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The global health insurance market is anticipated to grow at a favorable rate from 2021 to 2031 (forecast period). The rising frequency of chronic illnesses and increasing treatment expenses are key elements expected to drive the global health insurance market throughout the projected period. Furthermore, rising awareness, an increase in the number of companies with evolving healthcare policies, and the introduction of new government initiatives are projected to contribute to the growth of the global health insurance market. Some of the initiatives offered by the Indian government are Aam Aadmi Bima Yojana, Awaz Health Insurance Scheme, and Ayushman Bharat. The federal and state governments in the United States provide Medicaid and Medicare insurance. Likewise, numerous countries provide various insurance plans for their citizens.
Leading players in the health insurance market are Cigna Corporation, Aetna, Inc., Zurich Insurance Group Ltd., AIA Insurance Group, Allianz SE, Express Scripts Holding Company, Apollo Munich Health Insurance, UnitedHealth Group Inc., AXA, International Medical Group, and Aviva plc.
To increase their overseas footprint, main market players are constantly implementing inorganic marketing tactics such as investments, collaborations, acquisitions, technological breakthroughs, and R&D activities.
The rising expense of healthcare services, combined with the increasing incidence of cancer, diabetes, kidney failure, and stroke, is one of the primary aspects expected to raise the demand for health insurance around the world. Furthermore, numerous countries' governments have made it mandatory for businesses to provide health insurance to their workers. Such authorities are also implementing rules requiring foreign health insurance for travelers. Aside from that, the growing senior population encourages using government health insurance plans or schemes with an affordable premium. Moreover, rising health awareness and improved healthcare infrastructure are projected to bolster the global health insurance market growth.
The COVID-19 outbreak has exposed the shortcomings and constraints in Asian countries' healthcare systems and the significance of universal health coverage (UHC). In the long term, the COVID-19 outbreak is anticipated to have a beneficial impact on the worldwide health insurance market since it has raised awareness about the importance of health insurance and the requirement for digitalization in this field to simplify the insurance procedure.
Furthermore, insurance companies are integrating COVID-19 protection coverage in order to focus on improving their plans to address unfulfilled demands. However, during the COVID-19 outbreak, the market growth was limited as several authorities declared premium reductions for a short period of time. For example, due to the COVID-19 pandemic, the Government of India declared on April 16, 2020, a waiver on health insurance premium payment on renewals for health plans and vehicles until May 15, 2020. The relaxation of premiums during the outbreak hampered the growth of the health insurance market.
The health insurance market in North America is anticipated to develop during the forecast period. The United States is likely to be the largest revenue generator in health insurance market in North America due to its unrivaled healthcare system. Moreover, prominent players such as Aetna Inc., Anthem Inc., Cigna Corp., Humana Inc., and UnitedHealth Group Inc. are expected to assist the regional market expansion. These players control around 80% of the public and private insurance sectors in the United States. To reach a larger audience, the corporations are investigating the possibility of digitizing access to insurance schemes and communicating about them with their customers. Self-service capabilities for customers and distributors, for example, are going to bring up a variety of options for the global industry. Moreover, major companies are anticipated to sell their products in an easily understandable manner in the upcoming years. The only risk to new competitors is the high degree of competition in the health insurance market in the United States.
Asia Pacific is projected to experience considerable growth in the health insurance market during the forecast period. Rising disposable incomes and improved healthcare standards are likely to strengthen the regional market in the coming years. Moreover, the burgeoning middle class and the growing number of individuals with a high net worth in Asia Pacific are also anticipated to provide much-needed momentum to the health insurance market.
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Health Insurance Market
