Health and Medical Insurance Market Size, Share, Growth, And Industry Analysis by Type (Individual/Family Health Insurance Products, Group Health Insurance Products) by Application (Comprehensive Plan, Treatment and Care & Other (Dental, Child, etc.)) Regional Forecast From 2022 to 2028

Updated On: 22 April 2024

Health and Medical Insurance Market Report Overview

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The global health and medical insurance market size was USD 789.4 million expanded rapidly in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the health and medical insurance market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 5.0 % during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The industry that offers health coverage to individuals and families through insurance contracts is referred to as the health and medical insurance market. In order to handle the high expense of healthcare and safeguard against financial hardship in the case of a medical emergency or chronic disease, this market is crucial. A multi-billion dollar sector, the health and medical insurance market offers protection for individuals, families, and corporations. It functions using a variety of methods, including publicly sponsored initiatives like Medicare and Medicaid and privately run insurance firms that provide a selection of health insurance options.

The market for health and medical insurance has expanded considerably in recent years. The need for health and medical insurance has grown as a result of medical technological developments and an ageing population. The development of technology has also contributed to the health and medical insurance market size expansion for health and medical insurance. People may now more easily access and buy health and medical insurance thanks to the development of digital platforms like telemedicine and online portals. As a result, there is now more rivalry on the market, which has prompted the release of fresh, cutting-edge goods.

COVID-19 Impact: Increased Policy Launches During COVID-19 Pandemic To Have A Positive Effect On The Health Insurance Market

The pandemic has emphasized the necessity of universal health coverage (UHC), which might assist to boost the market in this area in the next years. The pandemic has also revealed the flaws and limits in the healthcare systems of Asian nations. The COVID-19 pandemic will benefit the global economy in the long run since it has raised awareness of the need of medical insurance and the need for digitization to streamline the insurance procedure. Additionally, insurance providers are focusing on enhancing their plans to address unmet needs by providing COVID-19 protection coverage. In the previous year, HI's new subscribers significantly increased. On the other hand, during the COVID-19 pandemic, several authorities declared the easing of premiums for a shorter term, which slowed down the total expansion of the health and medical insurance market. For instance, the COVID-19 pandemic led to the Government of India relaxing the payment of health insurance premiums on renewals for vehicle and health plans until May 15, 2020. The pandemic-related premium relaxation has hindered the market's expansion for health and medical insurance market. 

Latest Trends

"A Prominent Trend Is The Increased Development Of New Products By Health Insurance Companies"

A new trend is emerging in the industry as a result of market evolution and the introduction of new products by health insurers. Many businesses provide various plans, including single condition packages that only cover one ailment, such as high blood pressure, diabetes, and cancer, and may be added to standard insurance. Customers are given freedom by these businesses, which would simplify the process of switching insurance providers. Additionally, distribution of insurance is now more convenient due to the rise in internet usage. Since they enable clients to evaluate different plans to make better decisions, internet insurance policy sales have developed into the easiest distribution route for businesses. Additionally, a number of businesses have created their own significant online sales channel using social media and digital marketing. Additionally, a recent development in the industry is the creation of new mobile applications that provide information on the policy. For instance, the healthcare start-up Solv announced the release of its mobile app in November 2019 to allow users to schedule appointments and manage their health insurance. 

Health and Medical Insurance Market SEGMENTATION

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• By type

Depending on health and medical insurance given are types: Individual/Family Health Insurance Products, Group Health Insurance Products. The Individual/Family Health Insurance Products type will capture the maximum market share through 2028.

• By Application

The market is divided in Comprehensive Plan, Treatment and Care & Other (Dental, Child, etc.) based on application. The global health and medical insurance market  players in cover segment like Comprehensive Plan will dominate the market share during 2021-2028.

Driving Factors

"Increased Health Insurance Awareness in Rural Areas to Fuel Market Growth"

Due to its many advantages, which include paying a lump payment in extended instances and covering the insured's disease treatment costs, the health and medical insurance market is growing quicker in rural regions. Customers in rural areas are becoming more aware of the full range of health insurance benefits, including in-patient hospitalization expenses, pre- and post-hospitalization fees, ambulance costs, and domiciliary hospitalization costs, which is boosting the market's expansion. Furthermore, by offering inexpensive insurance policies and facilitating the claim settlement procedure, government entities like banks and cooperative banks play a crucial part in boosting the health and medical insurance market growth in rural regions. The worldwide industry advances as a result of greater knowledge of health insurance in rural regions.

"Geriatric Population Growth and Sedentary Lifestyles Will Drive the Global Market"

One of the main reasons boosting the market is the rising elderly population. The need for policies among the elderly is growing since a major portion of the population has one of the other chronic diseases like heart disease, cancer, type 2 diabetes, or arthritis. Additionally, the number of patients with various chronic diseases is growing as a result of adults adopting sedentary lives. According to the National Cancer Institute, there will be approximately 1,806,590 new cancer cases diagnosed and 606,520 cancer-related deaths in the United States year 2020. Additionally, according to the World Population Prospects, 1 in 11 individuals, or 9% of the global population, were 65 or older in 2019. By 2050, it's predicted that number would rise to 1 in 6, or 16% of the global population. Growing chronic illness prevalence and an ageing population would boost health and medical insurance market growth. This would result in a rise in the number of persons choosing medical insurance together with the increased awareness.

Restraining Factors

"Increased Health Insurance Premium Costs To Impede Market Expansion"

Health insurance companies have increased premium prices as a result of the rise in healthcare expenses, including the price of medications, hospital admission charges, and many other procedures. Additionally, the majority of customers worldwide suffer from chronic illnesses including diabetes, Alzheimer's disease, and heart disease. The expense of treating chronic disorders has been enormously raised by medical specialists. As a result, insurance providers must deal with high claim settlement expenses, which restrict the health and medical insurance market growth.

Health and Medical Insurance Market Regional Insights

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"North America Is Expected To Lead The Market Share During The Forecast Period"

North America contributed the most to revenue and is predicted to increase at the greatest CAGR. The area holds the biggest health and medical insurance market share as a result of the widespread use of private insurance, a growth in the number of people with chronic illnesses, and a rise in disposable income. The top three health insurance providers in the U.S. are UnitedHealth, Kaiser Foundation, and Anthem, Inc. They provide a wide range of health insurance products and related services through their affiliates and subsidiaries, which is what is causing the industry to flourish in North America. During the projected period, North America is expected to lead the worldwide market for health insurance. Regional growth will be fueled by government programmes to make Medicare and Medicaid insurance affordable and to expand the population's access to health insurance. 

Healthcare insurance is expected to see a profitable growth of 8.9% in the Asia Pacific region over the course of the forecast year. The rise in public and private health spending, the penetration of insurance services into rural and urban areas, as well as supportive government policies, would be the main causes for the growth of health and medical insurance market share. The region's emerging economies' rapidly expanding middle class is driving up insurance demand. The region's life insurers are shifting away from fee-based products and towards protection-based ones, with an emphasis on accident and health insurance.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Anthem(U.S)
• UnitedHealth Group (U.S)
• DKV (Germany)
• BUPA (U.K)
• Chinalife (China)
• Aetna (U.S)
• PICC (China)
• PingAn (China)
• Star Health & Allied Insurance (India)
• Cigna (U.S)
• Essential Med (South Africa)
• Kunlun (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.