Provider Organizations (EPO). Depending on the type of insurance, it is separated into medical insurance, critical illness insurance and others. Here is a brief note of the service provider criterion:

• By service provider: The market is divided into private providers and public providers. Among them, the private provider segment is expected to dominate in terms of health insurance market share in the coming years. This growth is attributable to the booming entry of these providers into developing economies around the world.

Report cover	Details
Forecast period	2021-2028
Forecast Period 2022 to 2029 CAGR	6.6%
2028 value projection	$3,038.6 billion
Year of reference	2020
Market size in 2022	$2,088.5 billion
Historical data for	2017-2019
Number of pages	135
Segments Covered	By Product Type, By Application, By Age Group, By Service Provider, By Network Provider, By Geography, By End User
Growth engines	The major factors contributing to the growth of the market over the forecast period are the increasing prevalence of chronic diseases and the growth in treatment costs.
	Launching new policies, mergers, acquisitions and partnerships to propel growth

Key trends

These are plans with a higher deductible than any traditional insurance plan. The monthly premium is usually lower, but you pay for more health care costs yourself before the insurance company starts paying its share (your deductible). A high-deductible plan (HDHP) can be combined with a health savings account (HSA), allowing some medical expenses to be paid with money free of federal taxes.

Enrollment in these plans continues to grow year over year as many employees feel the need to combat rising healthcare prices. Growing consumerization may continue to drive the phenomenal growth of voluntary benefits among employees, and as a result, HDHPs are gaining popularity, in order to manage costs. The market for large groups with more than 50 employees remains the most popular setting for HDHP and HAS registration, according to AHIP. In 2017, 82% of enrollments were at large employers, followed by the small employer market (11%) and the individual market (7%).

Insurers can no longer deny coverage for pre-existing conditions, charge higher premiums based on health status or gender, revoke coverage when someone becomes ill, or impose annual or lifetime limits. About 54 million people have a pre-existing condition that could have caused them to be denied coverage in the pre-ACA individual market. Private insurers must now cover a wide range of preventive services at no cost to consumers. This includes recommended cancer and chronic disease screenings, vaccinations and other services. Nearly 150 million people are affiliated with employer-sponsored schemes or through individual market insurance that must provide these free prevention services.

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Growth factors:

Health insurance market trends are accelerating in rural areas as it provides many benefits such as reimbursement of insured’s illness treatment costs and lump sum payment in prolonged case. In addition, customers in rural areas are more aware of comprehensive health insurance coverages, such as hospitalization expenses, pre-hospitalization and post-hospitalization expenses, ambulance expenses and medical expenses. home hospitalization, which are driving the growth of the market. Additionally, doctors and teachers in rural areas have increased the awareness of health insurance policy, which is propelling the growth of health insurance market. In addition, government organizations, such as banks and cooperative banks, play an important role in increasing the penetration of health insurance products in rural areas, as they provide an affordable insurance policy and streamline the settlement process. disasters. Hence, increased awareness of health insurance in rural areas is propelling the growth of the market across the globe.

The health insurance market size is expected to grow from USD 2.0885 trillion in 2021 to USD 3.0386 trillion in 2028 at a CAGR of 5.5% during the period 2021-2028.

Report cover-

The report provides intelligent insights into new product developments, R&D activities, and future technologies. At the same time, it provides detailed information on recent investments, developments and untapped geographies. Additionally, our analysts conducted an assessment of the manufacturing capabilities, strategies, and stocks of renowned players.

Drivers and Constraints-

Emergence of unique healthcare plans by companies to support growth

Increasing launch of cutting-edge smartphone apps and new insurance plans by various leading companies would aid in the growth of the market in the near future. Allianz Care, for example, launched its new range of private health insurance plans in November 2019. These have been specially developed for modern families. The new offer allows families, couples and individuals to better control their international health policy. Similarly, in February 2021, Bharti AXA General Insurance launched a new healthcare offering named Health AdvantEDGE to provide holistic protection against high expenses associated with medical emergencies in the context of COVID-19. However, strict standards governing plan verification to prevent fraudulent insurance claims may be holding back growth.

Regional outlook-

Rising prevalence of chronic diseases to propel growth in Asia-Pacific

• North America: The market in this region is at $953.7 billion in 2020. It is expected to remain in the lead in the coming years, supported by the expensive nature of medical products. At the same time, increasing population opting for various health insurance policies would promote regional growth.
• Europe: Europe will remain in second place due to growing awareness of the benefits of owning health insurance plans. Additionally, the governments of several European countries have made it mandatory for citizens to have at least one insurance policy.
• Asia Pacific: The region is expected to grow rapidly during the forecast period owing to the rising cases of chronic diseases and increasing population in developing countries, such as India and China.

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Competitive Landscape-

Mergers and acquisitions will be the vital strategy of key companies

The global market is home to several well-known companies, such as Cigna Corporation, Centene Corporation, and United HealthCare Services, Inc. They are mainly trying to adopt the merger and acquisition strategy to meet the high demand. Below is one of the latest industry developments:

• November 2018: Aetna and CVS Health have completed the $69 billion merger. This would merge the insurance activities of the first with the pharmacies of the second. Both companies aim to simplify customers’ access to healthcare by making it cost-effective.

A list of reputable health insurance companies operating in the health insurance market size:

• CVS Health Corporation (Aetna Health) (Woonsocket, USA)
• Humana Inc (Louisville, USA)
• Centene Corporation (St. Louis, USA)
• Cigna Corporation (Bloomfield, USA)
• United HealthCare Services, Inc (Edina, USA)
• Allianz (Munich, Germany)
• National Insurance Company Limited. (Kolkata, India)
• Anthem Health Insurance (Indianapolis, Indiana)
• WellCare Health Plans, Inc. (Tampa, USA)
• Bupa Global (London, UK)

Table of Contents: Health Insurance Market Size

• Introduction
  • Search scope
  • Market segmentation
  • Research Methodology
  • Definitions and assumptions
• Summary
• Market dynamics
  • Market factors
  • Market constraints
  • Market opportunities
• key ideas
  • Prevalence of key diseases, key countries, 2019
  • Technological advances, health insurance
  • New product launches, key players
  • Key developments, mergers, acquisitions, etc.
  • Impact of Covid-19 on the market

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