Health Insurance Market Is Projected to Gain $4, 4.15 trillion by 2028, Growing at a 9.7 % CAGR: Allied Market Research


The global health insurance market growth is attributed to the rise in healthcare expenses, healthcare insurance provisions for the public and private sectors, and the rise of chronic diseases. Based on region, the market across North America region held the major share in 2018.

Wilmington, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the global health insurance market size was valued at $1.98 trillion in 2020, and is projected to reach $4.15 trillion by 2028, growing at a CAGR of 9.7% from 2021 to 2028. The report offers detailed information on current trends, profitable investment pockets, top segments, competitive landscapes, and regional analysis. The report assists market leaders, investors, new competitors, and stakeholders in devising and taking steps to bolster their competitive edge.  

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Report Coverage & Details:  

Report Coverage   Details  
Forecast Period   2021 – 2028 
Base Year   2020 
Market Size in 2018   $ 1.98 trillion 
Market Size in 2026   $ 4.15 trillion 
CAGR   9.7 %  
No. of Pages in Report   260  
Segments Covered   Distribution Channel, Insurance Type, Coverage, End User, and Age Group, and Region  
Drivers   The rise in healthcare expenses  
Healthcare insurance provisions for the public and private sectors  
The rise of chronic diseases  
Opportunities   Innovations in the field of healthcare insurance products  
Restraints   Strict regulations  
Long recovery times for claims  
A lack of awareness of healthcare insurance in rural areas  

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The global health insurance market is categorized into different segments based on provider, insurance type, and region. It is offered in both two-dimensional and graphical form, permitting an individual or an organization to benefit from approaching the highly profitable and swiftly expanding segments. 

The public service segment to maintain its lead position during the forecast period- 

By provider, the public service providers segment garnered the largest market share in 2018, holding more than half of the global health insurance market revenue, and is expected to maintain the leadership status throughout the forecast period. The private service providers segment, however, would portray the fastest CAGR of 4.5% from 2019 to 2026.  

The medical insurance segment to lead the trail by 2018 

By insurance type, the medical insurance segment held the major market share in 2018, contributing to more than two-fifths of the global health insurance market revenue, and is expected to retain its dominance throughout the forecast period. The income protection segment, however, would cite the fastest CAGR of 4.9% from 2019 to 2026.  

North America region garnered the major share in 2018-  

By region, North America dominated the largest market share in 2018, acquiring nearly one-third of the global health insurance market revenue, and is anticipated to lead the trail by 2026. However, the Asia-Pacific region would exhibit the fastest CAGR of 4.9% from 2019 to 2026.  

The report also provides detailed information on the prominent players in the global health insurance market such as China Life Insurance Company Limited, AIA Group Limited, Zurich Insurance Group., Allianz Group, Ping An Insurance (Group) Company of China, Ltd., AXA Equitable Life Insurance Company, Munich Re, Assicurazioni Generali S.p.A., State Farm Group, and Anthem, Inc. These leading players have embraced several strategies such as partnerships, new technological advances, mergers & acquisitions, and new product launches to maintain their foothold in the market.  

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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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Health Insurance Market Key Segments: 

By Distribution Channel 

  • BANKS 
  • Others 

By Insurance Type 

  • Disease Insurance 
  • Medical Insurance 

By Coverage 


By End User Type 

  • GROUP 

By Age Group 

  • ADULT 

By Region 

  • North America  (U.S., Canada) 
  • Europe  (Germany, France, Spain, Switzerland, Netherlands, Rest of Europe) 
  • ASIA-PACIFIC  (China, India, Japan, South Korea, Rest of Asia-Pacific) 
  • LAMEA  (Latin America, Middle East, Africa) 

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About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 


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