Health Insurance Market Size By Service Provider (Private, Public), By Type (Hospitalization Insurance, Critical Illness Insurance, Income Protection Insurance, Medical Insurance), By Network Provider (Health Maintenance Organization [HMO], Preferred Provider Organization [PPO], Exclusive Provider Organization [EPO]), By Age-group (Minors, Adults, Senior Citizens), By Time Period (Life Insurance, Term Insurance), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Published Date: May 2019  |  Report ID: GMI3146  |  Authors: Sumant Ugalmugle

Report Format: PDF   |   Pages: 210   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Health Insurance Market Size was valued at USD 1.4 trillion in 2018 and is expected to witness 4.2% CAGR from 2019 to 2025. Rise in the GDP and increase in the healthcare expenditure proves beneficial for industry growth as people can spend sufficiently on their healthcare expenses. Majority of healthcare disbursement accounts to expenses gathered from medical policies.

Health Insurance Market

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Increasing geriatric population is one of the major factors driving business growth. Majority of geriatric population is susceptible to chronic conditions. Also, people in the age group of 65 years and above suffering from diseases may require continuous critical monitoring and surgical procedures. Since the geriatric population comes under unproductive portion of population, they cannot afford expensive surgical procedures and long hospital stays. Hence, availability of several insurance policies renders positive impact on business growth.

By Service Provider

Private segment was valued around USD 530 billion in 2018. These policies protect families against unexpected medical issues. Moreover, private insurance also gives control over the choice of healthcare services. People opting for private insurance can now choose their services and doctors.

Public health insurance market is expected to witness over 3% growth through 2025. Preference for public insurance is growing as it proves to be cost-effective. Additionally, public policies sometimes help the patients with out-of-pocket expenditures that propels its demand.

By Type

Income protection insurance is projected to grow more than 3% from 2019 to 2025. Income protection insurance provides benefits such as childcare benefits, overseas assistance, chronic injury or trauma benefits and elective surgery. Furthermore, income protection insurance also covers rehabilitation expenses that propels its adoption.

Medical insurance market was valued around USD 235 billion in 2018. Government in developing countries has drafted certain initiatives regarding women health. For instance, specific policies developed for women covers reimbursement for several life-threatening diseases such as cervical cancer. Moreover, several medical policies also provide cashless claim benefits that enhances the business growth.

Germany Health Insurance Market Share

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By Network Provider

Health maintenance organization (HMO) segment was valued around USD 555 billion in 2018. Patients will have a primary care physician that can help them in dealing with minor health related problems. This reduces visits to hospitals and subsequently reduces hospitalization costs, such factors are expected to foster segment growth.

Preferred provider organization (PPO) segment is predicted to grow at 3% CAGR up to 2025. PPOs provide well-managed healthcare plans that offer more flexibility to patients. Patients are allowed to choose doctors and care providers from pre-approved list. Also, less paper work is required for PPO plans that further escalates its preference and boosts market growth.

By Age-group

Minors segment was valued around USD 330 billion in 2018. Minors segment includes population in the age group of 0-18 years. Health insurance providers develop special policies for children. Some of these child health insurance policies are available at lower premium and includes additional perks such as cashless hospitalization that elevates its adoption and should favour segment growth.

Health insurance market demand from adults segment is estimated to grow at more than 4.5% CAGR up to 2026. Prevalence of lifestyle diseases is high in adult population that can increase health risk in future. Thus, adult population is more susceptible to cardiac and other endocrine diseases that requires hospitalization. Such factors are expected to favour market growth.

By Time Period

Life insurance market was valued around USD 490 billion in 2018. Advantages associated with life insurance plans include permanent coverage and guaranteed death benefit. Along with these advantages, investing in life insurance also helps working professionals to save some amount of income tax. Investing in life insurance not only provides financial support during trauma cases but also proves to be a better option for working professionals to grow tax-deferred that boosts the market growth.

Term insurance will grow at 4% CAGR during 2019 to 2025. Term insurance has lower initial cost in comparison to permanent life insurance policies. Term insurance provides high coverage level at appropriate time and only when required. This type of insurance is designed for needs that will disappear with time. Therefore, to save on costs, people usually rely on term insurance policies.

By Region

North America health insurance market revenue was valued over USD 470 billion in 2018. Regional growth can be attributed to increasing awareness regarding the health insurance policies coupled with high GDP. Moreover, availability of leading policy providers such as Medicare in the U.S. should trigger the business growth. These medical insurance providers formulate health insurance policies that offer maximum coverage for several diseases, which is boosting the market expansion.

Asia Pacific is expected to witness over 4.5% growth over 2019 to 2025 owing to growing prevalence of chronic diseases. This scenario proves beneficial for industry growth as it increases the demand for healthcare policies for appropriate reimbursement of healthcare services. Moreover, availability of cost-effective term insurance plans provided by national policy providers are highly preferred in developing countries in APAC which fosters the business growth.

 Asia Pacific Health Insurance Market

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Competitive Market Share

Some of the prominent industry participants in health insurance market share includes Anthem Health Insurance, Aetna, Blue Cross Blue Shield Companies, Cigna, Highmark, HCSC, Humana, Kaiser Permanente, Wellcare and United Healthcare. These industry players implement several strategic initiatives that help them in gaining potential market share. Moreover, approval from regulatory authorities to collaborate with major hospitals will increase company revenues. For instance, in September 2018, Cigna Corporation received approval from IRDAI to collaborate with Manipal Group. This partnership will increase sales of health policies.

Health insurance market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2014 to 2025, for the following segments:

By Service Provider, 2014-2025 (USD Billion)

  • Private
  • Public

By Type, 2014-2025 (USD Billion)

  • Hospitalization insurance
  • Critical Illness insurance
  • Income protection insurance
  • Medical insurance

By Network Provider, 2014-2025 (USD Billion)

  • Health Maintenance Organization (HMO)
  • Preferred Provider Organization (PPO)
  • Exclusive Provider Organization (EPO)
  • Others

By Demographics, 2014-2025 (USD Billion)

  • Minors
  • Adults
  • Senior Citizens

By Time Period, 2014-2025, 2014-2025 (USD Billion)

  • Life insurance
  • Term insurance

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East Asia & Africa
    • Saudi Arabia
    • South Africa
    • UAE


Frequently Asked Questions (FAQ) :

The market size of health insurance exceeded USD 1.4 trillion in 2018.
The industry share of health insurance is projected to expand at 4.2% CAGR up to 2025.
Asia Pacific is expected to witness over 4.5% growth over 2019 to 2025 owing to growing prevalence of chronic diseases.
Medical insurance market was valued around USD 235 billion in 2018, says this GMI report.
A considerable increase in geriatric population across both developed and developing countries, mostly prone to chronic disorders, have hugely contributed towards the demand for healthcare insurances in recent years.
United Healthcare, Aetna, Anthem Health Insurance, Cigna Corporation, HCSC, Highmark, Blue Cross Blue Shield Companies, Humana, Wellcare and Kaiser Permanente are some of the key providers of healthcare insurance.
Factors like burgeoning cost healthcare insurance plans, strict regulations and considerably longer time to reimburse claims may impact healthcare insurance market forecast.
Income protection insurance can offer benefits on childcare, overseas assistance, chronic injury or trauma and elective surgery.

Premium Report Details

  • Published Date: May 2019
  • Pages: 210
  • Tables: 138
  • Charts / Figures: 10
  • Companies covered: 10
  • Countries covered: 18

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