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Outlook of Health Insurance Market status and development trends reviewed in new report

Author : Rahul Sankrityayan | Published Date : 2019-03-19 

Health insurance market size is expected to grow significantly from 2019 to 2025. Health insurance market will experience high growth in upcoming years owing to rising per capita income as well as unproportionate ratio between low and high income people. Increasing healthcare cost and medical care expenses globally will serve to be major impact rendering factor that will drive global health insurance business over the coming years.

Changing lifestyle, growing disease burden, rising medical costs as well as rising pre and post-hospitalization expenses are major factors that will increase demand for health insurance thereby driving the business growth. Furthermore, increasing prevalence of diabetes, cardiovascular diseases and other chronic disease coupled with rapidly growing elderly population across globe contributes to the expansion of health insurance industry.

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Moreover, increased government regulations for health insurance policies will upsurge the business growth. Health insurance can be financed by taxation, social security and private health insurance. National health insurance schemes such as Ayushman Bharat launched by Indian government provides lucrative health benefit packages to poor and vulnerable families that subsumes costs associated with secondary and tertiary care hospitalization. Such government initiatives will favor business growth. However, costs associated with health insurance may impede industry growth to certain extent.

Private health insurance service provider segment has grown rapidly in the last few years. The rising cohort of middle-class people that are not yet insured will boost health insurance market growth. Plethora of benefits such as cover for hospital, general treatment and ambulance expenses provided by private health insurance companies will boost segmental growth in the foreseeable future.

Hospitalization insurance segment held significant revenue share in global health insurance market. Availability of lucrative reimbursement plans for single member of the family in case of individual health policies as well as family health insurance policies will further propel industry growth. Moreover, pocket friendly hospital, daily cash benefit plans will also cater to growing demand for health insurance thereby propelling segmental growth.

Health maintenance organization (HMO) segment accounted for considerable revenue share in health insurance market. Lucrative benefits such as lower premium with high quality of care will facilitate industrial growth over the coming years. Furthermore, affordable HMO plans for  families and employees with minimum out of pocket expenses will further accelerate the segmental growth.

Life insurance segment is most sought-after segment that provides coverage for life. Various benefits of life insurance such as higher cash values, lower premiums as well as choice of purchasing with or without health examination will drive segmental growth during the forthcoming years.

Adult segment is anticipated to witness lucrative growth over the forecast period owing to high risk of diseases among adults. Numerous benefits of the health insurance plans for adults such as outpatient care, treatment in hospital for inpatient care as well as preventive services including counselling, screening and vaccines will further spur the segment size.

North America health insurance market dominated the overall market with the largest revenue share owing to well-developed healthcare system in the region. Business growth is driven by strong foothold of established players such as United health group, Cigna Corp. in the North America. Focus of these companies on digitalization of access to insurance schemes and communication about the same with consumers will favor regional growth over the coming years.

Asia Pacific health insurance market is estimated to witness considerable growth during the forecast timeframe. Large patient pool in the region, improving disposable income and enhancement of health security standards will act as a primary driver for Asia Pacific health insurance market growth. Growing awareness regarding health insurance among the individuals will positively impact industry growth over the analysis period.

Some of the major industry players operating in the health insurance industry includes Aetna, Anthem Health Insurance, Blue Cross Blue Shield Companies, Cigna, HCSC, Highmark, Humana, Kaiser Permanente, Wellcare, United Healthcare. Strategic partnership, collaboration and agreement are some of the major strategies adopted by industry players to sustain competition in the industry.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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