PUBLISHER: The Business Research Company | PRODUCT CODE: 1712711
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712711
Hospitalization insurance is a healthcare policy covering expenses related to hospital stays, outpatient medical treatment, surgeries, and other hospital-related services necessary for the insured's well-being.
This insurance spans across various demographics, catering to minors, adults, and senior citizens. Specifically, senior citizen's hospitalization insurance targets individuals aged over 60, providing coverage tailored to their specific healthcare needs. Service providers offering hospitalization insurance operate within both private and public sectors, each offering distinct coverage and services. Networks associated with such insurance plans include Preferred Provider Organizations (PPOs), Points of Service (POS), Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs), and other similar network structures, each offering varying levels of coverage and provider options to insured individuals.
The hospitalization insurance research report is one of a series of new reports from The Business Research Company that provides hospitalization insurance statistics, including hospitalization insurance industry global market size, regional shares, competitors with hospitalization insurance share, detailed hospitalization insurance segments, market trends and opportunities, and any further data you may need to thrive in the hospitalization insurance industry. This hospitalization insurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hospitalization insurance market size has grown rapidly in recent years. It will grow from $134 billion in 2024 to $153.27 billion in 2025 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to healthcare costs, access to healthcare, regulatory compliance, employer benefits, and healthcare facilities.
The hospitalization insurance market size is expected to see rapid growth in the next few years. It will grow to $228.89 billion in 2029 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to evolving healthcare models, personal health and wellness, the aging population, data and technology. Major trends in the forecast period include telemedicine inclusion, AI and data analytics, healthcare technology integration, and innovative partnerships.
The increasing uptake of health insurance policies by individuals during the COVID-19 pandemic is expected to drive the growth of the hospitalization insurance market in the coming years. The demand for health insurance policies surged significantly during the pandemic, as the rise in COVID-19 cases heightened awareness among individuals about the importance of having health coverage. For example, in November 2023, the World Economic Forum, a Switzerland-based non-governmental organization, reported that the UK saw substantial growth in the number of insured individuals, with an 83% increase from 2021 to 2022, bringing the total to 11.7 million insured people. Thus, the growing adoption of health insurance policies during COVID-19 is contributing to the expansion of the hospitalization insurance market.
The growth of the geriatric population is anticipated to enhance the expansion of the hospitalization insurance market in the future. The geriatric population is defined as individuals aged 65 and older, in contrast to those aged 18 to 64 who are typically employed. Older adults generally require healthcare services more often due to age-related health issues, leading to a heightened demand for hospitalization insurance to cover hospital stays and associated medical costs. For instance, in January 2024, the Population Reference Bureau, a nonprofit organization based in the U.S., projected that the number of Americans aged 65 and older will increase from 58 million in 2022 to 82 million by 2050, representing a 47% rise. Additionally, this age group's share of the total population is expected to grow from 17% to 23% during the same timeframe. Therefore, the increase in the geriatric population is propelling the growth of the hospitalization insurance market.
Key players in the hospitalization insurance sector are introducing innovative products like hospital indemnity plans to expand their customer base and drive revenue. Hospital indemnity insurance offers fixed cash payments during hospitalization due to illness or injury. In September 2022, Companies like Combined Insurance have launched tailored products like Hospital Champion to address the needs of small businesses. This product not only aids in talent retention for employers but also provides employees with a sense of security, a crucial aspect in today's landscape.
Major hospitalization insurance companies are leveraging technology. These companies are adopting tools like PolicyGPT, an AI-powered chatbot providing policyholders with information about their health insurance policies through natural language conversations. For instance, in April 2023, Plum Benefits Private Limited in India introduced PolicyGPT, utilizing OpenAI GPT-3 architecture. This chatbot, named PolicyGPT, aims to educate users about their insurance coverage by accessing policy information and offering insights into health insurance, enhancing customers' understanding of their policies.
In December 2022, Medical Mutual of Ohio, a health insurance company based in the United States, successfully acquired Reserve National Insurance Company for a deal valued at $90 million. This strategic acquisition is expected to significantly enhance Medical Mutual's market position by swiftly expanding its range of insurance offerings. The acquisition is also anticipated to allow Kemper to reinforce its concentration and allocate more resources toward its property casualty and life insurance businesses, thereby maintaining competitive advantages and enhancing value for its stakeholders. Reserve National Insurance Company, also based in the United States, is an established insurance company within the industry.
Major companies operating in the hospitalization insurance market include Aetna Inc., Anthem Insurance Companies Inc., Blue Cross Blue Shield Association, Cigna Group, Humana Inc., Health Care Service Corporation, Highmark Inc., Kaiser Permanente, UnitedHealth Group Inc., 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 Company Limited, Bajaj Allianz General Insurance Company Limited, Bharti AXA General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Kotak Mahindra General Insurance Company Limited, Oriental Insurance Company Ltd., Reliance General Insurance Company Limited, SBI General Insurance Company Limited, Blue Cross and Blue Shield of Texas, UnitedHealthcare Insurance Company, Sierra Health and Life Insurance Company Inc., Superior HealthPlan Inc., Celtic Insurance Company, Care Improvement Plus of Texas Insurance Company, MetLife Inc., DentaQuest USA Insurance Company Inc., Care Improvement Plus South Central Insurance Company, Lincoln National Corporation, North American Company For Life and Health Insurance
North America was the largest region in the hospitalization insurance market in 2024. Asia-Pacific was the second largest region in the hospitalization insurance market. The regions covered in the hospitalization insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hospitalization insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The hospitalization insurance market consists of sales of hospitalization insurance products by entities that are engaged in directly underwriting hospitalization insurance policies providing coverage for hospital confinement due to illness, accidents, intensive care of convalescence. 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 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.
Hospitalization Insurance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hospitalization insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hospitalization insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hospitalization insurance market global report from the Business Research Company 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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.