Healthcare Insurance Market (By Provider: Public and Private; Coverage Type: Term Insurance and Life-Time Coverage; Provider Type: Point of Service, Preferred Provider Organizations, Exclusive Provider Organizations, and Health Maintenance Organizations)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global healthcare insurance market size was exhibited at USD 3.53 Trillion in 2022 and is projected to hit around USD 6.82 Trillion by 2032, growing at a CAGR of 6.8% during the forecast period 2023 to 2032.

Key Pointers:

• The North America accounted for 45.19% of revenue share in 2022
• The Asia Pacific is projected to reach 9.2% of CAGR during the forecast period.
• Based on the provider, the public segment accounted 58% revenue share in 2022.
• On the other hand, the private segment is estimated to be the most opportunistic segment during the forecast period. 
• Based on coverage type, the life-time coverage segment accounted for more than 55.9% of the market share.
• On the other hand, the term insurance segment is expected to show highest CAGR during the forecast period.
• Based on provider type, the preferred provider organizations segment accounted for over 29% of the market share in 2022.
• The point of sale segment is estimated to be the most opportunistic segment during the forecast period.

Healthcare Insurance Market Report Scope

The COVID-19 outbreak has impacted the life & businesses of all the individuals globally. The pandemic has increased the need for purchasing health insurance among customers to perceive better medical facilities & healthcare treatments amidst the growing spread of coronavirus. Furthermore, there is rapid growth in hospitalization due to the COVID-19 outbreak. Therefore, health insurance claims have increased tremendously. In addition, the spread of this health crisis across the globe is one of the major reasons behind the increase in health insurance premium as the situation has laid an enormous pressure on the insurance companies in the market.  

Healthcare Insurance covers medical expenses incurred during treatment of any disease, injury, or other mental & physical impairment. It acts as compensation in exchange for a monthly/semi-annual/annual premium or a payroll tax to provide healthcare benefits. The insurer is obliged to cover medical expenses for the policy holder up till the tenure and coverage of the policy. Depending on the policy, the coverage may vary for numerous factors, including diseases, age group, government policies, and others. 

Increase in instances of several diseases, such as cancer, dengue, and diabetes, during the COVID-19 pandemic is considered as an important factor boosting the global Healthcare Insurancemarket growth. In addition, improving claim management services and surge in awareness of Healthcare Insurancein rural areas are some of the major factors that propel the market growth. However, lack of knowledge about coverage’s included in Healthcare Insurance policy and increase in Healthcare Insurance premium cost are some of the factors that limit the Healthcare Insurance market opportunity. Furthermore, increased usage of advanced technology among healthcare professionals to treat chronic diseases, such as cancer and cardiovascular diseases, is expected to boost the medical treatment cost. Therefore, these high treatment costs become unaffordable to consumers and thus, adoption of Healthcare Insurance is expected to grow tremendously in the coming years. 

The report focuses on growth prospects, restraints, and trends of the Healthcare Insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the Healthcare Insurance market.

Some of the prominent players in the Healthcare Insurance Market include:

• Aetna Inc.
• AIA Group Limited
• Allianz
• ASSICURAZIONI GENERALI
• Aviva
• AXA
• Cigna
• Ping An Insurance (Group)
• UnitedHealth Group
•  Zurich

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Healthcare Insurance market.

By Provider Type

•  Public
•  Private

By Coverage Type

•  Term Insurance
•  Life-time Coverage

By Health Insurance Plans Type

•  Point of Service
•  Preferred Provider Organizations
•  Exclusive Provider Organizations
•  Health Maintenance Organizations

By End-use Type

•  Individuals
•  Corporates
•  Adults

By Level of Coverage Type

• Bronze
• Silver
• Gold
• Platinum

By Demographics Type

• Minors
• Adults
• Seniors

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)