Health Insurance Market Size, Share, Growth, Trends, Global Industry Analysis, By Type (Insured Liability and Payment Method), By Application (Personal and Enterprise), Regional Insights and Forecast From 2025 To 2033

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HEALTH INSURANCE MARKET REPORT OVERVIEW

In 2024, the insurance market size reached a value of USD 34.97 billion, and it is projected to surge to USD 272.8 billion by 2033, CAGR of 25.4% during the forecast period. Asia-Pacific is dominating the health insurance market share in 2025.

Health insurance is an insurance type that covers a person’s health-related issues. Risk is shared by many people, as it is with other types of insurance. It is also defined as coverage offering payment benefits due to injury or sickness. It also includes insurance for medical expenses, disability, accidents, or any accident”. An insurer creates a stable financial structure, such as a monthly tax payroll or premium payroll, to offer the funds to pay for the medical benefits provided in the insurance agreement. The insurance company assesses the overall risk of health risk and health system expenses over the risk pool. A central institution, such as a government agency, for-profit corporation, or private company, is in charge of administering the benefits associated with the insurance. 

Health insurance offers coverage for medical expenses. Taking insurance assists the customer with the best medical services without any financial epidemic. It covers day-care procedures, domiciliary expenses, hospitalization, and ambulance charges. It also covers critical illness insurance that offers coverage against life-threatening diseases such as loss of limbs, kidney failure, stroke, and others. Many insurance companies also provide additional protection over your employer's cover. 

COVID-19 IMPACT

Pandemic Outbreak Boosted Health Concerns That Resulted in Market Growth

The epidemic emphasized the necessity of universal health coverage (UHC), which assisted growth in the market. The pandemic has also revealed the flaws and limitations in the healthcare systems. The COVID-19 pandemic benefited the global economy in the long run. The pandemic outbreak raised awareness of the importance of medical and insurance. Additionally, the spread of COVID-19 increased the health concern among the population, which boosted the health insurance market growth. The health insurance market increased during the pandemic as a large population adopted health and life insurance. 

LATEST TRENDS

Launch of New Policies by Health Insurance Companies to Surge Growth

The market is evolving coupled with the launch of new policies and the benefits offered by the companies. Companies provide various policies with different uses, such as a package of a single disease covering the insurance of one condition such as diabetes, cancer, or high blood pressure. Additionally, health insurance offers flexibility to the consumers, allowing the access port of the insurance from one company to another. The availability of the internet and its steady adoption has made insurance distributors more convenient. The internet has made customer service easy, which is estimated to surge growth in the global market.

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HEALTH INSURANCE MARKET SEGMENTATION

By Type

By type, the market is segmented into insured liability and payment method.

By Application

Based on application, the market is classified into personal and enterprise. 

DRIVING FACTORS

Rising Sedentary Lifestyle and Geriatric Population to Increase the Market Growth

The rising geriatric population is expected to boost the adoption of health insurance. Adopting a sedentary lifestyle among the youngsters and adult population is increasing the prevalence of chronic diseases. Additionally, a population suffering from chronic diseases such as cancer, arthritis, diabetes, and heart diseases is likely to aid the demand for life and health insurance as it covers medical expenses. It offers additional protection and life cover, likely to foster market growth. 

Increasing Medical Expenses and Awareness of Insurance Benefits to Aid Market Growth

The rising globalization and urbanization across the world are increasing the cost of medical treatment, coupled with the prevalence of chronic disease is anticipated to propel health insurance market growth. The medical service, surgeries, and cost of hospital stays are growing, which may result in a financial epidemic across the world and increase the adoption. Moreover, the rising awareness about health insurance and its benefits is likely to propel growth in the market. The improving concern for health is accelerating market growth.

RESTRAINING FACTORS

Lack of Awareness and Fraud Claims by Insurance Companies to Hinder Growth 

In the healthcare field, a large number of the population is unaware of the insurance policies and their benefits. Medical expenses are increasing with rising advancements in the healthcare field. Moreover, the fraud claims by the companies are anticipated to limit the market growth. The market growth has been constrained by causes like fraudulent insurance claims that led to stringent government requirements for verification.

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HEALTH INSURANCE MARKET REGIONAL INSIGHTS

North America to Lead Owing to the Rising Government Initiatives for Low-Cost Insurance 

North America is likely to show a maximum contribution to the health insurance market share owing to the rising initiatives by the government to offer low-cost medical and Medicare insurance. The increasing concern of the population towards health is also forecasted to surge growth in the market.

Europe is projected to show prominent growth due to the strict laws and regulations for the population to have insurance compulsorily. Additionally, the escalating awareness about the benefits associated with the insurance policies is also anticipated to surge growth. 

Asia Pacific is expected to show significant growth due to the rising penetration of private insurance companies coupled with state and central governments' escalating launch of schemes. 

KEY INDUSTRY PLAYERS

Key Competitors to Offer Various Benefits to Gain a Competitive Advantage

The market comprises various sized companies such as small-sized, medium-sized, and large-sized companies. Companies are focused on launching new benefits to the existing and potential customers to gain consistent growth in the global market. Companies are emphasizing achieving new partnerships to expand their product portfolio. Significant players also strive to gain acquisitions, partners, and mergers to grow in the global market. Competitors are adopting organic and inorganic growth strategies to achieve long-term growth.

List of Top Health Insurance Companies

• Anthem (U.S.)
• UnitedHealth Group (U.S.)
• DKV (German)
• BUPA (U.K.)
• Kaiser Permanente (U.S.)
• Aetna Inc. (U.S.)
• PICC (China)
• PingAn (China)
• Kunlun (China)

INDUSTRY DEVELOPMENT

• November 2020 - The purchase of Bharti AXA General Insurance Company Limited (Bharti AXA) General Insurance Business by ICICI Lombard General Insurance Ltd. was approved by the Competition Commission of India (CCI). Through this acquisition, the company can offer a wide variety of insurance products through several distribution channels for health and accident insurance, vehicle insurance, and other insurance kinds.

REPORT COVERAGE

The report is an overview of the market, including the following:

• Key players and their recent development.
• Factors projected to aid market growth.
• The impact of COVID-19 is also represented in the report.
• Regions are anticipated to lead the global market.
• Factors that may limit the growth of the market.
• The latest trends are also included in the report.
• Segmentation of the market based on application and type.

These aspects give a complete overview of the market and help the stakeholders gain a better understanding of the market.