Health Insurance Market Worth $4.15 Trillion: Growth Trends, Key Drivers, and Competitive Landscape (2028)

Health Insurance Market Worth $4.15 Trillion: Growth Trends, Key Drivers, and Competitive Landscape (2028)

NEW CASTLE, DELAWARE, UNITED STATES, April 26, 2024 /EINPresswire.com/ -- Healthcare insurance provides quick reimbursement for insurers suffering from diseases with a minimal premium amount. In addition, it provides coverage for all mentioned treatments such as critical illness and large & small surgeries. Moreover, it offers affordable healthcare services such as preventive care, hospitalization, office visits, immunizations, and others. Health insurance offers compensation for such medical expenses that may incur, owing to sickness or injury to the insured people in exchange for a monthly premium or a payroll tax to provide health benefits.

Allied Market Research recently published a report, titled, " Market by Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others), Insurance Type (Diseases Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider OrganizationHealth Insurances (EPOs)), End User Type (Group and Individuals), and Age Group (Senior Citizens, Adult, and Minors): Global Opportunity Analysis and Industry Forecast, 2021–2028". As per the report, the global health insurance industry was accounted for $1.98 trillion in 2020, and is estimated to reach $4.15 trillion by 2028, growing at a CAGR of 9.7% from 2021 to 2028.

➡️𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/4338

Major determinants of the market growth

Rise in prevalence of chronic diseases, increase in awareness of health, and improvement in claim management drive the growth of the global healthcare insurance market. However, lack of knowledge about coverages included in health insurance policy and surge in health insurance premium cost hinder the market growth. On the contrary, rise in use of advanced technology among healthcare professionals is expected to open lucrative opportunities for the market players in the future.

Covid-19 scenario:

The Covid-19 outbreak severely affected the life & businesses of all individuals across the globe. The pandemic increased the need for purchasing health insurance among consumers to obtain better medical facilities & healthcare treatment.
Increase in health insurance premiums amidst the global health crisis has made the insurance companies come up with upgraded policies.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/4338?reqfor=covid

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

Major market players

Aetna Inc.
Allianz
ASSICURAZIONI GENERALI S.P.A.
AIA Group Limited
AXA
Aviva
Ping An Insurance (Group) Company of China, Ltd.
Cigna
Zurich
UnitedHealth Group

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/90bce7cc5ac4d40833e754fdd259e6e2

Key benefits for stakeholders

The study provides in-depth analysis of the global health insurance market share along with current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global health insurance market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the health insurance market.
An extensive analysis of the key segments of the industry helps to understand the global health insurance market trends.
The quantitative analysis of the global health insurance market size from 2021 to 2028 is provided to determine the market potential.

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