The global “health insurance market” size is set to reachUSD 3,038.6 billion by 2028.Fortune Business Insights™presented this information in a new study, titled, ““Health Insurance Market, 2021-2028.” The study further mentions that the market stood at USD 1,966.6 billion in 2020. It would exhibit a CAGR of 5.5% in the forecast period between 2021-2028.Several government and private agencies are introducing new schemes to attract more customers. In December 2020, for instance, ICICI Lombard unveiled its latest ‘ICICI Lombard Complete Health Insurance’ featuring unique benefits and health plans.
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COVID-19 Pandemic: Relaxations of Premiums May Hamper Growth
The COVID-19 pandemic has compelled various companies to strengthen their existing schemes for meeting the high demand. They have started introducing new subscriptions including COVID-19 protection coverage. But, a few authorities declared relaxations of premiums for a short duration. Itmay affect growth negatively in the near future. We are offering authentic research reports to help you overcome this grave situation.
Drivers &Restraints-
Emergence of Unique HealthcarePlans by Firms to Bolster Growth
The rising launch of state-of-the-art smartphone apps and new insurance schemes by various prominent companies would contribute to the market growth in the near future. Allianz Care, for instance, introduced its new suite of private health insurance plans in November 2019. These were specially developed for modern families. The new offering provides families, couples, and private individuals more control over their international healthcare policy. Similarly, in February 2021, Bharti AXA General Insurancelaunched a new healthcare offering named Health AdvantEDGE to deliver holistic protection against high expenses associated with medical emergencies amid COVID-19. However, strict norms governing the verification of plans to prevent fraudulent insurance claims may hinder growth.
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Segmentation-
Private Providers Segment to Dominate Backed by Their Increasing Presence
Based onend-users, the market is divided into individuals and corporates. By the network provider, it is segmented into provider organizations (PPOs), point of services (POS), health maintenance organization (HMOs), and exclusive provider organizations (EPOs).Based on insurance type, it is segregated into medical insurance, critical illness insurance, and others. Here’s a brief note of the service provider criterion:
By Service Provider: The market is bifurcated into private providers and public providers. Amongst them, the private providers segment is expected to dominate in terms of the health insurance market share throughout the forthcoming years. This growth is attributable to the surging entrance of these providers in developing economies worldwide.
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