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Health Insurance Market to Reach $6.2 Trillion, Globally, by 2032 at 9.8% CAGR: Allied Market Research
The global health insurance market is experiencing growth due to the rise in awareness of the benefits of health insurance in the rural areas and the development of personalized and customer-centric health insurance plans.
WILMINGTON, Del., Aug. 19, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Health Insurance Market by Insurance Type (Disease Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOS), Point of Service (POS), Health Maintenance Organization (HMOS), and Exclusive Provider Organizations (EPOS)), End User (Group and Individual), Age Group (Senior Citizens, Adult and Minors), and Distribution Channel (Direct Sales, Brokers/Agent, Banks and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the health insurance market was valued at $2.6 trillion in 2023, and is estimated to reach $6.2 trillion by 2032, growing at a CAGR of 9.8% from 2024 to 2032.
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Prime Determinants of Growth
The aging population, growing prevalence of chronic diseases, and growing healthcare expenditures are the main factors influencing the growth of the health insurance market. Insurance is crucial for people and families to be able to afford the care they need due to the rising cost of healthcare. The need for complete health coverage is fueled by the need for ongoing treatment for chronic illnesses like diabetes and heart disorders. Furthermore, as the population ages, healthcare consumption increases, which increases the demand for insurance. Government programs and regulatory adjustments, such as the Affordable Care Act, which mandates coverage and increases access to insurance, also have a big impact. These factors together propel the health insurance market’s expansion and development.
Report Coverage and Details
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Report Coverage |
Details |
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Forecast Period |
2024–2032  |
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Base Year |
2023 |
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Market Size in 2023 |
$2.6 trillion |
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Market Size in 2032 |
$6.2 trillion |
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CAGR |
9.8 % |
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No. of Pages in Report |
250 |
|
Segments covered |
Type, Coverage, End User, Age Group, Distribution Channel, and Region. |
|
Drivers |
|
|
Opportunities |
|
|
Restraints |
|
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Segment Highlights
The global health insurance market is segmented based on type, coverage, end user, age group, and distribution channel.
Based on type, the market is bifurcated into diseases insurance and medical insurance. The medical insurance segmented accounted for a higher share in 2023.
Based on coverage, the market is segmented into Preferred Provider Organizations (PPOS), Point of Service (POS), Health Maintenance Organization (HMOS), and Exclusive Provider Organizations (EPOS) . The PPOS segmented accounted for the largest share in the market in 2023.
Based on end user, the market is classified into groups and individuals. The groups segment accounted for the largest share in the market in 2023.
Based on age group, the market is categorized into senior citizen, adult, and minor. The adult segment accounted for the largest share in 2023.
Based on distribution channel, the market is classified into direct sales, brokers/agents, banks, and others. The broker/agent segment accounted for the largest share in the global healthcare insurance market in 2023.
Regional Outlook
Based on region, the health insurance market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest share in the global health insurance market in 2023. In both the public and commercial sectors, health insurance is now required for employees. The adult population has adopted health insurance at a higher rate as a result, which is anticipated to support the market’s expansion. Furthermore, the region’s health insurance market is growing due to a number of significant factors, including the rise in demand for employer-sponsored and individual health insurance as well as the overall growth in health spending, which includes both public and private program spending. Furthermore, the majority of people in the United States and Canada have health insurance policies since they provide a host of advantages, including paying for pre-hospitalization costs, covering medical expenses, and protection against serious illnesses. These factors are contributing to the growth of the North America health insurance market.
Players: –
- UnitedHealth Group
- Aviva
- Cigna
- Allianz
- Aetna Inc
- AIA Group Limited
- Ping An Insurance (Group) Company of China, Ltd
- Assicurazioni Generali S.P.A
- AXA
- ZURICH
The report provides a detailed analysis of these key vendors in the global health insurance market. These players have adopted different strategies such as new development, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, portfolio, and strategic moves of market vendors to showcase the competitive scenario.
Recent Development
- In December 2023, Aditya Birla health insurance announced the launch of its new product called ActiveOne. The product offers 100% health returns, which enables its customers to get back the whole premium on a stipulated date as agreed on the time the insurance was taken.
- In March 2024, Future Generali India Insurance Company (FGII) announced the launch of its new women’s health insurance plan. The plan is expected to cater to woman health needs in different stages of women’s life stages.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the health insurance market analysis from 2024 to 2032 to identify the prevailing health insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the health insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global health insurance market trends, key players, market segments, application areas, and market growth strategies.
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Health Insurance Market Report Highlights
By Insurance Type
- Disease Insurance
- Medical Insurance
By Coverage
- Preferred Provider Organizations (PPOS)
- Point of Service (POS)
- Health Maintenance Organization (HMOS)
- Exclusive Provider Organizations (EPOS)
By End User
- Group
- Individual
By Age Group
- Senior Citizens
- Adult
- Minors
By Distribution Channel
- Direct Sales
- Brokers/Agent
- Banks
- Others
By Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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