Data Bridge Market Research analyses that the medical insurance market to account USD 29.227 billion by 2029 growing at a CAGR of 10.30% in the forecast period of 2022-2029. The growing cost of healthcare and need for efficient flow of processes without the inconvenience caused due to payment processes will help in driving the growth of the health insurance market.
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Medical expenses incurred during the treatment of any disease, injury, or other mental or physical impairment are covered by health insurance. It provides healthcare benefits in exchange for a monthly/semi-annual/annual premium or a payroll tax. The insurer is required to cover the policyholder’s medical expenses for the duration and coverage of the policy. Depending on the policy, coverage may differ for a variety of factors such as diseases, age group, government policies, and others.
The increase in cases of several diseases, such as cancer, dengue fever, and diabetes, during the COVID-19 pandemic is thought to be a major factor driving the global health insurance market’s growth. Furthermore, improved claim management services and increased awareness of health insurance in rural areas are some of the major factors driving market growth. Furthermore, increased use of advanced technology by healthcare professionals to treat chronic diseases such as cancer and cardiovascular disease is expected to increase the cost of medical treatment. As a result of these high treatment costs becoming unaffordable to consumers, the adoption of health insurance is expected to skyrocket in the coming years.
However, a lack of knowledge about the coverages included in health insurance policies, as well as an increase in the cost of health insurance premiums, are some of the factors limiting the health insurance market opportunity. Strict regulation and longer claim reimbursement times are likely to impede the growth of the health insurance market during the forecast period.
North America dominates the medical insurance market due to the availability of multi-value health insurance policies and a favourable health insurance landscape in the United States, whereas Asia-Pacific is expected to grow at the fastest rate from 2022 to 2029 due to the availability of expensive health facilities and an increase in demand for health insurance policies in high-population countries such as India and China.
Some of the major players operating in the medical insurance market are Unitedhealth Group, Anthem Insurance Companies, Inc., Aetna Inc., Centene Corporation, Cigna, Allianz Care, Axa, Assicurazioni Generali S.P.A., Bupa, AIA Group Limited, Aviva, BMI Healthcare, Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., International Medical Group, Inc., Mapfre, Now Health International, Oracle, VHI Group and Vitality Corporate Services Limited among others.
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