What Effect Insurance Purchase Has on Worldwide Healthcare Industry?

Along with food and housing, good health is one of the most critical aspects of a happy life. With the rapid surge in population, the prevalence of various diseases has also increased, which, in turn, has raised the demand for healthcare services around the globe. As a result, the healthcare industry is one of the most prosperous ones, especially in present times, when the COVID-19 pandemic is raging on. Currently, the industry in Germany, the U.S., France, the U.K., Japan, China, and Singapore is growing the fastest, as these are some of the worst-affected nations by the coronavirus infection and also because the healthcare  spending here is among the highest anywhere.

In 2019, the medical sector of the U.S. was projected to reach $5,605.5 billion by 2024, but the future size might actually be a lot larger. Even in the coming years, the medical domain in this country is expected to grow the fastest, primarily due to the high prevalence of chronic diseases. One in every six persons in the U.S. has at least one chronic disease, as per the Centers for Disease Control and Prevention (CDC). In the coming years, the prevalence of cancer, in particular, is expected to surge sharply here, which would lead to a high footfall at hospitals and diagnostic centers.

With the rising incidence of diseases and the unpredictability of life, people are increasingly purchasing health insurance. Medical treatments cost a lot for people of all strata, which is why insurance is being bought by them to reduce their financial burden. The government of numerous countries is going all out to make healthcare accessible to all, as a result of which insurance premiums are becoming more affordable for the common folk. For instance, the Singaporean government, under its MediShield Life insurance program, which it implemented in November 2015, offers reimbursement to all permanent residents and citizens for basic hospital procedures.

Thus, as the burden of diseases increases around the world, the need for healthcare will become even dire.

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