Health Insurance Market To Reach USD 5.9 Trillion By 2032 | DataHorizzon Research
The health insurance market was valued at USD 3.7 Trillion in 2023 and is anticipated to grow CAGR at 5.4% to reach USD 5.9 Trillion by 2032.
Fort Collins, Colorado, May 03, 2024 (GLOBE NEWSWIRE) -- *
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*The health insurance market is largely driven by increased healthcare costs and adequacy to meet healthcare expenses.*
The rising costs associated with medical care are a significant driver behind the increasing demand for *health insurance.* As hospitalization and medication expenses continue to rise, many individuals opt to safeguard their health and that of their families by investing in healthcare insurance. This offers a sense of security and financial assistance in the event of hospital stays, surgeries, or other major occurrences such as pregnancy, serious illnesses, or accidents.
Additionally, the surge in awareness about the importance of health insurance has contributed to its growing demand. While in the past, awareness levels varied among different countries and social structures, there has been a notable shift in recent years. In regions with robust social infrastructures and security measures, residents are more cognizant of the benefits of healthcare insurance and are willing to invest in it. Conversely, health insurance may have been perceived as an unnecessary expense in areas lacking adequate social structures. However, with increasing education and income levels, people are becoming more proactive in educating themselves about healthcare options and recognizing the value of health insurance coverage.
Moreover, the rate of health insurance uptake saw a significant boost following the global pandemic. The challenging financial circumstances and strained healthcare systems experienced during the pandemic prompted many individuals to prioritize securing health insurance coverage for themselves and their families, further fueling the demand for health insurance.
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*Segmentation Overview:*
*The health insurance market has been segmented into insurance type, coverage, age group, distribution channel, end-user, and region.*
*Critical Illness is a leading segment, accounting for a significant market share for 2023.*
· Based on insurance type, the health insurance market is segmented into hospitalization insurance, critical illness insurance, income protection insurance, and medical insurance. Critical illness insurance holds a major share of the insurance type segment of the health insurance market.
*Health maintenance registered massive growth in the past.*
· The health insurance market is segmented based on coverage into preferred provider organizations, point of service, health maintenance organizations, and exclusive provider organizations. Health maintenance organizations hold a major share of the coverage segment.
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*Health Insurance Market Report Highlights:*
· The health insurance market growth is anticipated at a *CAGR of 5.4% by 2032.*
· The ongoing inflation in the healthcare industry worldwide has triggered the need for health insurance.
· North America holds a dominant share in the health insurance market, while the United States holds a substantial share in this region.
· Some prominent players in the health insurance market report include Centene Corporation, Highmark Inc., Jubilee Insurance, Aetna, Ottonova, Anthem Health Insurance, United Healthcare, Aviva Plc., Health Care Service Corporation, and The Cigna Group.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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