Health Insurance Market Analysis

Health Insurance Market Analysis

Critical illness health insurance market size is poised to surpass USD 2 trillion by 2032. Critical illness insurance is very beneficial as they provide coverage for an array of life-threatening diseases such as cancer, stroke, heart attack, and renal failure. As per the Nation Cancer Registry Program of ICMR, cancer incidences in India surged from more than 1.3 million in 2020 to over 1.4 million in 2022. Critical illnesses require extensive care with multiple hospital visits and hefty expenditure on treatment services. Insurance programs for such ailments not only cover hospitalization expenses, but also help patients pay for doctor visits, medical bills, and more, which may create a favorable environment for market progress.
 

Health insurance market valuation from public service providers is set to reach over USD 3 trillion by 2032. Public insurance supports patients that fall under low- and middle-income groups to cater to a demographic with unmet medical needs. These policies help minimize out-of-pocket expenditure on healthcare services. Several governments worldwide across Germany, the U.S., and India are introducing extensive health insurance programs to provide the geriatric population and groups with low disposable income access to healthcare services.
 

Health insurance market from the senior citizens age group will register over 3.5% CAGR from 2023-2032. Senior citizens are more prone to chronic illnesses and aging-related disorders, resulting in significant healthcare expenditures. However, since they cannot afford out-of-pocket expenses, the geriatric population relies on health insurance policies to cover their medical bills. These policies provides them access to free annual check-ups along with benefits such as coverage inclusive of outpatient services, and no medical screening before buying insurance plans.
 

North America held a 34% share of the health insurance market in 2022. North America is set to emerge as a key hub for health insurance due to the massive healthcare expenditure in countries such as the U.S., and Canada. Additionally, hefty investments in healthcare infrastructure and government-backed initiatives focusing on the development of more inclusive insurance programs are aiding industry expansion across the region.