Health and Medical Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global health and medical insurance market as it emerges from the COVID-19 shut down.
Reasons to Purchase
Description:
Where is the largest and fastest growing market for the health and medical insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Health and Medical Insurance market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider health and medical insurance market, and compares it with other markets.
Scope
Markets Covered:
1) By Type: Hospitalization Insurance; Hospital Daily Cash Benefit Insurance; Critical Illness Insurance; Domiciliary Insurance; Others 2) By Service Provider: Private; Public 3) By Demographics: Minor; Adults; Senior Citizen
Companies Mentioned: Allianz Group; UnitedHealth Group Incorporated; AIA Group Limited; Anthem, Inc.; AXA Equitable Life Insurance Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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- Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Description:
Where is the largest and fastest growing market for the health and medical insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Health and Medical Insurance market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider health and medical insurance market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The health and medical insurance market section of the report gives context. It compares the health and medical insurance market with other segments of the health and medical insurance market by size and growth, historic and forecast.
Scope
Markets Covered:
1) By Type: Hospitalization Insurance; Hospital Daily Cash Benefit Insurance; Critical Illness Insurance; Domiciliary Insurance; Others 2) By Service Provider: Private; Public 3) By Demographics: Minor; Adults; Senior Citizen
Companies Mentioned: Allianz Group; UnitedHealth Group Incorporated; AIA Group Limited; Anthem, Inc.; AXA Equitable Life Insurance Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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Table of Contents
1. Executive Summary2. Health and Medical Insurance Market Characteristics3. Health and Medical Insurance Market Trends and Strategies4. Impact of COVID-19 on Health and Medical Insurance29. Key Mergers and Acquisitions in the Health and Medical Insurance Market29. Health and Medical Insurance Market Future Outlook and Potential Analysis
5. Health and Medical Insurance Market Size and Growth
6. Health and Medical Insurance Market Segmentation
7. Health and Medical Insurance Market Regional and Country Analysis
8. Asia-Pacific Health and Medical Insurance Market
9. China Health and Medical Insurance Market
10. India Health and Medical Insurance Market
11. Japan Health and Medical Insurance Market
12. Australia Health and Medical Insurance Market
13. Indonesia Health and Medical Insurance Market
14. South Korea Health and Medical Insurance Market
15. Western Europe Health and Medical Insurance Market
16. UK Health and Medical Insurance Market
17. Germany Health and Medical Insurance Market
18. France Health and Medical Insurance Market
19. Eastern Europe Health and Medical Insurance Market
20. Russia Health and Medical Insurance Market
21. North America Health and Medical Insurance Market
22. USA Health and Medical Insurance Market
23. South America Health and Medical Insurance Market
24. Brazil Health and Medical Insurance Market
25. Middle East Health and Medical Insurance Market
26. Africa Health and Medical Insurance Market
27. Health and Medical Insurance Market Competitive Landscape and Company Profiles
30. Appendix
Executive Summary
Major players in the health and medical insurance market are Allianz Group; UnitedHealth Group Incorporated; AIA Group Limited; Anthem, Inc.; AXA Equitable Life Insurance Company; China Life Insurance Company Limited; Cigna; HCSC Group; State Farm Group; and Zurich Insurance Group.The global health & medical insurance market is expected to grow from $385.24 billion in 2020 to $390.54 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $653.4 billion in 2025 at a CAGR of 13.7%.
The health and medical insurance market consists of sales of health and medical insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting health and medical insurance policies. Group hospitalization plans and health maintenance organization HMO establishments (except those providing health care services) that provide health and medical insurance policies are included in this industry. Clients of these insurance providers are the general public/companies who buy medical and health insurance policies, it can be either through intermediary or direct selling. Only goods and services traded between entities or sold to end consumers are included.
Major players operating in the health & medical insurance industry are undergoing strategic partnerships and collaborations to expand their consumer base and geographical presence which is likely to be a leading trend in the health & medical insurance market. For instance, in January 2020, Cigna, a health service company, and Oscar, a US-based technology-driven health insurance company announced a partnership to provide commercial health solutions to small businesses. Moreover, in August 2019, Aditya Birla Health Insurance Company Limited, a subsidiary of Aditya Birla Capital collaborated with Axis Bank to provide comprehensive health insurance solutions to its customers.
The health & medical insurance market covered in this report is segmented by type into hospitalization insurance; hospital daily cash benefit insurance; critical illness insurance; domiciliary insurance; others. It is also segmented by a service provider into private; public and by demographics into minor; adults; senior citizen.
In November 2018, CVS Health, a US-based healthcare company acquired Aetna Inc., an American healthcare company for $69 billion. Both companies are expected to bring together the largest pharmacy chains and health insurers in the country. CVS Health together with Aetna Inc. plans to provide consumers with improved healthcare access at reduced costs to healthcare experts in home and communities across the country. Aetna Inc. is a US-based managed healthcare company engaged in selling healthcare insurance and related services to meet the needs of individuals, families, and healthcare providers.
The increase in the prevalence of chronic diseases and the expected rise in the geriatric population contributed to the growth of the health & medical insurance market. The elderly population is growing rapidly and is expected to continue, thereby generating a high demand for health & medical insurance to reduce the burden of healthcare expenditure. According to the World Health Organization (WHO), the world’s population aged 60 years and above is projected to increase from 900 million in 2015 to 2 billion by 2050. Moreover, according to the United States Census Bureau, the population aged 65 and over is expected to reach 83.7 million by the end of 2050 in the USA. The probable surge in the aging population suffering from chronic and other diseases requires critical monitoring and surgical procedures, which contributes to the health & medical insurance market.
The long waiting period for pre-existing diseases and an increase in premium with age limit the growth of the health & medical insurance market. The greatest disadvantage of health & medical insurance is cost. The probability of health problems rises with an increase in age and hence the premium amount also goes up with age. Many individual policies can cost several hundred dollars a month and family coverage can be even higher. For instance, in 2020, the average national cost for health insurance in the USA is $456 for an individual and $1,152 for a family per month. Moreover, several medical insurance plans have a waiting period of up to 2-3 years for pre-existing diseases. In addition to this, many health insurance policies do not provide coverage for all types of diseases and conditions. Hence, the premium and long waiting period with health & medical insurance have a negative impact on market growth and expected to restrain the health and medical insurance market during the forecast period.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Allianz Group
- UnitedHealth Group Incorporated
- AIA Group Limited
- Anthem Inc.
- AXA Equitable Life Insurance Company
- China Life Insurance Company Limited
- Cigna
- HCSC Group
- State Farm Group
- Zurich Insurance Group
- Berkshire Hathaway Inc.
- Prudential plc
- Nippon Life Insurance Company
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| Published | May 2021 |
| Forecast Period | 2021 - 2025 |
| Estimated Market Value ( USD | $ 390.54 billion |
| Forecasted Market Value ( USD | $ 653.4 billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
