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. 

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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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