Rising Incidence of Chronic Diseases to Augment Healthcare Insurance Market Growth

 From valuing $1.7 trillion in 2018, the global healthcare insurance market is predicted to reach $2.2 trillion by 2024, registering a 4.3% CAGR during the forecast period (2019–2024). The factors positively influencing the market growth are the high medical costs, rising prevalence of chronic diseases, surging geriatric population, and the growing gross domestic product (GDP) and healthcare expenditure across the globe. Healthcare insurance covers the surgical and medical expenses of a policy owner. It reimburses the treatment cost of a patient incurred due to an injury or an illness.

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The categories of the healthcare insurance market based on insurance network are home maintenance organization (HMO), point of service (POS), preferred provider organization (PPO), and exclusive provider organization (EPO). In the forecast period, the largest category is expected to be of the EPO with a contribution of $0.9 trillion revenue by 2024. This can be mainly ascribed to the fact that this insurance network covers a large number of physicians and offers low-cost consultation and premiums. The fastest growing category would be PPO, which allows the flexibility to choose the physician outside the network.

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The healthcare insurance market is growing due to the rising number of product launches that offer benefits to customers. For instance, by 2020, Anthem Inc. is planning to launch its own Pharmacy Benefit Manager — IngenioRx. Additionally, CVS Health Corporation has entered into a five-year agreement with the company, where the former would manage certain services, such as prescription fulfillment and claims processing, for IngeionRx. In another example, Cigna Corporation and Express Scripts Holdings entered into a partnership in December 2018, and launched a program, “Healthier Kids for Our Future”, aimed at improving the health and well-being of children.

Therefore, the market for healthcare insurance is expected to witness a significant growth in the forecast period, as the incidence of chronic diseases and cost of healthcare services continue to rise.

This Study Covers

• Historical and the present size of the healthcare insurance market

• Major factors driving the market and their impact during the short, medium, and long terms

• Market restraints and their impact during the short, medium, and long terms

• Recent trends and evolving opportunities for the market participants

• Historical and the present size of the healthcare insurance market segments and understand their comparative future potential

• Major players operating in the market and their service offerings

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Which Region Offers Brightest Growth Prospects for Private Healthcare Insurance Market Players?

Three type of plans are generally available in the private healthcare insurance market — medical insurance, income protection, and disease insurance. Disease insurance provides coverage and benefits for certain types of diseases and conditions, including cancer, heart attack, multiple sclerosis, paralysis, coma, and renal failure. Such plans reimburse patients for every medical expense incurred and every day spent at a hospital. These benefits can be availed upon the disease occurrence, after diagnosis, or during treatment.

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Similarly, the medical insurance plans offered by the private healthcare insurance industry players reimburse a part of the several costs incurred, such as those for hospital beds, ambulatory patient services, and emergency services. Such plans offer cover for prescription drugs, hospitalization, laboratory services, substance use and mental health disorder services, and pediatric services. Different from both these types of coverages, income protection offers policyholders regular financial assistance, if they are unable to work due to a disease or injury and suffer loss of income.

In the U.S., the demand for private healthcare insurance is increasing on account of the rise in the geriatric population, surging medical expenses, growing incidence of chronic diseases, and government funding for such policies. As per the Aging in the United States report published by the Population Reference Bureau, the number of people in the country above the age of 65 will cross 98 million by 2060. As the elderly are hospitalized quite often, due to their susceptibility to various diseases and physical injuries, the demand for insurance is rising.

In the coming years, the growth of the private healthcare insurance market would be the most rapid in Asia-Pacific (APAC). This progress will be especially robust in Japan, China, Australia, and India, owing to the growing medical insurance industry, surging awareness of people about healthcare, and rising number of people suffering from chronic diseases. Other reasons for the prosperity of the players in the regional industry are the rise in the medical tourism activities, increase in the healthcare expenditure, and enhancements in the medical infrastructure.

Additionally, several private and public companies are hosting seminars, conferences, and training sessions, which are leading to the rising awareness of the populace in the regional countries about medical insurance and its importance in today’s scenario. For instance, a healthcare insurance conference was organized in Hong Kong in November 2018 by Insurinnovator Connect. It was attended by a large number of insurance providers, primarily those with customers in the APAC region.

Hence, with the growing geriatric population, prevalence of chronic diseases, and healthcare costs, an increasing number of people are opting for private insurance.

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