Health Insurance Market to Garner $4.15 Trillion, Globally, by 2028 at 9.7% CAGR: Allied Market Research

Rise in prevalence of chronic diseases, increase in awareness of health, and improvement in claim management drive the growth of the global healthcare insurance market

News provided by

Allied Market Research

Jun 16, 2021, 09:15 ET

PORTLAND, Ore., June 16, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Health Insurance Market by Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others), Insurance Type (Diseases Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), End User Type (Group and Individuals), and Age Group (Senior Citizens, Adult, and Minors): Global Opportunity Analysis and Industry Forecast, 2021–2028". As per the report, the global health insurance industry was accounted for $1.98 trillion in 2020, and is estimated to reach $4.15 trillion by 2028, growing at a CAGR of 9.7% from 2021 to 2028.

Major determinants of the market growth

Rise in prevalence of chronic diseases, increase in awareness of health, and improvement in claim management drive the growth of the global healthcare insurance market. However, lack of knowledge about coverages included in health insurance policy and surge in health insurance premium cost hinder the market growth. On the contrary, rise in use of advanced technology among healthcare professionals is expected to open lucrative opportunities for the market players in the future.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/4338

Covid-19 scenario:

The Covid-19 outbreak severely affected the life & businesses of all individuals across the globe. The pandemic increased the need for purchasing health insurance among consumers to obtain better medical facilities & healthcare treatment.
Increase in health insurance premiums amidst the global health crisis has made the insurance companies come up with upgraded policies.

The direct sales segment to manifest the highest CAGR through 2028

By distribution channel, the direct sales segment is expected to manifest the highest CAGR of 12.3% during the forecast period. This is attributed to the fact that direct selling eliminates middlemen involved in distribution channel, such as agents and brokers. However, the broker/agent segment held the largest share in 2020, accounting for more than half of the global healthcare insurance market, as independent agents are best suited for clients due to their comprehensive knowledge of products and services.

Get detailed COVID-19 impact analysis on the Health Insurance Market: https://www.alliedmarketresearch.com/request-for-customization/4338?reqfor=covid

The preferred provider organizations (PPOs) held the lion's share in 2020

By coverage, the preferred provider organizations (PPOs) segment dominated the global healthcare insurance market in 2020, contributing to around half of the market, as policyholders are provided healthcare services at discounted rates while opting for a certain specified network of doctors and hospitals. However, the exclusive provider organizations (EPOs) segment is projected to portray the highest CAGR of 11.3% from 2021 to 2028, as EPO allows policyholders to receive medical treatment and services within certain EPO network providers.

North America held the largest share in 2020

By region, the global healthcare insurance market across North America dominated in 2020, accounting for around two-thirds of the market, due to increased awareness of the availability of multi-value health insurance policies and favorable health insurance landscape in the U.S. However, the market across Asia-Pacific is estimated to register the highest CAGR of 13.6% during the forecast period, owing to increase in healthcare costs and steady income of people in the region.

Major market players

Aetna Inc.
Allianz
ASSICURAZIONI GENERALI S.P.A.
AIA Group Limited
AXA
Aviva
Ping An Insurance (Group) Company of China, Ltd.
Cigna
Zurich
UnitedHealth Group

Interested in Procuring This Report? Visit Here: https://www.alliedmarketresearch.com/purchase-enquiry/4338

Similar Reports:

Marine Insurance Market By Type (Cargo Insurance, Hull & Machinery Insurance, Marine Liability Insurance, and Offshore/Energy Insurance), Distribution Channel (Wholesalers, Retail Brokers, and Others), and End User (Ship Owners, Traders, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028

Fire Insurance Market by Coverage (Standard Coverage and Optional Coverage), Enterprise Size (Large Enterprises and Small and Medium Enterprises) and Industry Vertical (Manufacturing, Healthcare, Energy & Utilities, Retail & Consumer Goods, IT & Telecom, Hospitality and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028

Home Insurance Market by Coverage (Comprehensive Coverage, Dwelling Coverage, Content Coverage, and Other Optional Coverages), End User (Landlords and Tenants): Global Opportunity Analysis and Industry Forecast, 2020–2027

Mutual Fund Assets Market by Fund Type (Equity Funds, Bond Funds, Money Market Funds, and Hybrid & Other Funds), Distribution Channel (Banks, Financial Advisors/Brokers, Direct Sellers, and Others), and Investor Type (Institutional and Individual): Global Opportunity Analysis and Industry Forecast, 2020–2027

Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027

Mobile Phone Insurance Market by Phone Type (New Phone and Refurbished Phone), Channel (Mobile Operator, Device OEM, Retailers, and Others), Protection (Physical Damage, Electronic Damage, Theft Protection, Virus Protection, Water Damaged, Cracked Screen, and Other), and End Users (Corporate and Personal): Global Opportunity Analysis and Industry Forecast, 2019–2026

Prebook these Upcoming Reports:

Guaranteed Auto Protection (GAP) Insurance Market By Type (Finance GAP Insurance, Return-to-Invoice GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-Value GAP Insurance, and Others) and Application (Passenger Cars and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get More Information: https://www.alliedmarketresearch.com/library-access

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter