The effect of the pandemic has reiterated the need for insurance coverage especially that of the health insurance market. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. With a CAGR of 4.1%, the market is poised to achieve an income of USD 141.3 Billion by 2025.
The presence of strong and well-established contenders in the market is predicted to motivate the Health Insurance Market share in the impending period. Moreover, the uncertainty around the situation created by the pandemic is estimated to spur consumers to plan their future healthcare plans seriously, motivating the health insurance market.
The segmentation of the global health insurance market has been done into type, demographics, term, service providers and region.
The global market for health insurance, by demographics, is segmented into minor, adult and senior citizens. According to Insurance Sweden 2017, about 643,000 employed people between the age of 16-64 had private health insurance in Sweden.
Based on type, the market is segmented into health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans, health insurance chatbot and preferred provider organizations (PPOs).
The competition in the market is estimated to flare-up following the disruption created by the COVID- pandemic. The emphasis on ensuring sustainability in long-term operations is estimated to be a key cause for development in the upcoming period. The trends in the market are estimated to bolster the progress in the worldwide market. The tendency to invest and expand capacities is estimated to create a promising scope for the market in the impending years. The change in several regulations that are running the development of the market is estimated to impact the innovations that can be seen in the global market. The increased contribution of online channels towards the swell in transactions is predicted to further encourage the advancement of the market in the future. The government intervention in the creation of opportunities that can incentivize the development of key regions in the market is predicted to further add an optimistic touch to the proceedings in the market. The market is appraised to be stimulated by an increased development upsurge that is bracing the contenders who are active in the market.
Some of the key players in the global health insurance market are Integra Global Health Limited (UK), Blue Cross (US), Allianz SE (Germany), William Russell (UK), International SOS (Asia), MediCare International (UK), IHI-Bupa (UK), Aetna (US), Expacare (UK), MultiNational Underwriters (US). CIGNA (US), HealthCare International (UK)
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