Health Insurance Market Size, Share & Industry Analysis, By Payer Type (Public, Private), By Provider Type (Hospitals and Ambulatory Surgery Centers, Speciality Clinics, Diagnostic Centers, Others), By Network Type (Exclusive Provider Organization (EPO), Health Maintenance Organization (HMO), Point of Service (POS), Preferred Provider Organization (PPO)) Others and Regional Forecast, 2021-2028

Health insurance is a type of insurance that provides coverage for a person’s healthcare expenses. The rising prevalence of chronic illness and their treatment poses a financial burden on the individual and the country. The increasing healthcare expenses, including bed charges, cost of hospitalization and pharmacy, and consultation charges burn a hole in the patient’s pocket. Health reimbursement can thus help reduce the out of pocket expenses. This the major reason for the increasing demand for health insurance. Even the government of various countries are coming with schemes and policies that cover more and more beneficiaries at a lower premium. The health insurance industry is witnessing a major boom as it has increased the affordability of people for quality healthcare. With the provision of cashless hospitalizations and an increase in network hospitals, patients can avail healthcare services even at the time of emergency.

Key Market Driver -

Active government efforts to provide health coverage

Key Market Restraint -

Chances of fraudulent claims resulting in stringent norms and verifications

Global health insurance market growth is being driven by the increase in hospitalizations expenses, active government efforts to provide health coverage, and the rising prevalence of chronic diseases. Furthermore, the provision of providing health insurance to the employees and an increase in the number of private insurance providers are also major factors contributing to the expansion of the market during the forecast period.

However, chances of fraudulent claims resulting in stringent norms and verifications and lack of awareness of health insurance are the major factors that can hinder the growth of the health insurance market.

Market Segmentation:

By payer type, the market is segmented into public and private. Based on the provider type, the market is segmented into hospitals and ambulatory surgery centers, specialty clinics, diagnostic centers, and others. Based on network type, the market is categorized into Exclusive Provider Organization (EPO), Health Maintenance Organization (HMO), Point of Service (POS), and Preferred Provider Organization (PPO).

From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Players Covered:

The major companies covered in the global health insurance market report include ASSICURAZIONI GENERALI S.P.A., Allianz, United HealthCare Services, Inc., Aetna Inc., Cigna, Health Net, LLC., Pacific Prime Insurance Brokers Limited (PPIB), and other players.

Key Insights:

• Overview of government health reimbursement policies for key countries


• Comparative analysis of private and public health insurance


• Key Developments in the health insurance market


• Key mergers and acquisitions

Regional Analysis:

The global health insurance market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the market throughout the forecast period primarily due to the favorable health reimbursement policies, high cost of medical products, and provision of providing mandatory health insurance to the employees. In Europe, the market is anticipated to expand owing to the increasing number of beneficiaries under government health insurance plans.

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Asia Pacific is projected to register a remarkable growth in the health insurance market which can be attributed to the increasing income and spending capacity of the population, rising prevalence of diseases, and an increase in the number of private insurance providers. In the Middle East and Africa and Latin America, the market is likely to propel during the forecast period due to the unmet needs of the patient population and active efforts to increase the accessibility to healthcare services.

Segmentation

Health Insurance Industry Developments

• In June 2019, HDFC ERGO General Insurance announced the acquisition of Apollo Munich Health Insurance from Apollo Hospitals Enterprise.


• In 2017, the Centers for Medicare and Medicaid Services removed knee replacement procedure from the inpatient-only list, and provided a coverage of US$ 10,122.0 for outpatient total knee replacement procedures.


• In April 2016, Centers for Medicare and Medicaid Services initiated the Comprehensive Care for Joint Replacement (CJR) model which provide an average reimbursement of US$ 16,500.0 to US$ 33,000.0 across various geographic areas for hospitalization and joint replacement procedure