What are Major Factors Driving Growth of Competitive Landscape of Private Healthcare Insurance Industry?

 The healthcare industry is among the most prominent industries; however, the cost of private healthcare services is extremely high and most of the people are not able to afford those services. Attributed to this, private healthcare insurance companies provide several kinds of plans for disease, medical, and income protection. Customers have to pay tax-free premiums annually or monthly for such a service. The medical insurance is health insurance policy which covers high deductible medical expenses. The policy covers limited amounts of certain expenses, including emergency services, hospital bed expenses, and ambulatory patient services. 

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The private healthcare insurance industry in the U.S. is being driven by the rising prevalence of chronic diseases, government funding programs for healthcare insurance, and increasing geriatric population. As per the Population Reference Bureau report “Aging in the United States”, the number of people aged 65 years and above in America is expected to increase from 46 million in 2016 to more than 98 million by 2060. Since aged people need medical attention more often, it leads to frequent visits to clinics and hospitals, thereby increasing the burden of medical bills. Ascribed to this, people in this age group tend to increasingly invest in health insurance for lowering the burden of medical expenses. 

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The Asia-Pacific region is expected to emerge as the fastest growing private healthcare insurance industry in the coming years, and countries including Australia, India, Japan, and China are expected to majorly contribute to the industry. This is owing to the expansion of healthcare insurance industry, growing healthcare awareness, and increasing incidence of chronic ailments in the region. In addition to this, the the growing medical tourism in the region is also resulting in the growth of the private healthcare insurance in the region. 

In conclusion, the surging prevalence of chronic diseases and growing geriatric population is leading to the rising adoption of healthcare insurance.