Healthcare Insurance Market Set to Soar Past USD 4 Trillion by 2030
The global Healthcare Insurance market size is expected to reach USD 4 trillion by 2030 and exhibit a CAGR of 4.4% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing demand for cost containment, regulatory requirements, ageing population, technological advancements, increasing healthcare expenditures, rising chronic diseases, and evolving reimbursement models are fueling the Market’s growth.
Westford USA, Aug. 11, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Healthcare Insurance market, digital transformation, telemedicine adoption, value-based care models, increased focus on preventive care, the rise of consumer-driven healthcare, integration of artificial intelligence and data analytics, growing demand for customized insurance plans, the emergence of health tech startups, consolidation and mergers in the insurance industry, regulatory changes and reforms are the market trends promoting the growth.
Browse in-depth TOC on “Healthcare Insurance Market”
- Pages – 242
- Tables – 92
- Figures – 74
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Health insurance is a type of insurance that covers the cost of medical expenses. It is a contract between an insurance company and an individual, where the insurance company agrees to pay for certain medical expenses in exchange for a monthly premium.
Prominent Players in Healthcare Insurance Market
- UnitedHealthcare
- Aetna
- Cigna
- Blue Cross Blue Shield
- Humana
- Oscar Health
- Kaiser Permanente
- AmeriHealth Caritas
- Health Care Service Corporation
- WellCare Health Plans
- Guardian Life Insurance Company of America
- Principal Financial Group
- MetLife
- New York Life Insurance Company
- Prudential Financial
- XL Group
- Assurant
- The Hartford
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Family Coverage Demand to Grow Substantially in the Forecast Period
Family coverage dominated the global market owing to its high access and affordability. Insurance providers often negotiate with healthcare providers, hospitals, and pharmacies to secure better rates and terms for their family insurance plans. This leverage can result in cost savings and better coverage options for group policyholders.
Individual Insurance is the Leading Application Segment
In terms of application, individual insurance is the leading segment due to the personal coverage. In addition, individual insurance plans offer consumers the freedom to choose from a range of coverage options, networks, and insurers. This choice and control over their healthcare coverage align with the preferences of individuals who desire customization and flexibility in their insurance plans.
North America is the leading Market Due to the High Healthcare Expenditures
Region-wise, North America is one of the largest growing markets with a large population, high healthcare expenditures, well-established private insurance systems, and government programs like Medicare and Medicaid. The United States has a highly developed private health insurance market, with a significant portion of the population covered under employer-sponsored group insurance plans.
A recent report thoroughly analyzes the major players operating within the Healthcare Insurance market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Healthcare Insurance.
Key Developments in Healthcare Insurance Market
- UnitedHealth Group (UNH) acquired Optum (OPT) in January 2023. This acquisition created the largest health care company in the world, with over $280 billion in annual revenue. UnitedHealth Group will now be able to offer a wider range of health care services to its customers, from insurance to pharmacy to care delivery.
- Humana (HUM) acquired Kindred Healthcare (KIND) in March 2023. This acquisition will allow Humana to expand its presence in the post-acute care market. Kindred Healthcare owns and operates a network of hospitals, rehabilitation centers, and nursing homes. This acquisition will give Humana a larger share of the market for post-acute care services.
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Key Questions Answered in Healthcare Insurance Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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