Health Insurance Market growth analysis

1. Global Health Insurance Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2020-2027

2. Global Health Insurance Market- Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the health insurance market was worth USD 1.8 trillion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 3.4 trillion by the end of 2027. The global health insurance market is gaining significant traction because of the increasing prevalence of various healthcare issues and chronic illnesses, along with surging medical expenses across the globe. Furthermore, favorable government policies are also contributing to the market growth. For instance, with the Affordable Care Act, Americans have gained new rights and benefits, including the ability to get health insurance for more children. It also grants free access to recommended preventive services.

3. Growth Drivers  Increasing Awareness Regarding Health Insurance Increasing awareness regarding the benefits of health insurance owing to the increasing healthcare costs is anticipated to contribute to the growing health insurance market during the forecast period. Inflation rates of more than 15% in the medical sector have made healthcare costs beyond the reach of the needy. Therefore, health insurance is becoming more popular among the general public due to its demographic-specific products, such as those for seniors and children. Furthermore, the availability of a variety of health coverage options for customers, depending on their needs, drives the sector's growth.

4. Restraints  Complications in Claiming Reimbursement Many insurance claims rejections have caused the general public to be hesitant to take out health insurance. In emerging economies, a lack of reimbursement at the point of need is a contributing factor to the low number of health insurance policies. Insurance companies often fail to reimburse properly due to various reasons, such as inadequate documentation or unclear insurance coverage. Moreover, the general public perceives insurance as a hoax, especially in developing and underdeveloped countries, which limits its market growth.

5. Impact of COVID-19 on the Global Health Insurance Market The health insurance market witnessed a significant boost after the unprecedented outbreak of the COVID-19 pandemic. As the number of COVID-19 patients increased worldwide, their healthcare costs increased dramatically. To cover the medical costs of COVID-19 patients, many health insurance companies launched Coronavirus Health Insurance policies. Policies of this type cover not just hospitalization costs for COVID-19 infections but also costs for virtually any type of viral infection. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/health-insurance-market-bwc20041/report-sample

6. Regional Insights Geographically, the health insurance market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America dominates the health insurance market due to the developed healthcare system and high awareness of the benefits of these policies among the masses. Additionally, the presence of leading insurance providers including Anthem Inc., Aetna Inc., UnitedHealth Group Inc., Humana Inc., etc., also plays a crucial role in driving the market growth in this region. However, the Asia-Pacific region is also catching up and projected to witness the highest CAGR during the forecast period.

7. Competitive Landscape The leading market players in the global health insurance market are Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc., Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna, Inc., Apollo Munich Health Insurance, International Medical Group, Kaiser Permanente, Jubilee Holding Limited, Highmark Inc, BMI Healthcare, Vitality Corporate Services Limited, Centene Corporation, AssicurazioniGenerali S.P.A., Anthem Insurance Companies, Inc., and other prominent players.

8. Recent Developments In November 2021, Oscar Health Inc., an American health insurance company, announced its collaboration with Emory Healthcare, an extensive healthcare system in Georgia, US, to offer technology-connected health insurance and care in US cities including Atlanta and Columbus. In October 2021, SBI General Insurance, a leading Indian Insurance Company, announced its technological collaboration with Google Pay, offering its clients to buy health insurance through the google pay app.

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