Increasing incidences of chronic disorders such as cardiovascular diseases, diabetes, liver and kidney illnesses globally owing to factors like unhealthy lifestyle, stress, obesity, and others have supported the need for a reliable health insurance solution.
Increasing incidences of chronic disorders such as cardiovascular diseases, diabetes, liver and kidney illnesses globally owing to factors like unhealthy lifestyle, stress, obesity, and others have supported the need for a reliable health insurance solution. According to reports by the CDC in April 2019, six in ten adults were known to be affected with chronic disorders across the U.S.
An evident increase in healthcare expenditure over the years has amplified developments in the health insurance sector. According to the Centers for Medicare and Medicaid Services National Health Expenditure data of 2017, NHE increased to USD 3.5 trillion or 3.5% of the entire expenditure. However, some claim reimbursement procedures take longer time and may hamper the business growth slightly.
As per a study, the global health insurance market size is likely to cross USD 1.5 trillion in terms of total annual remuneration through 2025. Expounded below are some of the factors likely to influence the industry size in near future.
Prevalence of chronic diseases among adults
Factors like change in lifestyles, eating patterns, and stress has led to a rise in adults being affected by chronic diseases. Moreover, illnesses such as cardiac diseases and liver and kidney diseases require immediate hospitalization, supporting the need for health insurance. To control health risks and health expenses, adults opt for different life insurance schemes to avoid financial instability.
Preference for term insurance schemes
Term insurances have gained considerable recognition over the years as they have lower initial cost when compared to premium life insurance schemes. It offers enough amount of coverage at the right time for families suffering from a financial crisis. These policies are designed for financial needs as and when needed and term insurance sector was valued at nearly USD 855 billion in 2018.
Increasing cases of hospital admissions
In 2018, hospitalization insurance was responsible for over 20% of the total market revenue share. This is because the easy availability of reimbursement schemes for a particular member along with complete family health schemes is likely to magnify the sales of such policies. Daily cash benefit has also supplemented the adoption of health insurance schemes.
To access sample pages of this report titled, “Health Insurance Market Size By Service Provider (Private, Public), By Type (Hospitalization Insurance, Critical Illness Insurance, Income Protection Insurance, Medical Insurance), By Network Provider (Health Maintenance Organization [HMO], Preferred Provider Organization [PPO], Exclusive Provider Organization [EPO]), By Age-group (Minors, Adults, Senior Citizens), By Time Period (Life Insurance, Term Insurance), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/3146
Establishment of health maintenance organization
Health maintenance organization segment has showcased tremendous growth prospects due to benefits like minimum cash premiums and optimum care. Moreover, modest health maintenance organization plans for families with considerably reduced expenses have supplemented the demand for HMO.
Significant insurance market in North America
In terms of geographical expanse, the North America health insurance market has gained recognition due to the availability of various providers along with the high prevalence of chronic diseases. Additionally, insurance providers establish various policies to control the health expenditure which has driven the regional industrial demand.
Excessive consumption of alcohol and tobacco, lack of physical activity, and poor nutrition are major factors behind the increasing cases of diseases. Governments along with private institutions have worked towards introducing health insurance policies that are customized as per the individual’s needs. For instance, the State Children’s Health Insurance Program, Life programs, Medicaid, Department of Defense, TRICARE, among various others.
Health insurance providers are constantly working at designing a reliable and comfortable policy scheme that suits the financial bandwidth of people who belong to different classes. Chief health insurance market players include Highmark, Alliance, Blue Cross Blue Shield Companies, Aetna, and United Healthcare, among various others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com