Market Overview:
The global health and medical insurance market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The market was valued at USD 1,711.8 billion in 2018 and is projected to reach USD 3,362.9 billion by 2030. The individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018. Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc.
Product Definition:
A. Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the policyholder.
B. It is important to have health and medical insurance because it can help you pay for your medical expenses if you get sick or injured.
Individual/Family Health Insurance Products:
An individual health insurance product is a service that helps to provide protection against high costs associated with healthcare, and also offers various tax benefits. The major factor driving the growth of this market includes growing base of geriatric population coupled with rising healthcare expenditure across the globe. In addition, increasing awareness about these products among consumers is also expected to propel market growth over the forecast period.
Group Health Insurance Products:
Group health insurance products are designed to meet the needs of organizations and their members. They offer numerous advantages such as improved quality of care, better claims processing, enhanced member satisfaction, and cost-effectiveness. Group health insurance is a form of employee benefit plan that provides medical coverage for an employer's workforce or family members. It can be an addition to an existing group life policy or can be offered as a new type of policy altogether.
Application Insights:
In 2018, the comprehensive plan segment dominated the global market with a share of about 42% and is expected to witness significant growth over the forecast period. This can be attributed to increasing awareness regarding access to health services among individuals and families across all income groups in developed as well as developing countries such as India, China, Brazil etc. Furthermore, growing penetration of eHealth programs which offer online medical consultation is also anticipated to boost healthcare spending thereby driving demand for GHMI products.
The treatment and care segment accounted for a share of about 28% in 2018 owing to rising incidences of chronic diseases such as cancer that require long term hospitalization or continuous medical attention throughout the course of treatment which drives up healthcare spending thus resulting in increased demand for insurance products related thereto. Moreover, government initiatives encouraging people enrolling in these plans are likely further drive this segment over the forecast period., The other application includes dental & optical care coverage.
Regional Analysis:
In terms of region, the global health and medical insurance market is segmented into North America, Latin America, Europe, Asia Pacific and MEA. In 2018, North America dominated the global market with about 45% share. This can be attributed to favorable government policies regarding coverage expansion coupled with high awareness levels regarding these plans among individuals in this region.
Asia Pacific is expected to grow at a lucrative rate over the forecast period owing to increasing demand for health & medical insurance products from emerging economies such as China and India on account of rising healthcare expenditure in these countries along with other macroeconomic factors such as GDP growth rates and low birth rates which are resulting in an aging population that requires more healthcare services over a lifetime. Moreover it has been observed that there has been an increase in chronic diseases prevalence especially cardiovascular diseases (CVDs), diabetes etc., leading to higher claims by various associations related to health care expenditure on hospitalization or outpatient care for treatment or management of CVDs diabetes etc.
Growth Factors:
- Increasing population and aging population – The global population is projected to grow from 7.3 billion in 2016 to 8.5 billion by 2030, and the number of people aged 60 or over is expected to more than double, from 962 million in 2016 to 2.1 billion by 2030. This will create a larger customer base for health and medical insurance products and services.
- Rising income levels – As incomes rise, people are able to afford better healthcare services and products, which drives demand for health and medical insurance coverage.
- Urbanization – As more people move into cities, they become increasingly exposed to lifestyle-related diseases such as obesity and heart disease, which increases the need for health insurance coverage.
- . Technological advances – Advances in technology have led to the development of new treatments and procedures that are expensive but can improve quality of life significantly; this has resulted in increased spending on healthcare globally, which is driving demand for health insurance products/services . 5) Changing social norms - There has been a shift towards preventive care in recent years as people have become more aware of the benefits of early diagnosis and treatment; this is contributing positively towards growth prospects for the global health & medical insurance market
Scope Of The Report
Report Attributes
Report Details
Report Title
Health and Medical Insurance Market Research Report
By Type
Individual/Family Health Insurance Products, Group Health Insurance Products, Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018., Health and Medical Insuranc
By Application
Comprehensive Plan, Treatment and Care, Other (Dental, Child, etc.), Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
By Companies
Anthem, UnitedHealth Group, DKV, BUPA, Chinalife, Aetna, PICC, PingAn, Star Health & Allied Insurance, Cigna, Essential Med, Kunlun, Health and Medical Insuranc
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
247
Number of Tables & Figures
173
Customization Available
Yes, the report can be customized as per your need.
Global Health and Medical Insurance Market Report Segments:
The global Health and Medical Insurance market is segmented on the basis of:
Types
Individual/Family Health Insurance Products, Group Health Insurance Products, Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018., Health and Medical Insuranc
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Comprehensive Plan, Treatment and Care, Other (Dental, Child, etc.), Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Anthem
- UnitedHealth Group
- DKV
- BUPA
- Chinalife
- Aetna
- PICC
- PingAn
- Star Health & Allied Insurance
- Cigna
- Essential Med
- Kunlun
- Health and Medical Insuranc
Highlights of The Health and Medical Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Individual/Family Health Insurance Products
- Group Health Insurance Products
- Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018.
- Health and Medical Insuranc
- By Application:
- Comprehensive Plan
- Treatment and Care
- Other (Dental, Child, etc.)
- Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Health and Medical Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Health and medical insurance is a system of coverage that helps pay for medical expenses not covered by the individual's regular health insurance. It can also help cover costs associated with preventive care, such as screenings and checkups.
Some of the key players operating in the health and medical insurance market are Anthem, UnitedHealth Group, DKV, BUPA, Chinalife, Aetna, PICC, PingAn, Star Health & Allied Insurance, Cigna, Essential Med, Kunlun, Health and Medical Insuranc.
The health and medical insurance market is expected to register a CAGR of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Health and Medical Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Health and Medical Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Health and Medical Insurance Market - Supply Chain
4.5. Global Health and Medical Insurance Market Forecast
4.5.1. Health and Medical Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Health and Medical Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Health and Medical Insurance Market Absolute $ Opportunity
5. Global Health and Medical Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Health and Medical Insurance Market Size and Volume Forecast by Type
5.3.1. Individual/Family Health Insurance Products
5.3.2. Group Health Insurance Products
5.3.3. Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018.
5.3.4. Health and Medical Insuranc
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Health and Medical Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Health and Medical Insurance Market Size and Volume Forecast by Application
6.3.1. Comprehensive Plan
6.3.2. Treatment and Care
6.3.3. Other (Dental, Child, etc.)
6.3.4. Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Health and Medical Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Health and Medical Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Health and Medical Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Health and Medical Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Health and Medical Insurance Demand Share Forecast, 2019-2026
9. North America Health and Medical Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Health and Medical Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Health and Medical Insurance Market Size and Volume Forecast by Application
9.4.1. Comprehensive Plan
9.4.2. Treatment and Care
9.4.3. Other (Dental, Child, etc.)
9.4.4. Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Health and Medical Insurance Market Size and Volume Forecast by Type
9.7.1. Individual/Family Health Insurance Products
9.7.2. Group Health Insurance Products
9.7.3. Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018.
9.7.4. Health and Medical Insuranc
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Health and Medical Insurance Demand Share Forecast, 2019-2026
10. Latin America Health and Medical Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Health and Medical Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Health and Medical Insurance Market Size and Volume Forecast by Application
10.4.1. Comprehensive Plan
10.4.2. Treatment and Care
10.4.3. Other (Dental, Child, etc.)
10.4.4. Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Health and Medical Insurance Market Size and Volume Forecast by Type
10.7.1. Individual/Family Health Insurance Products
10.7.2. Group Health Insurance Products
10.7.3. Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018.
10.7.4. Health and Medical Insuranc
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Health and Medical Insurance Demand Share Forecast, 2019-2026
11. Europe Health and Medical Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Health and Medical Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Health and Medical Insurance Market Size and Volume Forecast by Application
11.4.1. Comprehensive Plan
11.4.2. Treatment and Care
11.4.3. Other (Dental, Child, etc.)
11.4.4. Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Health and Medical Insurance Market Size and Volume Forecast by Type
11.7.1. Individual/Family Health Insurance Products
11.7.2. Group Health Insurance Products
11.7.3. Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018.
11.7.4. Health and Medical Insuranc
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Health and Medical Insurance Demand Share, 2019-2026
12. Asia Pacific Health and Medical Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Health and Medical Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Health and Medical Insurance Market Size and Volume Forecast by Application
12.4.1. Comprehensive Plan
12.4.2. Treatment and Care
12.4.3. Other (Dental, Child, etc.)
12.4.4. Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Health and Medical Insurance Market Size and Volume Forecast by Type
12.7.1. Individual/Family Health Insurance Products
12.7.2. Group Health Insurance Products
12.7.3. Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018.
12.7.4. Health and Medical Insuranc
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Health and Medical Insurance Demand Share, 2019-2026
13. Middle East & Africa Health and Medical Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Health and Medical Insurance Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Health and Medical Insurance Market Size and Volume Forecast by Application
13.4.1. Comprehensive Plan
13.4.2. Treatment and Care
13.4.3. Other (Dental, Child, etc.)
13.4.4. Health and medical insurance have wide range of applications, such as comprehensive plan, treatment and care, etc. And comprehensive plan was the most widely used area which took up about 42% of the global market share in 2018.
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Health and Medical Insurance Market Size and Volume Forecast by Type
13.7.1. Individual/Family Health Insurance Products
13.7.2. Group Health Insurance Products
13.7.3. Individual/family health insurance product is the most widely used type which takes up about 2/3 of the total market share in 2018.
13.7.4. Health and Medical Insuranc
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Health and Medical Insurance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Health and Medical Insurance Market: Market Share Analysis
14.2. Health and Medical Insurance Distributors and Customers
14.3. Health and Medical Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Anthem
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. UnitedHealth Group
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. DKV
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. BUPA
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Chinalife
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Aetna
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. PICC
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. PingAn
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Star Health & Allied Insurance
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Cigna
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Essential Med
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Kunlun
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Health and Medical Insuranc
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
