The domiciliary insurance market consists of sales of domiciliary insurance services by entities that are engaged in direct underwriting insurance policies for home-based treatment done for a disease, illness, or injury. The home treatment could be because of lack of accommodation at the hospital or because the patient's condition does not permit them to get admitted to the hospital.
Global Domiciliary Insurance Market Size And Drivers:
The global domiciliary insurance market is expected to grow from $30.82 billion in 2020 to $31.25 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The domiciliary insurance market is expected to reach $52.31 billion in 2025 at a CAGR of 13.7%. The growing geriatric population is expected to propel the domiciliary insurance market.
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Trends In The Global Domiciliary Insurance Market
Companies are concentrating on the release of policies specific to COVID-19. With the surge in the coronavirus pandemic cases, a large number of people getting affected have strained the hospital and healthcare services further making bed availability a challenge. However, as all cases do not require hospitalization, hospitals are requesting the affected people to take treatment at their homes. Even people are opting for home treatment to ensure safe and effective treatment due to the fear of contracting a secondary infection from other patients in public hospitals, and the high price charges of private hospitals. This has allowed the companies in the domiciliary insurance market to cater the domiciliary insurance services along with the normal health insurance policy specific to COVID. For instance, in March 2020, Edelweiss General Insurance’s health policy has planned to cover treatment for COVID-19 which includes support to the patient during domiciliary hospitalization. ICICI Lombard has decided to cover the home health services for the treatment of COVD-19 with coverage for domiciliary hospitalization.
Global Domiciliary Insurance Market Segments:
The global domiciliary insurance market is further segmented –
By Insurance Type: Diseases Insurance, Medical Insurance, Income Protection Insurance, Others
By Coverage Type: Lifetime Coverage, Term Coverage
By Demographics: Minors, Adults, Senior Citizen
By Network: Preferred Provider Organizations (PPOs), Point Of Service (POS), Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs)
By Service Provider: Private, Public
By Geography: The global domiciliary insurance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Domiciliary Insurance Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides domiciliary insurance market overviews, analyzes and forecasts market size and growth for the global domiciliary insurance market, domiciliary insurance market share, domiciliary insurance market players, domiciliary insurance market segments and geographies, domiciliary insurance market’s leading competitors’ revenues, profiles and market shares. The domiciliary insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
