The HEALTH INSURANCE MARKET is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R&D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled “Global Spending on Health: A World in Transition”, released in the year 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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The report covers the forecast and analysis of the health insurance market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2027 based on revenue (USD Billion). The study includes drivers and restraints of the health insurance market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the health insurance market on a global level. In order to give the users of this report a comprehensive view of the health insurance market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are bench marked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
The study provides a decisive view of the health insurance market by segmenting the market based on the provider, provider network, product, demographics, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The rise in the GDP of developed nations as well as emerging economies will accelerate the growth of the market over the forecast timeline. For instance, countries like Germany, Mexico, and China, as well as the U.S., have an integrated health insurance model that offers them flexibility in carrying out administrative duties pertaining to healthcare. In addition to this, it also assists the government of these countries to allocate high funds for healthcare & healthcare infrastructure including clinics and hospitals. In fact, these countries are contributing majorly towards the overall health insurance market share. Nevertheless, lack of affordability in lower & middle-income nations including the inability to handle the healthcare quality issues & test as well as monitor data pertaining to healthcare will inhibit the market expansion over the forecast timeline.
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In terms of provider, the market is sectored into Private and Public providers. Based on the provider network, the industry is classified into Preferred Provider Organizations (PPOs), Health Maintenance Organizations (HMOs), Point of Service (POS), and Exclusive Provider Organizations (EPOs). On the basis of the product, the market for health insurance is divided into Disease Insurance, Income Protection Insurance, and Medical Insurance. Based on the demographics, the industry is classified into Minor, Senior Citizen, and Adult.
Some of the key players in the market include Cigna, Munich Re Group, Kaiser Foundation Health Plan, Inc, Berkshire Hathaway Inc., Aetna Inc, Aviva, AIA Group Limited, Express Scripts Holding Company, UnitedHealth Group, JAPAN POST HOLDING CO., Allianz, Anthem, Inc., Prudential Financial, Inc., Apollo Munich Health Insurance Company Ltd., ASSICURAZIONI GENERALI S.P.A., AXA, China Life Insurance (Group) Company, International Medical Group Inc., LTD., and Zurich among others.
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