DUBLIN, Sept. 7, 2021 /PRNewswire/ -- The "Health and Medical Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
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 market is expected to reach $653.4 billion in 2025 at a CAGR of 13.7%.
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. 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 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.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. 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.
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. Key Topics Covered: 1. Executive Summary 2. Health and Medical Insurance Market Characteristics 3. Health and Medical Insurance Market Trends and Strategies 4. Impact of COVID-19 on Health and Medical Insurance 5. Health and Medical Insurance Market Size and Growth5.1. Global Health and Medical Insurance Historic Market, 2015-2020, $ Billion 5.1.1. Drivers of the Market 5.1.2. Restraints on the Market 5.2. Global Health and Medical Insurance Forecast Market, 2020-2025F, 2030F, $ Billion 5.2.1. Drivers of the Market 5.2.2. Restraints on the Market 6. Health and Medical Insurance Market Segmentation6.1. Global Health and Medical Insurance Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Hospitalization Insurance
- Hospital Daily Cash Benefit Insurance
- Critical Illness Insurance
- Domiciliary Insurance
6.2. Global Health and Medical Insurance Market, Segmentation by Service Provider, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Health and Medical Insurance Market, Segmentation by Demographics, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Senior Citizen
7. Health and Medical Insurance Market Regional and Country Analysis7.1. Global Health and Medical Insurance Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion 7.2. Global Health and Medical Insurance Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion Companies Mentioned
- Allianz Group
- UnitedHealth Group Incorporated
- AIA Group Limited
- Anthem Inc.
- AXA Equitable Life Insurance Company
- China Life Insurance Company Limited
- HCSC Group
- State Farm Group
- Zurich Insurance Group
- Berkshire Hathaway Inc.
- Prudential plc
- Nippon Life Insurance Company
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