As the world recovers from the global pandemic, many organisations and individuals are actively reassessing their healthcare priorities and expenditures. People are now seeking to buy more robust health insurance policies to secure themselves and their families from unforeseen circumstances. Besides, healthcare costs have skyrocketed in the past few years in various key economic regions. The cumulative force of climbing healthcare costs, and alarming increment in the prevalence of chronic illnesses are driving the global health insurance market to maturity. Unhealthy lifestyles, dietary habits, and a growing geriatric population are actively increasing the number of chronic illness patients in the world. Supportive policymaking is also allowing more people to buy long-term health insurance policies. In addition, growing competition is pushing industry stakeholders to offer more lucrative terms to customers. All these factors are collectively contributing to robust market expansion.
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Alarming Increment in Cases of Chronic Illnesses to Drive Momentous Growth of Health Insurance Market
The increasing incidence of several chronic health conditions is majorly contributing to the sustained growth of the global health insurance market. Chronic diseases such as heart disease, diabetes, arthritis, and cancer are growing at an alarming pace across the world. As these diseases require constant care, check-ups, and medication, many patients and their families opt for reliable health insurance policies to cover the mounting financial burden. Sedentary lifestyles, obesity, sleep deprivation, and bad dietary habits are becoming more common across several economic sections. The growing treatment costs and prevalence of unhealthy lifestyles are expected to maintain the high demand for health insurance policies in the study period.
Introduction of PPO and POS Plans to Create Novel Opportunities in Health Insurance Market
Of late, the number of health insurance providers has increased alongside the diversification of coverage ranges and types. In such a business landscape, the preferred provider organisations (PPOs) are attracting tremendous customer interest due to their desirable attributes. These providers offer great freedom in choosing doctors, hospitals, and other comparable benefit criteria. This allows users to fine-tune their policies as per their unique requirements. Moreover, many services also offer lower premiums for point-of-service (POS) plans compared to PPOs. The growing number of such innovative and customer-friendly plans is expected to nurture positive business outcomes. These developments are expected to aid the global health insurance market expansion.
North America to Lead Health Insurance Market Amidst Thriving Healthcare Industry
The presence of supportive government policies and high healthcare expenditure at both macro and individual levels are aiding the growth of the health insurance industry in North America. The region is expected to sustain its dominance due to the high rate of chronic illnesses within its population. The region is brimming with competitive insurance providers and lucrative reimbursement models. Meanwhile, Asia Pacific is expected to set the pace due to the growing number of private providers and high chronic disease prevalence in populous regional economies such as India, and China.
Most Active Market Players
Some of the most competitive players currently operating in the global health insurance industry include Allianz, Aetna Inc., Aia Group Limited, Cigna, UnitedHealth Group, Assicurazioni Generali S.P.A., Aviva, Axa, Ping An Insurance Company of China, Ltd., and Zurich. They are actively working to offer more lucrative policies against the backdrop of the recent global pandemic.
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