Health Insurance Market to Worth USD 3793.4 Billion by 2030 | Skyquest Technology
The health insurance market is segmented based on the service provider, product type, network provider, end user and region. Based on the service provider, it is segmented into private providers and public providers. Based on product type, it is segmented as medical insurance and critical illness insurance. Based on the network provider, it is segmented into preferred provider organizations (PPOS), point of services (POS), and health maintenance organizations (HMOS). Based on end-user, it is segmented into corporates and individuals- Industry Forecast 2023-2030
Westford, USA, July 21, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the health insurance market is poised for significant growth, primarily influenced by the expanding geriatric population. There is a corresponding rise in the prevalence of chronic diseases among the elderly, with a substantial proportion of the population reaching old age. Conditions such as heart disease, cancer, type 2 diabetes, and arthritis become more prevalent in this age group, necessitating greater healthcare support and coverage.
Browse in-depth TOC on the “Health Insurance Market”
- Pages – 242
- Tables – 114
- Figures – 77
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Health insurance plays a pivotal role in driving the growth and expansion of the health insurance market in India. As a crucial segment of the insurance industry, health insurance contributes substantially, accounting for approximately 29% of the country’s total general insurance premium income.
Report Scope & Segmentation:
|Market Size in 2022||USD 2240.85 Billion|
|2030 Value Projection||USD 3793.4 Billion|
Prominent Players in the Health Insurance Market
- UnitedHealth Group Inc.
- Anthem Inc.
- Aetna Inc.
- Cigna Corporation
- Humana Inc.
- Bupa Group
- AXA S.A.
- Zurich Insurance Group Ltd.
- Munich Re Group
- Ping An Insurance (Group) Company of China Ltd.
- China Life Insurance Company Limited
- Prudential plc
- MetLife Inc.
- Dai-ichi Life Holdings Inc.
- Manulife Financial Corporation
- Assicurazioni Generali S.p.A.
- Aviva plc
- AIA Group Limited
- The Chubb Corporation
Browse summary of the report and Complete Table of Contents (ToC):
Private Providers Segment is Expected to Grow in the Market Due to Increasing Penetration of Private Providers
The health insurance market is witnessing a significant dominance of the private provider’s segment in market share. One of the key drivers behind this trend is the increasing penetration of private providers in developing regions or countries. As economies in these regions experience growth and development, rising demand for improved healthcare services and facilities is rising.
The markets in the North America are projected to maintain their dominant position in the global health insurance market. This can be attributed to several factors, including the proactive involvement of governments in providing affordable healthcare options to citizens. Government initiatives, such as low-cost Medicare and Medicaid insurance, are pivotal in ensuring broader population coverage for healthcare policies.
Public Providers Segment is expected to Dominate the Market Due to the Lower Premium Costs
The public provider segment is anticipated to experience favorable growth, driven by several key factors in the health insurance market. One significant factor is the lower premium costs associated with public health insurance plans, making them an attractive option for a considerable portion of the population.
Regional markets in the Asia Pacific are poised to experience remarkable growth, emerging as the fastest-growing region in the health insurance market. This rapid expansion can be attributed to two key factors reshaping the region’s healthcare landscape.
A comprehensive analysis of the major players in the health insurance market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Health Insurance Market
- Anthem Inc. recently achieved a significant milestone by successfully acquiring MMM Holdings Inc and its Medicare Advantage (MA) Plan, affiliated companies, and Medicaid plan. This strategic acquisition expands Anthem’s market presence and capabilities, enabling the company to offer comprehensive Medicare and Medicaid plans to residents of Puerto Rico.
- Another significant development in the healthcare industry occurred when Molina Healthcare Inc. and Cigna Corporation signed a merger agreement. Molina Healthcare Inc. took ownership of Cigna’s Texas Medicaid and Medicare-Medicaid Plan (MMP) as part of this agreement. This merger strengthens Molina Healthcare’s position in the market and broadens its healthcare offerings to cater to a broader population.
Key Questions Answered in Health Insurance Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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