Global Health Insurance Market Insights Forecasts to 2033

• The Global Health Insurance Market Size was valued at USD 1972.78 Billion in 2023.
• The Market Size is Growing at a CAGR of 4.98% from 2023 to 2033.
• The Worldwide Health Insurance Market Size is Expected to Reach USD 3206.22 Billion by 2033.
• Europe is expected to grow the fastest during the forecast period.

The Global Health Insurance Market size is anticipated to exceed USD 3206.22 Billion by 2033, growing at a CAGR of 4.98% from 2023 to 2033.

Market Overview

Health insurance is a type of coverage that pays for medical and surgical costs incurred by the insured. It is an agreement between the policyholder (the person who purchases insurance) and the insurance company. In exchange for regular premium payments, the insurance company agrees to provide financial protection by covering the costs of specific healthcare services and treatments. Hence, increasing medical service costs and an increase in the number of daycare procedures are among the factors driving market demand for health insurance. Furthermore, government agencies in many countries are actively involved in promoting awareness about the importance of health insurance. This, combined with the rising incidence of severe road accidents, which has increased surgical procedures, is having a positive impact on the market. Also, prominent industry players provide a diverse range of health insurance plans, allowing policyholders to choose the most appropriate coverage based on their individual needs and preferences. In addition, the emergence of health insurance mobile applications that use advanced technologies like artificial intelligence (AI), the internet of things (IoT), big data analytics, and predictive analysis to streamline the claims process and policy management is providing a positive outlook for the health insurance market.

Report Coverage

This research report categorizes the market for the global health insurance market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global health insurance market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global health insurance market.

Driving Factors

The high cost of medical services has burdened patients. However, health insurance provides financial assistance to patients by covering all medical service costs by the terms and conditions of the insurance plan. As a consequence, the rising expense of medical services drives global health insurance market growth. Employees in both the public and private sectors must obtain health insurance. Health insurance provides key medical benefits to employees while working in the corporate sector. Additionally, as citizens age, they usually require more healthcare services and treatments. This increased demand for healthcare services drives up the demand for health insurance coverage among seniors. Medicare, for instance, is a government program that provides health coverage for citizens over the age of 65. Furthermore, technology is transforming the global health insurance market. Insurers are using digital platforms and advanced technologies to improve the customer experience, streamline processes, and provide innovative services.

Restraining Factors

The high cost of premiums is the most significant limitation to global health insurance market growth. Also, the stringent documentation process for claim reimbursement hampers global health insurance market growth. Also, fraudulent insurance claims have resulted in stringent government regulations for verification purposes, which are factors responsible for hampering global health insurance growth.

Market Segmentation

The global health insurance market share is classified into insurance provider, plan type, demographics, and provider type.

• The private segment is expected to grow fastest in the global health insurance market during the forecast period.     

The global health insurance market is categorized by insurance provider into public, private, and standalone health insurers. Among these, the private segment is expected to grow fastest in the global health insurance market during the forecast period. Private health insurance companies frequently offer an extensive variety of insurance products customized to specific customer needs. Individual, family, and employer group plans, in addition to specialized coverage options, are available. Furthermore, private insurers are known for their ability to innovate and tailor insurance policies. They can quickly respond to changing market demands and add new features. In addition, private insurers frequently maintain extensive networks of healthcare providers, which include hospitals, clinics, and specialists.

• The medical insurance segment is expected to grow at the highest pace in the global health insurance market during the forecast period.   

Based on the plan type, the global health insurance market is divided into medical insurance, critical illness insurance, family floater health insurance, and others. Among these, the medical insurance segment is expected to grow at the highest pace in the global health insurance market during the forecast period. Medical insurance covers a wide range of healthcare services, such as doctor visits, hospitalizations, surgeries, prescription drugs, and preventive care. Furthermore, healthcare costs can be high, and unexpected medical expenses can cause financial hardship. In addition, many medical insurance plans cover preventive services such as vaccinations, screenings, and wellness check-ups. This encourages people to prioritize preventive care, which can lead to early detection and treatment of medical problems.

• The adult segment is expected to hold the largest share of the global health insurance market during the forecast period.

Based on the demographics, the global health insurance market is divided into minors, adults, and senior citizens. Among these, the adult segment is expected to hold the largest share of the global health insurance market during the forecast period. Many adults get health insurance through their employer. Since the vast majority of adults work, they are eligible for employer-sponsored health insurance plans. Furthermore, adults frequently obtain health insurance policies that cover their entire family, including children and occasionally elderly parents. In addition, insurance companies provide a variety of health insurance products tailored to adults, including individual policies, family plans, and plans with adult-specific benefits such as maternity coverage or preventive care.

• The preferred provider organizations (PPOS)segment is expected to hold the largest share of the global health insurance market during the forecast period.  

Based on the provider type, the global health insurance market is divided into preferred provider organizations (PPOs), point of service (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOS). Among these, the preferred provider organizations (PPOS) segment is expected to hold the largest share of the global health insurance market during the forecast period. PPOs provide policyholders with significant flexibility in terms of healthcare provider selection. Unlike Health Maintenance Organizations (HMOs), which frequently require members to choose a primary care physician and obtain referrals for specialist care, PPOs allow citizens to see any healthcare provider, specialist, or hospital they want. Consumers who want to have control over their healthcare decisions value this flexibility extensively. PPOs typically cover both in-network and out-of-network healthcare services.

Regional Segment Analysis of the Global Health Insurance Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global health insurance market over the predicted timeframe.

North America is projected to hold the largest share of the global health insurance market over the predicted years. This creates a large customer base for health insurance companies. The ability to serve millions of customers from various demographic groups includes to the market's size and influence. This complexity has resulted in a flourishing health insurance market, in which individuals and employers frequently supplement government-sponsored healthcare programs such as Medicare and Medicaid in the United States. Furthermore, healthcare costs in North America rank among the highest in the world. This includes expenses for medical treatments, prescription drugs, hospital stays, and specialized care. Due to these high costs, individuals and businesses seek health insurance coverage to help reduce the financial burden of medical expenses.

Europe is expected to grow fastest in the global health insurance market during the forecast period. Due to the stringent federal laws requiring citizens to have at least one health insurance policy. Furthermore, rising public awareness of the importance of insurance plans will drive market growth in this region. Additionally, the increasing penetration of private providers in this region, and also the growing number of government schemes. Furthermore, the rising prevalence of chronic diseases and densely populated countries would boost global health insurance market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved in global health insurance along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Aetna Inc. (CVS Health Corporation)
• Cigna Corporation
• International Medical Group Inc. (Sirius International Insurance Group Ltd.)
• Prudential Plc
• United Health Group Inc.
• Zurich Insurance Group AG
• AIA Group Limited
• Allianz SE
• Berkshire Hathaway
• Aviva Plc
• Berkshire Hathaway Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In November 2022, Berkshire Hathaway announced a partnership with Canada-based SoNomad to provide travel medical insurance. SoNomad Travel Medical Insurance policies are underwritten by the National Liability and Fire Insurance Company of Canada.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Health Insurance Market based on the below-mentioned segments: 

Global Health Insurance Market, By Insurance Provider

• Public
• Private
• Standalone Health Insurers

Global Health Insurance Market, By Plan Type

• Medical Insurance
• Critical Illness Insurance
• Family Floater Health Insurance
• Others

Global Health Insurance Market, By Demographics

• Minor
• Adults
• Senior Citizen

Global Health Insurance Market, By Provider Type

• Preferred Provider Organizations (PPOS)
• Point of Service (POS)
• Health Maintenance Organizations (HMOs)
• Exclusive Provider Organizations (EPOS)

Global Health Insurance Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • The rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa