Hospitalization Insurance Global Market To Reach Value Of About $148 Billion In 2025
12 Nov, 2021
The hospitalization insurance market consists of sales of hospitalization insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting hospitalization insurance policies providing coverage for hospital confinement due to illness, accidents, intensive care of convalescence. Only goods and services traded between entities or sold to end consumers are included.
Global Hospitalization Insurance Market Size And Drivers:
The global hospitalization insurance market is expected to grow from $84.78 billion in 2020 to $86.39 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. 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 hospitalization insurance market is expected to reach $147.88 billion in 2025 at a CAGR of 14.4%. The growing adoption of health insurance policies by individuals during COVID-19 is expected to fuel the growth of the hospitalization insurance market over the forecast period.
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Trends In The Global Hospitalization Insurance Market
The integration of blockchain in health insurance is a key trend gaining popularity in the hospitalization insurance market. The incorporation of blockchain in health insurance provides many benefits such as enhancing integrity and protection by offering better control of patient data, reducing regulatory and enforcement costs, and maximizing interactions between health practitioners, insurance providers, and insurers. In June 2018, Alibaba-associated tech firm ZhongAn revealed that it was developing a blockchain-based insurance platform, it had already stepped into data-sharing deals with over 100 Chinese hospitals for automated claims and record validation. In August 2018, MetLife subsidiary LumenLab, based in Singapore, started testing the world's first digital insurance platform utilizing blockchain technology, which would be used to provide automatic payouts for gestational diabetes-affected pregnant women in Singapore.
Global Hospitalization Insurance Market Segments:
The global hospitalization insurance market is further segmented –
By Service Provider: Private, Public
By Network: Preferred Provider Organizations (PPOs), Point Of Service (POS), Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs), Others
By Demographics: Minors, Adults, Senior Citizens
By Geography: The global hospitalization insurance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/hospitalization-insurance-global-market-reportHospitalization Insurance Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides hospitalization insurance market overviews, analyzes and forecasts market size and growth for the global hospitalization insurance market, hospitalization insurance market share, hospitalization insurance market players, hospitalization insurance market segments and geographies, hospitalization insurance market’s leading competitors’ revenues, profiles and market shares. The hospitalization insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.