The effect of the pandemic has reiterated the need for insurance coverage especially that of the health insurance market. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. With a CAGR of 6%, the market is poised to achieve an income of USD 141.3 Billion by 2025.
The presence of strong and well-established contenders in the market is predicted to motivate the health insurance market share in the impending period. Moreover, the uncertainty around the situation created by the pandemic is estimated to spur consumers to plan their future healthcare plans seriously, motivating the health insurance market.
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Segmental Analysis
The segmentation of the Health Insurance Market Share is carried out on the basis of demographics, type, period, service provider, and regions. The service providers segment of the health insurance market has been segmented into private and public. The demographics segment of the health insurance market has been segmented into adult, senior citizens, and minors. The period segment of the health insurance market has been segmented into term insurance and lifetime coverage. The type segment of the health insurance market has been segmented into exclusive provider organizations (EPOs), point-of-service (POS) plans, health maintenance organizations (HMOs), and preferred provider organizations (PPOs). The regions included in the health insurance market are the Americas, Africa, Europe, Asia Pacific, and the Middle East.
Detailed Regional Analysis
The regional examination of the health insurance market includes the Americas, Africa, Europe, Asia Pacific, and the Middle East. The Americas health insurance market led the global market due to the collective understanding among the people about persistent ailments and many companies are launching new insurance concepts for the wellbeing of the individuals. Technical improvements, along with the obtainability of funding prospects in research and innovation will back the advance of health insurance throughout the forecast period. The influences such as a promising repayment scenario, increase in government spending on healthcare, and an upsurge in the geriatric population in this region can be credited to the health insurance market development. The Asia Pacific health insurance market is anticipated to observe phenomenal development in health insurance during the forecast period owing to the mounting contribution of market companies in introducing advanced health insurance strategies and the mounting demand for the handling of chronic diseases, implementation of innovative technologies, relaxed regulations, and an upsurge in medical tourism.
Competitive Analysis
The competition in the market is estimated to flare-up following the disruption created by the COVID- pandemic. The emphasis on ensuring sustainability in long-term operations is estimated to be a key cause for development in the upcoming period. The trends in the market are estimated to bolster the progress in the worldwide market. The tendency to invest and expand capacities is estimated to create a promising scope for the market in the impending years. The change in several regulations that are running the development of the market is estimated to impact the innovations that can be seen in the global market. The increased contribution of online channels towards the swell in transactions is predicted to further encourage the advancement of the market in the future. The government intervention in the creation of opportunities that can incentivize the development of key regions in the market is predicted to further add an optimistic touch to the proceedings in the market. The market is appraised to be stimulated by an increased development upsurge that is bracing the contenders who are active in the market.
The imperative players in the health insurance market are Blue Cross (US), Allianz SE (Germany), Integra Global Health Limited (UK), Expacare (UK), William Russell (UK), MediCare International (UK), Aetna (US), MultiNational Underwriters (US). CIGNA (US), International SOS (Asia), IHI-Bupa (UK), and HealthCare International (UK),
Industry Updates:
Mar 2021 AccuRisk Solutions LLC, an industry frontrunner in delivering creative and cost-effective solutions to its nationwide network of broker associates, has announced that they have partnered with Briella Insurance, Inc. to advance a new supplemental health insurance advantage to Texas-based employers. The novel product, AccuRisk Supplemental Health Powered by Brella, is the first plan to result from AccuRisk’s subsidiary, AccuRisk Ancillary Solutions that was founded in October 2020.
Mar 2021 ManipalCigna Health Insurance has revealed the introduction of their ‘Lifetime Health’ plan taking into deliberation increasing occurrences of healthcare problems, and also the increasing costs, and to speak to the current worries that consumers have. The firm claims that the ‘Lifetime Health’ regular premium renewable scheme is thoughtfully created after a period of research that recognized that post Covid-19 pandemic as a main driver of demand.
Mar 2021 A cross-sector union between the Singaporean healthcare and insurance industries is receiving proposals for the advance of an end-to-end claims program that seeks to modernize the health insurance procedure. The association is comprised of the Life Insurance Association, Singapore (the General Insurance Association Singapore (GIA Singapore), LIA Singapore,) and the Integrated Health Information Systems (IHiS), with the backing of the Monetary Authority of Singapore (MAS) and the Ministry of Health
Table of Contents
Chapter 1. Executive Summary
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Overview
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.2.1 R&D and Designing
5.2.2 Manufacturing
5.2.3 Distribution & Sales
5.2.4 Post-Sales Review
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