DUBLIN–(BUSINESS WIRE)–The “Health Insurance Market By Provider, By Coverage, By Health Insurance Plans, By Demographics, By End-User, And By Regions – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026” report has been added to ResearchAndMarkets.com’s offering.
According to this report, the global health insurance market was valued at approximately USD 4.23 Trillion in 2020 and is expected to reach a value of around USD 2.6 Trillion by 2026, at a CAGR of around 7.6% between 2021 and 2026.
Health insurance is a kind of insurance policy that offers compensation for medical treatment expenditure. Health insurance compensates for surgical as well as medical spending which can arise as a result of injury or illness and results in hospitalization for the patient or the subject. Moreover, health insurance eliminates extra or external spending on healthcare services along with ensuring coverage for financial risks of the healthcare policy insurer.
Health insurance covers the claims pertaining to mental health services, pediatric services, rehabilitative services & devices, hospitalization, chronic disease management, preventive & wellness services, ambulatory patient services laboratory services, prescription medicines, emergency services, maternity and newborn care, products used for treating disorders, and oral care services.
Favorable government policies promoting insurance to drive the market trends
The growth of the market is predicted to be due to the prominent role played by various governments in determining the healthcare policies along with the enforcement of acts like the Affordable Care Act by the U.S. government in 2014 covering a major chunk of the U.S. population in health insurance. Governments like the U.S. government are offering premium subsidizations to lower as well as middle-income individuals.
Furthermore, the rise in the GDP of developed nations as well as emerging economies will further steer the growth of the market over the forecast timeline. For instance, countries like Germany, Mexico, and China, as well as the U.S., have an integrated health insurance model that offers them flexibility in carrying out administrative duties pertaining to healthcare. Apart from this, it also assists the government of these countries to allocate high funds for healthcare & healthcare infrastructure including clinics and hospitals. In fact, these countries are contributing majorly towards the overall health insurance market share. Nonetheless, lack of affordability in lower & middle-income nations including the inability to handle the healthcare quality issues & tests as well as monitor data pertaining to healthcare will inhibit the market expansion over the forecast timeline.
Private health insurance to dominate the provider segment by 2027
The growth of the segment over the forecast timeline is due to the benefits offered by private health insurance including the option to select your own doctor and availability of more healthcare plans in private health insurance.
Disease insurance segment to register the highest CAGR over the forecast period
The disease insurance segment is set to record the highest growth rate of over 8% during the forecast period. The growth of the market in the region is due to a rise in the occurrence of chronic ailments across the globe.
The Asia Pacific to lead the overall market growth over the forecast period
The growth of the regional market is attributed to government support for health insurance activities along with a huge number of new firms entering the health insurance business in the Asia Pacific region.
This report segments the health insurance market as follows:
Global Health Insurance Market: By Provider Segment Analysis
Global Health Insurance Market: By Coverage Segment Analysis
Global Health Insurance Market: By Health Insurance Plans Segment Analysis
Global Health Insurance Market: By Demographics Segment Analysis
Global Health Insurance Market: By End-User Segment Analysis
Global Health Insurance Market: Regional Segment Analysis
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/951gba
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