Health Insurance Market to Reach Valuation of USD 3.3 Trillion by 2028 - Surging Demand for Health Insurance Owing to the Increasing Prevalence of Chronic Diseases Across the Globe to Bloom the Market

In terms of revenue, the Global Health Insurance Market is expected to reach USD 3.3 Trillion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.30% from 2022 to 2028. The Global Health Insurance Market growth is attributed to the increasing prevalence of chronic diseases, coupled with rising healthcare costs has been steadily increasing across the globe due to the rise in life expectancy are major factors driving the growth of this market. Moreover, increasing awareness about preventive care and early diagnosis of chronic conditions is further fuelling the demand for Health Insurance. However, high costs associated with Health Insurance products and lack of trust among consumers towards online platforms is some of the challenges faced by the industry.

Key Highlights from the Report:

• Life insurance is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR) in the forecast period. The market growth is attributed to benefits like permanent coverage and a guaranteed death payment increase. Life insurance gives financial assistance during emergency cases, and such reasons may further propel market growth.

• The PPO segment holds a significant market share in 2022. The market growth is attributed to factors such as it makes it easier for their patients to have well-managed healthcare plans, and provides more versatility in their schemes. It provides health plans coupled with healthcare providers and hospitals.
• The adult segment is projected to grow at a faster rate in the forecast period. The market growth is attributed to the unhealthy lifestyles of the adult population. Thus, the adult population is more susceptible to chronic diseases which necessitate long-term healthcare investment which propels the market growth.

• North America is the largest regional segment. The US and Canada are the largest consumers of Health Insurance in the North American region. Moreover, the presence of key players in the countries is further propelling the market growth in the region over the forecast period.

Some of key players in the Health Insurance Market include - United Healthcare, Aetna, Anthem Inc., Aviva, Allianz, Centene, Cigna, CVS Health Corporation, Humana, Kaiser Foundation, Bupa.

Market Dynamics:

Health Insurance Market has been experiencing significant changes over the past few years. With the increasing number of people opting for Health Insurance policies, the demand for health care services has increased significantly. This has led to a rise in the overall cost of health care. In order to control this rising trend, government agencies have taken several measures to reduce the cost of health care. These include the introduction of reforms in the health care system, an increase in the number of hospitals and clinics, and the expansion of public healthcare facilities. However, these efforts are not enough to meet the ever-increasing demand for health care services.

Health Insurance, like life insurance, has various advantages, including the ability to protect a financially in the case of a tragedy. Life insurance gives tax benefits as well as coverage for chronic and terminal illnesses, in addition to providing financial stability for the policyholder's dear ones. As a result of the vast range of applications, the demand for Health Insurance is at an all-time high. As a result, market growth will be accelerated throughout the forecast period.

PPOs make it easy for their patients to have very well healthcare plans, and their schemes are more flexible. Patients can select from a list of healthcare professionals, doctors, and hospitals who have been pre-approved. PPOs make having well-managed healthcare plans easier for their patients. They give you access to some of the most well-known health plans as well as a large network of healthcare providers. There is little to no documentation required, which leads to a preference for suggested service providers.

The adult population's increasing rate of unhealthy habits has increased future health risks. Chronic diseases, such as obesity, diabetes, heart disease, and others, are more common among adults and may necessitate long-term medical treatment. Adults are purchasing medical insurance coverage in order to manage rising healthcare costs and avoid future financial issues.

North America is expected to emerge as a potential market for Health Insurance due to increasing awareness regarding the importance of preventive measures and rising disposable income. The US and Canada are the largest consumers of Health Insurance in the North American region. Furthermore, the government initiatives taken in India and China to provide affordable Health Insurance coverage are expected to fuel the growth of the market. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.