Domiciliary Insurance Global Market Report 2024

The domiciliary insurance market size is expected to see rapidly grown in the next few years. It will grow to $75.49 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The anticipated growth in the forecast period can be linked to evolving housing patterns, heightened environmental risks, advancements in technology, emphasis on personalization and customization, and prevailing economic conditions. Key trends projected for this period encompass an aging population, the integration of home-based care, the incorporation of telehealth services, and the adoption of tailored insurance policies.

The anticipated surge in the domiciliary insurance market is significantly attributed to the expanding geriatric demographic worldwide. As the population aged 65 and above is swiftly growing, reaching 1 billion in 2022 and projected to hit 1.4 billion by 2030 and 2.1 billion by 2045, the demand for home-based healthcare services rises concomitantly. This demographic trend leads to increased health issues requiring continuous care, compelling individuals to seek domiciliary insurance either as a standalone policy or in conjunction with existing health coverage, effectively boosting the market's growth.

The forthcoming growth of the domiciliary insurance market is expected to be propelled by the escalating healthcare expenditures. Healthcare spending, encapsulating the total expenses incurred on healthcare services within a specific system or economy, is pivotal in fostering the development and accessibility of domiciliary insurance. Notably, recent reports indicated a substantial rise in healthcare expenditure, exemplified by the Canadian Institute for Health Information's data in November 2022, which surged to $331 billion, marking a notable increase from the preceding year's 7.6% to 0.8% in 2022. This burgeoning expenditure dynamically drives the expansion of the domiciliary insurance sector.

Companies entrenched within the domiciliary insurance market are strategically focusing on introducing innovative initiatives to fortify their market presence. One such strategic endeavor involves launching home treatment programs tailored for international patients. These programs, exemplified by Allianz Care Australia's introduction in September 2022, extend healthcare services to overseas students necessitating cancer treatments in Australia. By facilitating treatments at home, rather than hospitals, these initiatives significantly improve the quality of life for international students while broadening the treatment options available for individuals undergoing cancer therapies. In the landscape of domiciliary insurance, major industry players are innovating with the introduction of specialized insurance products like Care Supreme to augment their market revenues. Care Supreme, a comprehensive domiciliary insurance policy, serves as a safety net for families without exorbitant premium costs. Its extensive coverage encompasses various healthcare expenses, including hospitalization, AYUSH treatment, day-care procedures, domiciliary care, and organ donor coverage up to the specified insured sum. Notably, Care Health Insurance unveiled this policy in November 2022, enabling coverage for a maximum of six individuals with an entry age limit extending to 99 years.

In February 2023, UnitedHealth, a US-based provider of health insurance, acquired Home Health Business LHC for USD 5.4 billion. The acquisition of LHC Group is part of UnitedHealth's strategy to expand its home-based care capabilities and provide integrated care as demand for care in the home increases. Home Health Business LHC is a US-based company that offers domiciliary insurance.

Major companies operating in the domiciliary insurance market include Cigna Group, AIA Group Limited, Allianz SE, AXA SA, Aviva PLC, Aetna Inc., HDFC ERGO General Insurance Company Limited, Munich Re Group, ICICI Lombard General Insurance Company Limited, Religare Health Insurance Company Limited, Edelweiss General Insurance Company Limited, Anthem Insurance Companies Inc., Blue Cross Blue Shield Association, Humana Inc., Health Care Service Corporation, Highmark Inc., Kaiser Foundation Health Plan Inc., UnitedHealth Group Incorporated, WellCare Health Plans Inc., Centene Corporation, Allianz Care, BMI Healthcare Ltd., Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., Aditya Birla Health Insurance Limited, Bajaj Allianz Health Insurance Company Limited, Bharti AXA General Insurance Company Limited, Kotak Mahindra General Insurance Company Limited, Oriental Insurance Company Ltd., Reliance General Insurance Company Limited, SBI General Insurance Company Limited, Next Insurance Inc., Ethos Life Insurance Services.

North America was the largest region in the domiciliary insurance market in 2023. Asia-Pacific was the second largest region in the domiciliary insurance market. The regions covered in the domiciliary insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the domiciliary insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The domiciliary insurance market consists of sales of domiciliary insurance products by entities that are engaged in directly underwriting insurance policies for home based treatment done for a disease, illness or injury. It could be because of lack of accommodation at the hospital or because the patient's condition doesn't permit them to get admitted in the hospital. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by the insured. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The domiciliary insurance market research report is one of a series of new reports provides domiciliary insurance market statistics, including domiciliary insurance industry global market size, regional shares, competitors with domiciliary insurance market shares, detailed domiciliary insurance market segments, market trends and opportunities, and any further data you may need to thrive in the domiciliary insurance industry. This domiciliary insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The domiciliary insurance market size has grown rapidly in recent years. It will grow from $38.35 billion in 2023 to $44.72 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The expansion observed during the historical period can be credited to factors such as the pursuit of homeownership, safeguarding assets, meeting mortgage prerequisites, increasing awareness regarding disasters, and ensuring compliance with regulations.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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