Global Health and Medical Insurance Market Report 2021: Market Expected to Reach $ 653.4 Billion in 2025 with a CAGR of 13.7% After Recovery from COVID-19 – ResearchAndMarkets.com
the “Global Health and Medical Insurance Market Report 2021: Impact and Recovery from COVID-19 through 2030” the report was added to ResearchAndMarkets.com from offer.
The global health and medical insurance market is expected to grow from $ 385.24 billion in 2020 to $ 390.54 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 653.4 billion in 2025 with a CAGR of 13.7%.
Major players operating in the health and medical insurance industry are forging strategic partnerships and collaborations to expand their consumer base and geographic presence, which is likely to be a dominant trend in the healthcare market. health and medical insurance. For example, in January 2020, Cigna, a healthcare services company, and Oscar, a technology-focused US-based health insurance company, announced a partnership to provide commercial healthcare solutions for small businesses. Additionally, in August 2019, Aditya Birla Health Insurance Company Limited, a subsidiary of Aditya Birla Capital, worked with Axis Bank to provide comprehensive health insurance solutions to its clients.
The health and health insurance market covered in this report is segmented by type into hospital insurance; daily cash allowance insurance for hospitals; critical illness insurance; home insurance; other. It is also segmented by a private service provider; public and by demography in minor; adults; Old person.
The increase in the prevalence of chronic diseases and the expected increase in the geriatric population have contributed to the growth of the health and medical insurance market. The elderly population is growing rapidly and is expected to continue, thus generating a strong demand for health and health insurance in order to reduce the burden of health expenditure. According to the World Health Organization (WHO), the world’s population aged 60 and over is expected to grow from 900 million in 2015 to 2 billion by 2050. In addition, according to the United States Census Bureau, the population aged Age 65 and over is expected to reach 83.7 million by the end of 2050 in the United States. The likely increase in the aging population with chronic and other diseases requires critical monitoring and surgical interventions, which contributes to the health and medical insurance market.
The long waiting period for pre-existing conditions and an increase in premiums with age limit the growth of the health and medical insurance market. The biggest downside to health and medical insurance is the cost. The likelihood of health problems increases with age and therefore the premium amount also increases with age. Many individual policies can cost several hundred dollars per month, and family coverage can be even higher.
For example, in 2020, the national average cost of health insurance in the United States is $ 456 for an individual and $ 1152 for a family per month. In addition, many medical insurance plans provide a waiting period of up to 2-3 years for pre-existing conditions. On top of that, many health insurance policies do not cover all types of illnesses and conditions. Hence, premium and long waiting period with health and medical insurance are negatively impacting the growth of the market and are expected to constrain the health and medical insurance market during the forecast period.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market share, trends and strategies for this market. It traces the historical and expected growth of the market by geography. It places the market in the context of the larger health and medical insurance market and compares it to other markets.
1) By type: hospitalization insurance; Daily cash allowance insurance for hospitals; Critical illness insurance; Home Insurance; Others 2) By service provider: private; Public 3) By demography: minor; Adults; Senior Citizen
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; United States
Regions: Asia Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five historical years and ten years planned.
Data: Market size and growth ratios to related markets, proportions of GDP, expenditure per capita,
Data segmentation: national and regional historical and forecast data, market share of competitors, market segments.
UnitedHealth Group Incorporated
AIA Group Limited
AXA Equitable Life Insurance Company
China Life Insurance Company Limited
State Farm Group
Zurich Insurance Group
Berkshire Hathaway Inc.
Nippon Life Insurance Company
For more information on this report, visit https://www.researchandmarkets.com/r/qs2bub
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