Scope of the Study
Health Insurance is policy against medical and surgical expenses provided by the insurance company to the member who has taken that policy. This policy can be applied in two ways that provides repayment of the expenditure incurred due to illness or pays a specific amount directly to care provider. Expenses are paid to the member as per the benefits decided in the insurance agreement. Increasing medical care expenses and rapid growth of chronic diseases among population fuels the growth of the health insurance market.
The market study is being classified by Type (Short-Term Health Insurance and Gap Insurance (Accident, Critical Illness, & Telemedicine)), by Application (Public Sector, Private Sector and Stand-Alone Insurers) and major geographies with country level break-up. According to AMA, the Global Healthcare Insurance market is expected to see growth rate of 4.11% and may see market size of USD1198.89 billion by 2024.
Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva ( United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance ( Japan), MetLife (United States), Allstate (United States), Aegon (Netherlands), Prudential Financial (United States) and New York Life Insurance (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Aetna (United States), TIAA-CREF (United States), Mitsui Mutual Life Insurance (Japan), Royal & Sun Alliance (United Kingdom), Swiss Reinsurance (Switzerland), CNP Assurances (France), PingAn (China) and Cigna (United States).
To survive and maintain their position in the market key players are adopting strategies like maintaining transparency in insurance policy and present them in comprehensive manner so as to make it easily understandable for the customers. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Healthcare Insurance market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Healthcare Insurance market by Type, Application and Region. On the basis of Type, Life-time Coverage are dominating the market in the year 2018 where as Term Insurance stood as second largest market share.
On the basis of application, Private Sector segment is dominating the market in the year 2018 where as Public Sector segment stood as second largest market.
On the basis of geography, the market of Healthcare Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). United States region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Plans, the sub-segment i.e. Health maintenance organizations (HMOs) will boost the Healthcare Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- increasing number of individuals with high income
- health security standards advancement
- rising chronic diseases among population
- increasing medical care expenses
- increasing transparency in terms of insurance
- integrating solutions through data analytics and modeling techniques
- Undulating economic conditions
- comparatively less profit margins
- digitization in accessing policies
- improving disposable income
- competitive market
- high threat of new entrant
companies are providing self service features at discounted amount for their distributors and introduced digitizing access to insurance schemes and communication, hence creating countable opportunities.
Key Target AudienceHealth maintenance organization, Technology, equipment, and solution providers, Private utility players, Government and research organizations, Distribution consultancies and End users ( public and private sectors)
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