Health And Medical Insurance Global Market To Reach Value Of About $653 Billion In 2025
25 Aug, 2021
The health and medical insurance market consists of sales of health and medical insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting health and medical insurance policies. Group hospitalization plans and health maintenance organization HMO establishments (except those providing health care services) that provide health and medical insurance policies are included in this industry. Clients of these insurance providers are the general public/companies who buy medical and health insurance policies, it can be either through intermediary or direct selling. Only goods and services traded between entities or sold to end consumers are included.
Global Health And Medical Insurance Market Size And Drivers:
The global health & medical insurance market is expected to grow from $385.24 billion in 2020 to $390.54 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 market is expected to reach $653.4 billion in 2025 at a CAGR of 13.7%. The increase in the prevalence of chronic diseases and the expected rise in the geriatric population contributed to the growth of the health & medical insurance market.
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Trends In The Global Health And Medical Insurance Market
Major players operating in the health & medical insurance industry are undergoing strategic partnerships and collaborations to expand their consumer base and geographical presence which is likely to be a leading trend in the health & medical insurance market. For instance, in January 2020, Cigna, a health service company, and Oscar, a US-based technology-driven health insurance company announced a partnership to provide commercial health solutions to small businesses.
Global Health And Medical Insurance Market Segments:
The global health and medical insurance market is further segmented based on type, service provider, demographics and geography.
By Type: Hospitalization Insurance, Hospital Daily Cash Benefit Insurance, Critical Illness Insurance, Domiciliary Insurance, Others
By Service Provider: Private, Public
By Demographics: Minor, Adults, Senior Citizen
By Geography: The global health and medical insurance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Health And Medical Insurance Market At:https://www.thebusinessresearchcompany.com/report/health-and-medical-insurance-global-market-report
Health And Medical Insurance Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides health and medical insurance market overviews, analyzes and forecasts market size and growth for the global health and medical insurance market, health and medical insurance market share, health and medical insurance market players, health and medical insurance market segments and geographies, health and medical insurance market’s leading competitors’ revenues, profiles and market shares. The health and medical insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.