The Global Healthcare Insurance Market was $1.89 Trillion in 2020, and it is expected to reach $5.5 Trillion by 2031. It is eventually growing at a commendable high compound of annual growth rate CAGR of 10.2% between 2021-2031. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. Generally, Health insurance provides quick reimbursement to people while suffering from any diseases with a minimum premium amount. The increasing geriatric population is the most significant factor in driving business growth. Most of the geriatric population is susceptible to chronic conditions. Also, people in the age group of 65 years and above suffering from diseases that may require surgical procedures and continuous critical monitoring. Since the geriatric population is an unproductive population, they cannot afford expensive surgical procedures, and long hospital stays. Thus, the factor is driving the market growth during the forecast period. Now, moving forward, the robust demand for the global healthcare insurance market in the insurance department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Healthcare Insurance Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The healthcare insurance market is segmented as provider, insurance type, coverage type, demographics, and network. Based on the provider, the global healthcare insurance market has been bifurcated into private providers and public providers. Based on the insurance type, the global healthcare insurance market is divided into Disease Insurance, Medical Insurance, and Income Protection Insurance. Based on coverage type, the global healthcare insurance market is segmented as Lifetime Coverage and Term Coverage. Based on demographics, the global healthcare insurance market has been bifurcated as Minors, Adults, and Senior Citizens. Based on the network, the global healthcare insurance market has divided into Preferred Provider Organizations, Point of Service, Health Maintenance Organization, and Exclusive Provider Organizations.
By Region, North America is Holding the Major Market Share
The Healthcare Insurance Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, North America has a significant share among those regions. Increasing awareness among the country people for the health problem after the age of 65 and above is expected to drive market growth over the region. Increasing disposal income, favorable government rules and regulations, and other potential factors drive the market over the forecast period. Apart from that, favorable rules and regulations and other factors are drive market growth. Apart from that, the Asia Pacific and the Rest of the regions are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Healthcare Insurance Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include United Healthcare, Aetna, Anthem, Inc., Aviva, Allianz, Centene, Cigna, CVS Health Corporation, Humana, Kaiser Foundation, Bupa, Assicurazioni Generali S.P.A, AIA Group Limited, AXA Equitable Life Insurance Company., and China Life Insurance Company Limited among others.
The Global Healthcare Insurance Market Has Been Segmented into:
Global Healthcare Insurance Market: By Provider
Global Healthcare Insurance Market: By Insurance Type
Global Healthcare Insurance Market: By Coverage Type
Global Healthcare Insurance Market: By Demographics
Global Healthcare Insurance Market: By Network
Global Healthcare Insurance Market: By Region