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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Healthcare Insurance Market is Expected to Witness the Fastest Growth in APAC

The global healthcare insurance market is witnessing a CAGR of 4.3% during the forecast period by Prescient & Strategic Intelligence.

Based on coverage type, the healthcare insurance market is categorized into lifetime and term coverages. Out of these, in 2018, the term coverage category contributed a revenue of $1.3 trillion and is expected to be the faster-growing category, advancing at a CAGR of 4.7% in the analysis period. Term coverage is a fixed-term policy, which provides benefit upon the death of an insured individual. Due to the benefits associated with term coverage, such as low-cost premium and receipt of a lump sum amount when the term ends, the category is predicted to progress.

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Now, when segmented by insurer type, minors, adults, and senior citizens are the divisions of the healthcare insurance market. Out of these, insurance plans for adults are anticipated to dominate the market across the globe. In 2018, adults generated a revenue of nearly $0.9 trillion for the market, which is projected to reach $1.2 trillion by 2024. On the other side, the minors category is expected to witness slower growth, advancing at a CAGR of 2.9% in coming years, owing to the fact that minors are dependent on adults and mostly covered in the insurance plans for grown-ups. 

The APAC market is projected to generate approximately $0.5 trillion revenue by 2024. This growth is mainly led by expanding healthcare industry, increasing healthcare awareness, and surging prevalence of chronic ailments in the region. Increasing medical tourism industry is also supporting the growth of the market in APAC.

Currently, the world is experiencing a significant rise in the geriatric population. In 2017, according to the World Population Prospects report published by the United Nations, geriatric population is predicted to grow faster as compared to the that of other age groups. The report states that there were 962 million people aged 60 years and above in 2017, globally, and this number is estimated to reach 1.4 billion by 2030, 2.1 billion by 2050, and 3.1 billion by 2100. This is further expected to result in the growth of the healthcare insurance market, as more aged people will lead to more plans being sold.

Hence, with the increase in the geriatric population across the globe, the demand for healthcare insurance plans is expected to rise.

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