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Health insurance market size, industry trends, growth and forecast 2023-2028

According to the latest report by IMARC Group, the global health insurance market size is set to reach US$ 1,714.0 billion in 2022.

UNITED STATES, March 29, 2023 / — According to IMARC Group’s latest report “Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecasts 2023-2028”, the Global Health Insurance Market in 2022 The size reached 1,714.0 billion US dollars. Looking ahead, IMARC Group expects the market to reach US$ 2,599.8 billion by 2028, exhibiting a growth rate (CAGR) of 7.11% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to enter the market in any form.

Health insurance covers various medical and surgical expenses and preventive care costs incurred by an insured person. It protects the insured against financial loss arising out of medical emergencies. It also protects against the expenses of ambulance charges, hospitalization, medicines and doctor’s consultation charges. It provides easy access to medical treatment with cashless facility at the insurer’s network hospitals. It also provides tax benefits for a wide range of medical conditions. Presently, major players are offering a number of health insurance plans, which allows the insurer to select the most suitable insurance plan based on their needs and requirements.

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Health Insurance Market Trends and Drivers:

Rising cost of medical services and increasing number of daycare procedures represent one of the major factors driving the demand for health insurance across the globe. Furthermore, increasing prevalence of chronic diseases and viral infections including hypertension, cancer, cardiovascular disorders, cystic fibrosis, cardiovascular disease (CVD), human immunodeficiency virus (HIV), and acquired immunodeficiency syndrome (AIDS) is favoring the market growth Is. The growing geriatric population, which is more prone to complex medical conditions, is also positively impacting the market. Furthermore, increasing number of surgical procedures due to increasing incidence of fatal road accidents is contributing to the growth of the market. Furthermore, major players are launching health insurance apps as they help consumers compare multiple plans offered by multiple vendors. These applications also allow for transparent communication between insurers and companies and offer adequate disclosure of critical information to help individuals make informed decisions.

In line with this, there has been an increase in the integration of Artificial Intelligence (AI), Internet of Things (IoT), Big Data Analytics and predictive analytics in health insurance applications to digitize the claims process and policy management. Growing acceptance of cloud-based services and increasing penetration of high-speed internet have enabled real-time sessions with experienced industry experts who can help provide insightful recommendations to users, which continues to be a positive outlook for the market. Is. Additionally, leading players are offering health insurance policies that offer the benefit of free annual and bi-annual check-ups with additional customization at low premium rates. Along with this, the rising preference for family floater health insurance among the masses is boosting the growth of the market. Furthermore, the governing agencies of many countries are taking measures to make health insurance mandatory for employees in private organizations. This, coupled with the launch of customized corporate health insurance cover for its customers at various price options, is propelling the growth of the market.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Provider:

private provider
public provider

Breakup by type:

life-time coverage
term insurance

Breakup by plan type:

medical insurance
critical illness insurance
Family Floater Health Insurance

Breakdown by Demographics:

senior citizen

Breakdown by provider type:

Preferred Provider Organization (PPO)
Point of Service (POS)
Health Maintenance Organization (HMO)
Exclusive Provider Organization (EPO)

Market Breakup by Region:

North America (USA, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, others)
Latin America (Brazil, Mexico, others)
middle east and africa

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Competitive Landscape with Key Players:

The competitive landscape of the market has also been analyzed along with some of the top best health insurance companies.

Aetna Inc. (CVS Health Corporation)
AIA Group Limited
Allianz SE
Aviva Plc
Berkshire Hathaway Inc.
Cigna Corporation
International Medical Group Inc. (Sirius International Insurance Group Limited)
Prudential Plc
United health group inc.
Zurich Insurance Group AG.

If you require specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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about us

IMARC Group is a leading market research company offering management strategy and market research worldwide. We partner with clients across all sectors and regions to identify their highest value opportunities, solve their most pressing challenges, and transform their businesses.

IMARC’s information products cover key market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial and high technology organizations. Market forecasting and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the helm of the company’s expertise.

Our offerings include comprehensive market information in the form of research reports, production cost reports, feasibility studies and consulting services. Our team, comprised of experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clients ranging from small and medium businesses to Fortune 1000 corporations.

Elena Anderson
IMARC Services Private Limited
+1 6317911145
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