Health Insurance Market: Exploring the Insights into Share, Dynamics, Trends, and Segments
Allied Market Research recently released a report on the “Health Insurance Market.” According to the research analysis, the industry is estimated to reach a value of $4.15 trillion by 2028, having contributed to a value of $1.98 trillion in 2020, exhibiting a notable CAGR of 9.7% from 2021 to 2028. The report offers key investment opportunities, market dynamics, recent trends, segmentation, and competitive landscape.
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Key Takeaways
- Based on distribution channel, the global health insurance market is further bifurcated into direct sales, brokers/agents, banks, and others.
- The direct sales segment held the highest CAGR of 12.3% during the forecast period. On the other hand, the broker/agent segment held the largest share in 2020.
- Region-wise, North America accounted for the largest market share in 2020.
Key Factors Influencing the Health Insurance Market Growth
The growth of the global health insurance market is attributed to the increased incidence of chronic diseases, rising awareness of health issues, and enhancements in claim management. However, the increase in premium costs and insufficient knowledge of policy coverages are impeding market growth. Nevertheless, increased usage of advanced technology among healthcare professionals offers profitable opportunities for leading players in the market.
The direct sales segment to manifest the highest CAGR through 2028
By distribution channel, the direct sales segment is expected to manifest the highest CAGR of 12.3% during the forecast period. This is attributed to the fact that direct selling eliminates middlemen involved in distribution channel, such as agents and brokers. However, the broker/agent segment held the largest share in 2020, accounting for more than half of the global healthcare insurance market, as independent agents are best suited for clients due to their comprehensive knowledge of products and services.
The preferred provider organizations (PPOs) held the lion’s share in 2020
By coverage, the preferred provider organizations (PPOs) segment dominated the global healthcare insurance market in 2020, contributing to around half of the market, as policyholders are provided healthcare services at discounted rates while opting for a certain specified network of doctors and hospitals. However, the exclusive provider organizations (EPOs) segment is projected to portray the highest CAGR of 11.3% from 2021 to 2028, as EPO allows policyholders to receive medical treatment and services within certain EPO network providers.
North America held the largest share in 2020
By region, the global healthcare insurance market across North America dominated in 2020, accounting for around two-thirds of the market, due to increased awareness of the availability of multi-value health insurance policies and favorable health insurance landscape in the U.S. However, the market across Asia-Pacific is estimated to register the highest CAGR of 13.6% during the forecast period, owing to increase in healthcare costs and steady income of people in the region.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/4338
Market Segmentation
Distribution Channel
- Direct Sales
- Banks
- Brokers/Agents
- Others
Health insurance companies’ sales their policies directly to consumers instead of using agents or brokers, making it easier for consumers to get information and possibly pay less. Insurers find advantages in marketing directly to consumers and creating personalized marketing strategies. In certain areas, regulations and consumer preferences could still influence the need for intermediaries.
Insurance Type
- Medical Insurance
- Disease Insurance
The health insurance sector provides health (medical) insurance plans under the Affordable Care Act. These plans come in different coverage levels such as bronze, silver, gold, and platinum, and include services such as doctor appointments, hospital stays, and prescription medications. Subsidies are available to reduce costs for individuals. There are specific enrollment periods and special occasions that allow people to sign up or change plans.
Coverage
- Preferred Provider Organizations (PPOS)
- Health Maintenance Organizations (HMOS)
- Point Of Service (POS)
- Exclusive Provider Organizations (EPOS)
Preferred Provider Organizations (PPOs) are health insurance plans with a network of preferred healthcare providers who offer discounted services. People who are part of these plans pay less for in-network care but can see out-of-network providers without referrals, although this usually results in higher costs. PPOs balance flexibility and cost control, making them popular choices for healthcare consumers who value choice.
End User Type
- Individuals
- Group
Individuals who purchase health insurance plans to protect themselves from medical expenses are the consumers who seek policies that meet their specific needs in the health insurance industry. They aim to mitigate financial risks associated with healthcare services, including consultations, treatments, and medications.
Age Group
- Senior Citizens
- Adult
- Minors
Senior citizens often face increased health risks and medical expenses. Health insurance for seniors includes coverage for hospital stays, medical treatments, and medications specifically designed for their needs. This insurance provides financial protection in case of unexpected medical expenses, enabling seniors to access high-quality medical care without the burden of financial difficulties in their retirement.
𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://bit.ly/45pqLTt
The Evolution of Technological Innovations in the Health Insurance Domain
Over the past few decades, the health insurance sector has experienced extensive transformation due to advancements in information technology, data analytics, and growing healthcare demands. This outlines the essential phases of its development.
Digitization and automation
Initially, health insurance processes relied on paper and manual methods. However, with the advent of computers and digital technologies, insurance companies began to digitize their operations. This included the automation of claims processing, policy management, and customer service using software systems.
Electronic health records (EHRs)
The way health information is stored, accessed, and shared has been revolutionized by the widespread acceptance of electronic health records. EHRs allow insurers to receive real-time patient data, improving accuracy in underwriting, claims assessment, and care coordination.
Data analytics and predictive modeling
Insurers utilized advanced analytics and predictive models, using gathered data to personalize offerings, detect fraudulent activities, manage risks, and understand customer preferences.
Artificial intelligence (AI) and machine learning (ML)
AI and machine learning algorithms are currently utilized for the analysis of vast amounts of data, the recognition of patterns, and the generation of data-driven predictions in various fields such as claims management, fraud detection, and customer service. In addition, AI-driven chatbots and virtual assistants improve customer experience by offering personalized assistance and faster response times.
Health wearables and IoT
Advancements in wearable technology and IoT have allowed insurers to gather real-time health information from their customers. This data is utilized to encourage healthy habits, customize insurance premiums according to personal risks, and identify potential health problems at an early stage.
Leading Industry Players: Aetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI S.P.A., Aviva, AXA, Cigna, Ping An Insurance (Group) Company of China, Ltd., UnitedHealth Group, and Zurich.
Significant Questions Answered in the Detailed Study
- Which factors are fueling the growth of the health insurance sector?
- Which segment has the highest market share in the health insurance market?
- Who are the leading players in the health insurance industry?
- What are the future developments expected in the health insurance sector?
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