Globally, the healthcare insurance market is witnessing rapid evolution with a substantial increase in the number of product launches and expansion.
New York, United States - November 25, 2019 /MarketersMedia/ —
From valuing $1.7 trillion in 2018, the global healthcare insurance market is predicted to reach $2.2 trillion by 2024, registering a 4.3% CAGR during the forecast period (2019–2024). The factors positively influencing the market growth are the high medical costs, rising prevalence of chronic diseases, surging geriatric population, and the growing gross domestic product (GDP) and healthcare expenditure across the globe. Healthcare insurance covers the surgical and medical expenses of a policy owner. It reimburses the treatment cost of a patient incurred due to an injury or an illness.
Based on insurance type, the healthcare insurance market is classified into income protection, disease, and medical. The highest revenue in the market was contributed by the medical insurance type during the historical period (2014–2018). In the forecast period as well, this classification is expected to grow the fastest with a CAGR of 4.8%. This can be majorly attributed to the presence of hospitals offering medical services covered under different panels that provide insurance cover. Further, the rising geriatric population and chronic diseases, such as cardiovascular diseases have added to the demand for medical insurance.
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The healthcare insurance market is growing due to the rising number of product launches that offer benefits to customers. For instance, by 2020, Anthem Inc. is planning to launch its own Pharmacy Benefit Manager — IngenioRx. Additionally, CVS Health Corporation has entered into a five-year agreement with the company, where the former would manage certain services, such as prescription fulfillment and claims processing, for IngeionRx. In another example, Cigna Corporation and Express Scripts Holdings entered into a partnership in December 2018, and launched a program, “Healthier Kids for Our Future”, aimed at improving the health and well-being of children.
The healthcare insurance market is headed toward prosperity as many companies across the globe are following the footsteps of U.S. companies, which were the pioneers in offering healthcare insurance plans to their employees. Employer-sponsored healthcare insurance plans provide cover for the employee and his or her dependents in the family. These plans usually have high premiums, and the cost is mostly borne by the company; therefore, many insurance providers enter into a partnership with the employer to maximize their revenue.
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Therefore, the market for healthcare insurance is expected to witness a significant growth in the forecast period, as the incidence of chronic diseases and cost of healthcare services continue to rise.
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