Increase in healthcare expenses, mandatory provision of healthcare
insurance for public and private sectors, and rise in prevalence of chronic
diseases have boosted the growth of the global health insurance market.
However, stringent regulation and longer time for claim reimbursement and
dearth of awareness of healthcare insurance in rural region hamper the market.
On the contrary, innovation in healthcare insurance products is expected to
create lucrative opportunities in the near future.
According
to the report, the global health insurance industry was pegged at $3.15 Trillion in 2018 and is projected to reach $4.47
Trillion by 2026, registering a CAGR of 4.4% during the
forecast period.
Public service providers segment dominated the market
The
public service providers segment held the largest share in 2018, accounting for
more than half of the global health insurance market, as these providers incur
lower administrative costs as compared to private health insurance. However,
the private service providers segment is projected to register the fastest CAGR
of 4.5% during the forecast period, as private providers offer prompt referral
to a consultant, advanced treatment option, and quick & flexible treatment
time in private hospitals to subscribers.
Medical insurance segment held largest share
The
medical insurance segment dominated the market in 2018, contributing more than
two-fifths of the global health insurance market, owing to high costs incurred
for expensive surgeries and increase in a number of road accidents. However,
the income protection segment is estimated to manifest the fastest CAGR of 4.9%
during the study period, owing to mandatory provision of income protection
insurance implemented in developed countries.
Read More: https://www.alliedmarketresearch.com/health-insurance-market
North
America held lion's share
The
market across North
America held the largest share in 2018,
contributing nearly one-third of the market, owing to high adoption of private
insurance among the population, increase in population suffering chronic
illness, and availability of high disposable income. However, the global health
insurance market across Asia-Pacific is
expected to portray the fastest CAGR of 4.9% through 2026, due to increase in
awareness regarding benefits of using healthcare insurance.
Frontrunners of the market
- Berkshire Hathaway
Inc.
- Prudential plc
- Nippon Life
Insurance Company
- Dai-ichi Life
Holdings, Inc.
- Kaiser Foundation
Group of Health Plans
- Berkshire Hathaway
Inc.
- New York Life Insurance Company
- Life Insurance Corporation of India
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