Health Insurance Market Size

Health Insurance Market Size

Health Insurance Market size crossed USD 3 trillion in 2022 and will see a 5.5% CAGR from 2023-2032. Growing healthcare expenditure and the rising GDP worldwide will have a positive impact on industry outlook.

Expanding geriatric population is responsible for the rising disease burden worldwide with an expanding patient pool suffering from chronic illnesses. The elderly community falls under the underproductive section of the population, making it more difficult to afford extensive medical care. As a result, insurers are introducing supportive policies to cater to the geriatrics, which may create lucrative growth opportunities.

Stringent regulations and longer claim reimbursement times are some of the major roadblocks to health insurance industry development. In addition, insurance companies delay or reject applications that are raised too late by patients. For instance, certain health policies offered by some insurance firms require the payer to inform 3 days prior to any surgery or hospitalization in order to claim a reimbursement in time. Such strict regulations are posing a challenge for both insurance providers as well as payers.