Healthcare Insurance Market Share, Trends, Growth Drivers and Forecast Report 2024

Posted on 2019-07-17 by P&S Intelligence in Healthcare // 0 Comments

New York, United States, 2019-Jul-17 — /EPR Network/ — Healthcare insurance market is expected to generate a revenue of $2.2 trillion by 2024, advancing at a CAGR of 4.3% during the forecast period, the market is driven by rising prevalence of chronic diseases, growing geriatric population, increasing healthcare expenditure, and high medical costs, globally.

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Term and lifetime are the two types of coverage available in the healthcare insurance market. Term coverage category is estimated to dominate the market, contributing 76.5% share to the overall market in 2018. This can be attributed to several advantages associated with this category, such as low cost of premiums, receipt of a lump sum amount at the end of the term, and increasing awareness about the benefits of health insurance among the global population.

Globally, the healthcare insurance market is expected to witness the fastest growth in APAC, progressing at a CAGR of 5.7% during the period 2019–2024. The APAC market is projected to generate approximately $0.5 trillion revenue by 2024. This growth is mainly led by expanding healthcare industry, increasing healthcare awareness, and surging prevalence of chronic ailments in the region. Increasing medical tourism industry is also supporting the growth of the market in APAC.

Further, overall dynamics of healthcare industry is changing in the region, mainly on account of improving healthcare expenditure and infrastructure in APAC countries. With these changes, healthcare insurance plans are gaining popularity among the Asian population. Besides, conferences, seminars, and training sessions are being actively organized related to this industry in the region. For instance, in November 2018, Insurinnovator Connect conducted a conference on health insurance in Hong Kong. The conference witnessed the presence of esteemed healthcare insurance market players, specifically players of the APAC region. The conference focused on the growing healthcare insurance industry in the region, and innovations and advancements in this sector.

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Some of the key players operating in the global healthcare insurance market are Allianz Group, Anthem Inc., Centene Corporation, Kaiser Permanente, Cigna Corporation, Gulf Insurance Group, International Medical Group Inc., Zurich Insurance Group, and Aetna Inc.

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