Healthcare Insurance Market Size, Share | Celent Growth Trends, Key Players, Competitive Strategies – Forecast to 2028
Global Health Insurance Market: Global Size, Trends, Competitiveness, Historical and Forecast Analysis, 2021-2027, Growing Awareness of Benefits of Health Insurance in Rural Areas and Prevalence of Global Chronic Diseases Increase is some of the major factors driving the growth of the market. The global health insurance market.
The healthcare insurance market was valued at USD 245.67 billion in 2020 and is expected to reach USD 4237.7 billion by 2027, growing at a CAGR of 8.1% during the forecast period.
Scope of the Global Healthcare Insurance Market Report
The term “medical insurance” relates to a type of insurance that substantially covers medical expenses. Medical insurance protects the insured against financial losses caused by medical emergencies. A medical insurance policy, like any other policy, is a contract between an insurer and a private/group where the insurer pays a certain amount of insurance coverage at a certain “premium” according to the terms stated in the policy. You may agree to provide There are four types of health insurance plans: Preferred Provider Organization (PPO) Plans, Health Saving Account (HSA) Accredited Plans, Health Maintenance Organization (HMO) Plans, and Indemnity Plans. Medical expenses such as ambulance fees, medical fees, hospitalization fees, medicine fees, and childcare procedures fees are covered. Payments are typically made for the actual charges incurred at the clinic using the original medical bill or to the settlement of the condition without submitting a bill. The health care policy provides cumulative bonuses and also includes provisions for reimbursement of medical examination costs.The first medical insurance began in Texas in 1929. Blue Cross helped cover hospital bills. The Dallas-area teacher is one of the first to benefit from medical expense coverage in exchange for a monthly premium of 50 cents.
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Major Players in the Global Medical Insurance Market Report:
The major players in this medical insurance market are:
- Aetna Co., Ltd. (CVS Health Corporation)
- AIA Group Limited
- Allianz SE
- Aviva
- Berkshire Hathaway
- Signa Corporation
- International Medical Group Inc. (Sirius International Insurance Group Ltd.)
- Prudential
- United Health Group Co., Ltd.
- Zurich Insurance Group AG.
- Bajaj Allianz General Insurance Company
- other
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Regional Analysis-
North America
Europe
- Germany, France, UK, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
Asia Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, rest of APAC
latin america
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, United Arab Emirates, Egypt, South Africa and other MEAs
Healthcare Insurance Market Segmentation:
The global medical insurance market is segmented on the basis of service provider, type, network provider, age group, term, region and country level. Based on service provider, the global medical insurance market is classified into private and public. Based on type, the market is segmented into hospitalization insurance, critical illness insurance, income protection insurance, and medical insurance.Based on network providers, the market is segmented into health maintenance organizations [HMO]preferred provider organization [PPO]and exclusive providers [EPO]Based on age group, the global medical insurance market is segmented into minors, adults, and seniors. The market is categorized by term into life and term insurance.
By provider:
- private provider
- public provider
- others
By type:
- Hospitalization insurance
- critical illness insurance
- income protection insurance
- medical insurance
- other
By network provider:
- Health maintenance mechanism [HMO]
- Preferred Provider Organization [PPO]
- Exclusive provider [EPO]
- others
By age group:
- minor
- adult
- senior citizen
By period:
- Life insurance
- term insurance
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Growing awareness of the benefits of health insurance in rural areas and increasing prevalence of chronic diseases worldwide are driving the market growth
Growing awareness about the benefits of health insurance in rural areas and the increasing cost of health care services is driving the growth of the global health insurance market. About 68% of India’s population lives in rural areas, of which about 36% have health insurance. The medical insurance market is accelerating in rural areas as it offers many benefits such as reimbursement of medical expenses for insured persons’ illness and lump sum payments in long-term cases. In addition, rural customers are more aware of comprehensive health insurance coverage, including ambulance costs, home and inpatient costs, pre-hospital and post-hospital costs. Supportive government initiatives are also supplementing the market growth. For example; in India, the government has initiated an insurance policy named Aam Aadmi Bima Yojana. Under this insurance scheme, the purchaser’s family earns about 30,000 rupees and the owner of accident or disability insurance he receives 75,000 rupees.
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