The global health insurance market size was worth USD 2255 billion in 2021 and is projected to reach USD 5275 billion by 2030, registering a CAGR of 9.9% during the forecast period (2022-2030).
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"The Global Health Insurance Market 2020-2030 (USD Billion)")
Enhanced GDPs of various nations across the globe has shored up the growth of global health insurance market. To the records, it’s been registered that rising per capita incomes, growing number of people with a relatively high income and the development of middle class has multiplied health insurance industry revenue.
Implementation of Solvency II is considered as major reform in the European Insurance Industry of 2016. This has positively impacted the activities of both authorities supervising them and insurance companies. This transition, to certain extent, has led enhancement and progress in information collection in EU/EEA countries, registering analysis of trend cumbersome for some nation during the transitional period (between 2015 and 2016).
Several companies have put efforts to make their products unparalleled by developing their offerings as transparent as possible. This has enabled the buyers to make easy comparison and comprehend the terms of insurance and the products they accept from these companies. Moreover, integration of solutions through cloud computing, modeling techniques and data analytics is also projected to encourage market growth.
to the current drawbacks of health insurance policies, failing to meet personalized needs, upcoming insurance companies are expected to fulfill the data and digital-driven healthcare services to their policy holders. So, to have a personalized experience and lessen the cost from potential claims. Entailing these changes, it’s anticipated that health insurance plans will be linked to health-data driven and lifestyle interactive policies by the end of year 2019. Research suggests that interactive policies will be highly adoptive as they enable insurance company to augment individual data and later used for discounts/rewards and personalize premiums.
Considering the growth rates, APAC, followed by the Africa and Middle East has registered the highest growth track record during the period of 2014 to 2016. The US health insurance market size is anticipated to enlarge and hold the first ranks in terms of health premiums in North America. Considered causes are increasing employment, medical inflation and carry-over of the advantages from former US President Obama’s healthcare policies.
In APAC, China has generated a healthy revenue which is expected to continue in the future. The driving factor of this growth is aging population of China which has undoubtedly boosted demand for health insurance. India health insurance market is also a key contributor to health premium growth in APAC due to the higher penetration in rural India, through the financial inclusion measures implied by the government.
Key company profile in the Global Health Insurance Market report are Bupa (London, U.K.), Now Health International (Hong Kong, China), Cigna (Connecticut, U.S.), Aetna Inc. (a subsidiary of CVS Health) (Connecticut, U.S.), AXA (Paris, France), HBF Health Limited (Perth, Australia), Vitality (a subsidiary of Discovery Limited) (London, U.K.), Centene Corporation (Missouri, U.S.), International Medical Group, Inc. (a subsidiary of Sirius International Insurance Group Ltd.) (Indiana, U.S.), Anthem Insurance Companies, Inc. (a subsidiary of Anthem, Inc.) (Indiana, U.S.), Broadstone Corporate Benefits Limited (London, U.K.), Allianz Care (a subsidiary of Allianz SE) (Paris, France), HealthCare International Global Network Ltd (London, U.K.).
Health Insurance Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 5275 billion |
| Growth Rate | CAGR of 9.9% during 2020-2030 |
| Segment Covered | by Services, by Level of Coverage, By End User type, By Service, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Bupa (London, U.K.), Now Health International (Hong Kong, China), Cigna (Connecticut, U.S.), Aetna Inc. (a subsidiary of CVS Health) (Connecticut, U.S.), AXA (Paris, France), HBF Health Limited (Perth, Australia), Vitality (a subsidiary of Discovery Limited) (London, U.K.), Centene Corporation (Missouri, U.S.), International Medical Group, Inc. (a subsidiary of Sirius International Insurance Group Ltd.) |
Key segments of the Health Insurance Market.
by Services, (USD Billion)
• Inpatient Treatment
• Outpatient Treatment
• Medical Assistance
by Level of Coverage, (USD Billion)
• Bronze
• Silver
• Gold
• Platinum
By End User type, (USD Billion)
• Group
• Individuals
• By Insurance Type
• Disease Insurance
• Medical Insurance
By Service, (USD Billion)
• Public
• Private
Region Overview, (USD Billion)
• North America
o United States of America
o Canada
o Mexico
• Europe
o France
o Germany
o Italy
o the Netherlands
o Poland
o Russia
o The United Kingdom
o Rest of Europe
• Asia-Pacific
o China
o India
o Indonesia
o South Korea
o Rest of Asia-Pacific
• South America
o Argentina
o Brazil
o Peru
o Uruguay
o Rest of South America
Frequently Asked Questions (FAQ) :
The top companies that hold the market share in health insurance market are Bupa (London, U.K.), Now Health International (Hong Kong, China), Cigna (Connecticut, U.S.), Aetna Inc. (a subsidiary of CVS Health) (Connecticut, U.S.), AXA (Paris, France), HBF Health Limited (Perth, Australia), Vitality (a subsidiary of Discovery Limited) (London, U.K.), Centene Corporation (Missouri, U.S.), International Medical Group, Inc. (a subsidiary of Sirius International Insurance Group Ltd.)
To get latest version of health insurance market report can be obtained on demand from the website.
The base year for the report is 2023 in health insurance market.