PORTLAND, Ore., June 16, 2021 / PRNewswire / – Allied Market Research recently released a report titled, ‘Health insurance market by distribution channel (direct sales, brokers / agents, banks and others), type of insurance (health insurance and medical insurance), coverage (preferred provider organizations (PPOs), point of service ( POS), Healthcare Maintenance Organizations (HMOs) and Proprietary Supplier Organizations (EPOs), End User Type (Group and Individuals) and Age Group (Seniors, Adults and Minors): Global Opportunity Analysis and industry forecast, 2021-2028 “. According to the report, the global level health insurance sector has been counted $ 1.98 trillion in 2020, and is expected to reach $ 4.15 trillion by 2028, with a CAGR of 9.7% from 2021 to 2028.
Main determinants of market growth
Rising prevalence of chronic diseases, increasing health awareness, and improving claims management are driving the growth of the global health insurance market. However, the lack of knowledge about the coverages included in the health insurance policy and the rising cost of health insurance premiums are hampering the growth of the market. On the contrary, the increase in the use of advanced technologies among healthcare professionals is expected to open lucrative opportunities for market players in the future.
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- The Covid-19 epidemic has severely affected the lives and businesses of all people around the world. The pandemic has increased the need to purchase health insurance among consumers for better medical facilities and better health treatment.
- Rising health insurance premiums amid the global health crisis prompted insurance companies to come up with improved policies.
Direct sales segment to post highest CAGR through 2028
By distribution channel, the direct sales segment is expected to post the highest CAGR of 12.3% during the forecast period. This is attributed to the fact that direct selling eliminates intermediaries involved in the distribution channel, such as agents and brokers. However, the broker / agent segment held the largest share in 2020, accounting for more than half of the global health insurance market, as independent agents are best suited for clients due to their in-depth product knowledge and services.
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Preferred provider organizations (PPOs) take the lion’s share in 2020
In terms of coverage, the Preferred Provider Organization (PPO) segment dominated the global health insurance market in 2020, contributing around half of the market as policyholders receive health services at discounted rates throughout. by opting for a certain specified network of doctors and hospitals. However, the Exclusive Provider Organizations (EPO) segment is expected to have the highest CAGR of 11.3% from 2021 to 2028, as EPO allows policyholders to receive medical treatment and services from select providers in the world. EPO network.
North America held the largest share in 2020
By region, the global health insurance market across North America dominated in 2020, accounting for around two-thirds of the market, due to increased awareness of the availability of multi-value health insurance policies and a favorable health insurance landscape in the United States. Asia Pacific is estimated to record the Highest CAGR by 13.6% over the forecast period, due to rising healthcare costs and stable income of people in the region.
Major market players
- Aetna Inc.
- ASSICURAZIONI GENERALI SPA
- AIA Group Limited
- Ping An Insurance (Group) Company of China, Ltd.
- UnitedHealth Group
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