Evolve Business Intelligence has published a research report on the Global Private Health Insurance Market, 2021–2030. The global Private Health Insurance market is projected to exhibit a CAGR of around 7% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Private Health Insurance market: Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc., Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna, Inc., Apollo Munich Health Insurance, and International Medical Group.
The global Private Health Insurance market is projected to be valued at $2.6 Trillion by 2030, recording a CAGR of around 7% during the forecast period. A health insurance plan will usually cover medical expenses incurred during treatments like certain diseases, injuries, and illnesses. An actuary calculates a healthcare premium that acts as compensation in return for a monthly/semi-annual/annual premium or payroll tax to provide benefits. The insurer’s responsibility is to cover the medical expenses of the policyholder up till the time they expire. Depending on the policy, coverage may vary for numerous factors. Some of these factors include diseases, age group, government policies, etc.
Due to the outbreak of Covid-19, there was a considerable demand for health insurance around the world. Additionally, the fear of pandemics and the increased cost of medical services helped the health insurance market grow during the pandemic. Health insurance companies introduced packages and solutions to cover the medical costs of treating COVID-19-infected insurance insurers. While the other fields suffered during COVID-19, health insurance grew rapidly.
The global Private Health Insurance market has been segmented based on the Type, Network Providers, Demographics, End-Use, and region.
By Type, the Private Health Insurance market is segmented based on Medical Insurance and Critical Illness Insurance. The Medical Insurance segment dominates the market owing to the increasing adoption of a sedentary lifestyle and rising obese population with multiple health issues and an increase in accidental claims.
Based on Network Providers, the Private Health Insurance market is segmented based on Preferred Provider Organizations (PPOs), and Point of Services (POS). The PPOs segment is anticipated to hold the largest market. Policyholders prefer the flexibility in selecting hospitals, physicians, and other similar benefits that the PPO networks provide.
Based on Demographics the Private Health Insurance market is segmented based on Minors, Adults, and Senior Citizens. The Adult segment is anticipated to hold the largest market owing to several factors. For instance, there is a higher prevalence of lifestyle diseases in adults, which can lead to health risks over time.
Based on End-Use, the Private Health Insurance market is segmented based on individuals and Corporates. The Individual segment is anticipated to hold the largest market share. Previously people had to rely on their employer-based health plan, but now they have the option of purchasing individual plans with more control over deductible benefits, co-pay fees, and limits.
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The Private Health Insurance market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The North American region is projected to dominate the global Private Health Insurance market. The strong presence of major players in the region and the compulsion to have health coverage is expected to boost the demand in the region. The Asia-Pacific region is expected to grow at the highest CAGR over the forecast period. The increasing middle-class population in the region coupled with increasing disposable income are factors expected to drive the market. The European countries have been experiencing consistent growth in the Private Health Insurance market over the past few years. With the increasing awareness about the benefits of Private Health Insurance, the demand for Private Health Insurance has increased. The Middle East and Africa are regions with enormous potential for investment in the Insurance sector. The developing economies project a steady growth over the forecast period.