Global Health Insurance Market Size Study, By Insurance Type, By Coverage, By End User, By Age Group, By Distribution Channel, and Regional Forecasts 2022-2032

Description

Global Health Insurance Market is valued at approximately USD 2.6 trillion in 2023 and is anticipated to grow with a healthy growth rate of more than 9.8% over the forecast period 2024-2032. Health insurance is a contractual agreement between an individual and an insurance provider, where the insurer pledges to cover a portion of the insured's medical expenses in exchange for regular premium payments. This insurance typically covers a wide range of medical services, including preventive care, prescription medications, hospital stays, surgeries, and doctor visits. Health insurance is available through various channels, including employer-sponsored plans, government programs, and private companies, aiming to protect individuals from exorbitant, unexpected healthcare costs and ensure access to necessary medical care without significant financial burden.

The global health insurance market is experiencing robust growth, driven by escalating healthcare costs and growing awareness about health and wellness. Government initiatives to improve healthcare accessibility and the rising demand for comprehensive coverage plans further fuel this expansion. As healthcare expenses continue to rise, individuals increasingly recognize the need for insurance coverage to mitigate potential financial risks associated with hospitalizations, treatments, and medications.

Moreover, income levels play a critical role in health insurance adoption, as higher income allows individuals and families to opt for more comprehensive insurance packages. Government policies and mandates also contribute to broader coverage, while demographic changes, such as an aging population, increase the demand for healthcare services, thereby boosting the need for health insurance.

North America dominated the health insurance market in 2023, accounting for the largest market share. The region's growth is primarily attributed to significant healthcare spending, both public and private, coupled with increasing demand for health insurance among those with employer-sponsored coverage and individual policies. The U.S. and Canada exhibit high insurance penetration rates, with the majority of the population covered under health insurance policies. For instance, a 2019 survey by the American Community Survey and the Current Population Survey Annual Social & Economic Supplement revealed that 92% of Americans had health insurance to protect against financial loss due to medical conditions. This high level of insurance coverage significantly supports the growth of the health insurance industry in North America. Additionally, the region's market share is bolstered by the high rate of private insurance adoption, the growing prevalence of chronic diseases, and increasing disposable income. Leading health insurance providers in the U.S., such as UnitedHealth Group, Kaiser Foundation, and Anthem, Inc., offer a wide range of products and services through their affiliates and subsidiaries, creating lucrative opportunities in the North American health insurance market. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rapid economic growth, rising disposable incomes, and an expanding middle class that drives increased demand for healthcare services and insurance coverage. Additionally, growing awareness of health risks, aging populations, and government initiatives aimed at improving healthcare infrastructure contribute to the market's expansion. The increasing prevalence of chronic diseases and advancements in medical technology also play significant roles, as they heighten the need for comprehensive health insurance solutions to manage healthcare costs and access quality services.

Major market players included in this report are:

UnitedHealth Group
Cigna
Allianz
Aetna Inc.
AXA
Aviva
ZURICH
Humana Inc.
CVS Health Corporation
Centene Corporation
Anthem, Inc.
Kaiser Permanente
Ping An Insurance (Group) Company of China, Ltd.
Assicurazioni Generali S.P.A.
AIA Group Limited

The detailed segments and sub-segment of the market are explained below:

By Insurance Type

Disease Insurance
Medical Insurance

By Coverage

Preferred Provider Organizations (PPOs)
Point of Service (POS)
Health Maintenance Organization (HMOs)
Exclusive Provider Organizations (EPOs)

By End User

Group
Individual

By Age Group

Senior Citizens
Adult
Minors

By Distribution Channel

Direct Sales
Brokers/Agents
Banks
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Health Insurance Market Executive Summary

1.1. Global Health Insurance Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Insurance Type
- 1.3.2. By Coverage
- 1.3.3. By End User
- 1.3.4. By Age Group
- 1.3.5. By Distribution Channel
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Health Insurance Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Health Insurance Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Healthcare Costs
- 3.1.2. Government Initiatives for Healthcare Accessibility
- 3.1.3. Growing Demand for Comprehensive Coverage Plans
3.2. Market Challenges
- 3.2.1. High Premium Costs
- 3.2.2. Complex Regulatory Environment
3.3. Market Opportunities
- 3.3.1. Expansion of Digital Health Platforms
- 3.3.2. Increasing Penetration in Emerging Markets
- 3.3.3. Rising Awareness and Adoption of Preventive Healthcare

Chapter 4. Global Health Insurance Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Health Insurance Market Size & Forecasts by Insurance Type 2022-2032

5.1. Segment Dashboard
5.2. Global Health Insurance Market: Insurance Type Revenue Trend Analysis, 2022 & 2032 (USD Trillion)
- 5.2.1. Disease Insurance
- 5.2.2. Medical Insurance

Chapter 6. Global Health Insurance Market Size & Forecasts by Coverage 2022-2032

6.1. Segment Dashboard
6.2. Global Health Insurance Market: Coverage Revenue Trend Analysis, 2022 & 2032 (USD Trillion)
- 6.2.1. Preferred Provider Organizations (PPOs)
- 6.2.2. Point of Service (POS)
- 6.2.3. Health Maintenance Organization (HMOs)
- 6.2.4. Exclusive Provider Organizations (EPOs)

Chapter 7. Global Health Insurance Market Size & Forecasts by End User 2022-2032

7.1. Segment Dashboard
7.2. Global Health Insurance Market: End User Revenue Trend Analysis, 2022 & 2032 (USD Trillion)
- 7.2.1. Group
- 7.2.2. Individual

Chapter 8. Global Health Insurance Market Size & Forecasts by Age Group 2022-2032

8.1. Segment Dashboard
8.2. Global Health Insurance Market: Age Group Revenue Trend Analysis, 2022 & 2032 (USD Trillion)
- 8.2.1. Senior Citizens
- 8.2.2. Adult
- 8.2.3. Minors

Chapter 9. Global Health Insurance Market Size & Forecasts by Distribution Channel 2022-2032

9.1. Segment Dashboard
9.2. Global Health Insurance Market: Distribution Channel Revenue Trend Analysis, 2022 & 2032 (USD Trillion)
- 9.2.1. Direct Sales
- 9.2.2. Brokers/Agents
- 9.2.3. Banks
- 9.2.4. Others

Chapter 10. Global Health Insurance Market Size & Forecasts by Region 2022-2032

10.1. North America Health Insurance Market
- 10.1.1. U.S. Health Insurance Market
  - 10.1.1.1. Insurance Type Breakdown Size & Forecasts, 2022-2032
  - 10.1.1.2. Coverage Breakdown Size & Forecasts, 2022-2032
  - 10.1.1.3. End User Breakdown Size & Forecasts, 2022-2032
  - 10.1.1.4. Age Group Breakdown Size & Forecasts, 2022-2032
  - 10.1.1.5. Distribution Channel Breakdown Size & Forecasts, 2022-2032
- 10.1.2. Canada Health Insurance Market
10.2. Europe Health Insurance Market
- 10.2.1. UK Health Insurance Market
- 10.2.2. Germany Health Insurance Market
- 10.2.3. France Health Insurance Market
- 10.2.4. Spain Health Insurance Market
- 10.2.5. Italy Health Insurance Market
- 10.2.6. Rest of Europe Health Insurance Market
10.3. Asia-Pacific Health Insurance Market
- 10.3.1. China Health Insurance Market
- 10.3.2. India Health Insurance Market
- 10.3.3. Japan Health Insurance Market
- 10.3.4. Australia Health Insurance Market
- 10.3.5. South Korea Health Insurance Market
- 10.3.6. Rest of Asia Pacific Health Insurance Market
10.4. Latin America Health Insurance Market
- 10.4.1. Brazil Health Insurance Market
- 10.4.2. Mexico Health Insurance Market
- 10.4.3. Rest of Latin America Health Insurance Market
10.5. Middle East & Africa Health Insurance Market
- 10.5.1. Saudi Arabia Health Insurance Market
- 10.5.2. South Africa Health Insurance Market
- 10.5.3. Rest of Middle East & Africa Health Insurance Market

Chapter 11. Competitive Intelligence

11.1. Key Company SWOT Analysis
11.2. Top Market Strategies
11.3. Company Profiles
- 11.3.1. UnitedHealth Group
  - 11.3.1.1. Key Information
  - 11.3.1.2. Overview
  - 11.3.1.3. Financial (Subject to Data Availability)
  - 11.3.1.4. Product Summary
  - 11.3.1.5. Market Strategies
- 11.3.2. Cigna
- 11.3.3. Allianz
- 11.3.4. Aetna Inc.
- 11.3.5. AXA
- 11.3.6. Aviva
- 11.3.7. ZURICH
- 11.3.8. Humana Inc.
- 11.3.9. CVS Health Corporation
- 11.3.10. Centene Corporation
- 11.3.11. Anthem, Inc.
- 11.3.12. Kaiser Permanente
- 11.3.13. Ping An Insurance (Group) Company of China, Ltd.
- 11.3.14. Assicurazioni Generali S.P.A.
- 11.3.15. AIA Group Limited

Chapter 12. Research Process

12.1. Research Process
- 12.1.1. Data Mining
- 12.1.2. Analysis
- 12.1.3. Market Estimation
- 12.1.4. Validation
- 12.1.5. Publishing
12.2. Research Attributes