Medicare market to reach $ 3,948.7 billion by 2030

0

Ottawa, November 23, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the health insurance market size was reached at USD 1,898.2 billion in 2020. The high costs associated with health care are a major factor in the growing demand for the health insurance market. The increasing prevalence of various chronic diseases, the high expenses associated with the latest treatments, the alarming increase in the number of road accidents and the improvement of the insurer’s services regarding the settlement of claims are the important factors which contribute to the growth of global health insurance. Marlet.

Get a sample copy of the report OR any customization requirements @ https://www.precedenceresearch.com/customization/1369

COVID-19 has had a very obvious impact on the global health insurance market. The rapid spread of the COVID-19 disease among the population has scared people. In addition, private hospitals offered very expensive treatments for COVID-19 patients. This high cost of the COVID virus and the higher chances of being affected by the virus have forced people to increasingly opt for health insurance. According to Policybazaar.com, an online portal for all types of insurance products, it sold one million insurance policies between April and December in 2020.

Scope of the health insurance market

Highlights of the reportDetails
Market size in 2020$ 1,898.2 billion
Growth rate from 2021 to 20307.6% CAGR
Fastest Growing MarketAsia Pacific
The biggest marketNorth America
Year of reference2021
Regional scope
  • North America
  • Europe
  • Asia Pacific
  • LAMEA
Covered companiesAetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI, Aviva, AXA, Cigna, Ping An Insurance (Group), UnitedHealth Group, Zurich.

North America dominated the market in 2020. Growing awareness of Medicare, increased adoption of technologically advanced treatments, and growing geriatric population are the primary drivers of the market. In addition, increasing disposable income and increased demand for the latest and most expensive treatment methods are fueling the growth of the market.

Asia-Pacific is expected to be the fastest growing market during the forecast period. Rapid urbanization, rising costs of healthcare in the region, increasing disposable income, rapid growth of the healthcare and insurance sector, and increasing demand for savings on medical expenses. The growing number of young people in the region is expected to be a major driver of the health insurance market in the region.

The growing burden of illnesses and associated costly treatments remains the primary driver of the health insurance market. According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer-related deaths were reported in 2020 worldwide. Diabetes is a major cause of blindness, kidney failure, heart attacks and strokes, according to the World Health Organization. According to the WHO, road accidents are the leading cause of death in children and young adults, aged 5 to 29 years. All of these health risks are the main drivers of the health insurance market.

Low public awareness and confidence in private actors, especially in developing and underdeveloped countries, is a major challenge for health insurance actors. For example, LIC Corporation is an insurance company controlled and funded by the Indian government and enjoys 100% consumer confidence, while private insurance companies fail to build consumer confidence.

Low disposable income of consumers in developing and underdeveloped economies is a major factor that can hamper market growth. The low income group uses all of its income to meet basic needs and does not intend to invest in insurance policies. Moreover, the increased penetration of public hospitals that offer low cost or free treatment and drugs is the major factor likely to hamper the market growth during the forecast period.

Supplier-based, the public segment dominated the market in 2020. Indeed, consumers seek trust and confidence with their money and when the government itself becomes the insurer, it gets quick traction in the market. For example, Medicare and Medicaid are insurance companies run by the US government that have no problem with trust in the minds of the general public.

According to the type of cover, the term insurance segment is expected to be the fastest growing segment during the forecast period. Term insurance offers higher coverage at lower cost as it primarily involves health insurance and covers expenses for any medical emergency or critical condition. Health care costs are very high and consumers are opting for term insurance policies due to the increasing burden of disease across the world.

According to the type of supplier, the Preferred Supplier Organization (PPO) was the dominant segment in 2020. The PPO offers a large number of options in hospitals and physicians to choose from. The client or the insured has total independence in the choice of his doctor or his hospital. It is also the most common type of supplier, which is one of the main reasons for its dominance.

Browse more health industry research reports @ https://www.precedenceresearch.com/industry/healthcare

Segments covered in the report

By type of supplier

By type of coverage

  • Term insurance
  • Lifetime coverage

By type of health insurance plan

  • Point of service
  • Preferred supplier organizations
  • Exclusive supplier organizations
  • Health maintenance organizations

By type of end use

  • People
  • Business
  • Adults

By level of coverage

By type of demographics

Click here for See the table of contents of the full report

Purchase this Premium Research Report @ https://www.precedenceresearch.com/checkout/1369

You can place an order or ask any question, please feel free to contact us at [email protected] | +1 9197 992 333

About Us

Precedence Research is a global market research and consulting organization. We provide an unmatched nature of offering to our customers around the world, in all industry verticals. Precedence Research has expertise in providing in-depth market intelligence as well as market intelligence to our clients across various companies. We are obliged to serve our different clienteles present in companies of medical services, health, innovation, new generation technologies, semiconductors, chemicals, automotive, aerospace and of defense, among various companies present in the world.

For the latest update, follow us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R



Source link

Share.

Comments are closed.