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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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BEIJING, Nov. 22, 2024 /PRNewswire/ — A report from China Daily
The 2024 World Vocational and Technical Education Development Conference brought together around 1,000 delegates in Tianjin in North China this week from Wednesday to Friday. Discussions at the conference have revolved around topics such as industry-education integration, sustainable development, teacher training and lifelong learning.
Co-hosted by China’s Ministry of Education, the National Commission of the People’s Republic of China for UNESCO and the Tianjin municipal government, the conference aims to advance vocational education as a driver of innovation and sustainable development worldwide.
The event introduces six key initiatives to shape vocational education globally: a comprehensive conference featuring keynote speeches, ministerial roundtables and bilateral talks; a global alliance uniting vocational institutions, industries and educational organizations; the presentation of the world vocational education award; an international skills competition with 42 tracks; an exhibition highlighting achievements in vocational education, intangible cultural heritage and international cooperation; and the launch of World Vocational and Technical Education, a journal produced by Tianjin University of Technology and Education.
In a video address to the conference, Stefania Giannini, assistant director-general for education at UNESCO, highlighted vocational education as a catalyst for transformation. She referenced UNESCO’s recent Recommendation on Education for Peace, Human Rights, and Sustainable Development, which emphasizes vocational education as a driver of change.
Calling for greater investment and innovation in vocational education to meet global challenges, Giannini said skills are the passport to navigating today’s complex world.
Huai Jinpeng, China’s minister of education, said vocational education should align with the trends of the times, uphold the essence of education and preserve its unique characteristics. It should anchor its development goals amid evolving opportunities and challenges, striving for innovative breakthroughs, he added.
Huai outlined a vision for vocational education as “5I” education — Inclusive, Industry-oriented, Innovative, Intelligent, and International — positioned to serve all, integrate with industries, drive innovation, embrace smart technologies and foster global cooperation.
To ensure smooth volunteer services during the conference, the Tianjin Municipal Youth League recruited 1,448 young volunteers from nine universities, including Nankai University. Their duties spanned more than 30 roles, including guest registration, conference coordination, translation, media reception and medical assistance.
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Fintech PR
CKGSB Publishes 2024 ESG and Social Innovation Report Showcasing Progress on Driving Responsible Management Education
BEIJING, Nov. 22, 2024 /PRNewswire/ — On November 21, 2024, Cheung Kong Graduate School of Business (CKGSB) released its 2024 ESG and Social Innovation Report at its event “ESG Strategies Conference: Insights for Business Transition” hosted in Shanghai in collaboration with the European Chamber of Commerce in China, witnessed by nearly 100 ESG-minded multinational business executives.
As the second edition of the school’s English-language ESG report, this report outlines CKGSB’s achievements and progress in the past two years in promoting sustainable business practices, fostering social innovation, and offering solutions to humanity’s common challenges as part of its broader mission to lead and drive responsible business education.
It emphasizes the school’s role in reshaping the future of management education through efforts in integrating ESG factors into its research and insights, programs and courses for decision-makers, strategic partnerships and dialogues, as well as institutional practices, which in return allows it to nurture responsible business leaders for society.
“Our approach to management education is rooted in the belief that businesses can and should be a force for good,” stated Li Haitao, Dean and Dean’s Distinguished Chair Professor of Finance of CKGSB. “CKGSB remains steadfast in its mission to developing leaders who are not only successful in their business endeavors, but also mindful of their responsibilities towards society and the environment.” CKGSB Professor of Marketing Zhu Rui, who drives the school’s efforts in teaching business for good, echoed Dean Li in saying, “Our goal is to empower companies, big or small, to seamlessly integrate ESG considerations into their core strategies and operations.”
The 2024 ESG and Social Innovation Report follows the seven principles of and has been submitted to the United Nations’ Principles for Responsible Management Education (PRME), a platform designed to promote responsible management practices for the benefit of society and our planet. It is now available for download on CKGSB’s website.
Looking forward, CKGSB will continue driving progress on responsible management education and contribute to a more sustainable and equitable future.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion. To learn more about CKGSB, please visit: https://english.ckgsb.edu.cn/
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Fintech PR
Inaugural International MICE Summit (IMS) Convenes to Drive Business Events Sector’s Future in Saudi Arabia, Fastest-Growing G20 MICE Market
- Over 1,000 global cross-industry and government leaders expected to attend three-day interactive program in one of the world’s fastest growing Meetings, Conferences, Incentives and Exhibitions (MICE) destinations.
- Saudi MICE market projected to expand exponentially with hallmark events such as World Expo 2030, expected to attract 40.7 million visits to KSA alone.
- Growing demand to be accommodated by the launch of a new airline and airport expansion, 1 million square meters of expected venue space and 854,000 hotel rooms by 2030.
RIYADH, Saudi Arabia, Nov. 22, 2024 /PRNewswire/ — The inaugural International MICE Summit (IMS24) will bring together over 1,000 global leaders from the Meetings, Incentives, Conferences and Exhibitions (MICE) industry between 15-17 December at Mohammed Bin Salman Nonprofit City (MISK) in Riyadh, hosted by the Saudi Conventions & Exhibitions General Authority (SCEGA).
The three-day event promises to be the premier global leadership event for the MICE industry, offering innovation, economic and commercial opportunities for MICE and related tourism and travel sectors under the theme of “Expanding Horizons.” The event’s extensive programme is designed to unite MICE industry leaders, suppliers, associations, Giga-Project leaders, disruptors and international cross-industry and government leaders. Featuring plenary, panel discussions, innovation clusters, collaboration hubs, IMS24 will promise attendees a premier global platform to network, collaborate – and above all – reimagine what it means to convene in today’s global environment.
“In a time marked by profound technological and environmental transformation, the MICE industry has emerged as an essential catalyst of change. By focusing on the future of the industry, IMS24 addresses the needs of a globalized world – reshaping how people, cultures and countries connect to create prosperity” said IMS host and Chairman of SCEGA, His Excellency Fahd Al-Rasheed.
“Saudi Arabia is the perfect environment to host IMS24. As an internal and external agent of change, the Kingdom has embraced its own transformation by shaping the future of the global tourism industry and becoming the fastest growing major MICE destination among G20 countries,” His Excellency added.
MICE events in Saudi Arabia witnessed an increase of close to 15 percent in 2023, with almost 17,000 events attracting over 20 million visitors. IMS24 coincides with the Kingdom’s continued transformation as Saudi Arabia solidifies itself as a major global tourism and events destination. Welcoming almost 110 million visitors in 2023, tourism comprises six percent of Saudi Arabia’s GDP, equating to 255 billion SAR (US$68 billion). The Saudi MICE sector is expected to accelerate growth through the rapid expansion of transportation and event infrastructure, supported by the development of Giga-projects offering unparalleled destination experiences, and enhanced connectivity between the Kingdom and the rest of the world. SCEGA continues to drive these transformative developments, most recently in announcing a 588 million SAR (US$156 million) incentive program to support marquee events in 2025.
About the International MICE Summit
The International MICE Summit (IMS) gathers global leaders from the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector, as well as professionals, and organizations from across industries. It provides a platform for industry insights, networking, and discussions on advancing innovation, knowledge sharing and sustainable development within the global MICE sector.
For more information or to register for the event, visit:
Website – www.internationalmicesummit.com
Twitter/X – https://x.com/ims_summit
LinkedIn – https://www.linkedin.com/company/ims-summit/
YouTube – https://youtube.com/@ims.summit?si=G06nYTaOUWer-OKq
About the Saudi Conferences and Exhibitions General Authority (SCEGA)
The Saudi Conventions & Exhibitions General Authority (SCEGA) is the official body overseeing the development and regulation of Saudi Arabia’s exhibitions and conventions sector. Established by Royal Decree in 2018, SCEGA aims to strengthen the sector’s economic impact by setting strategic policies, issuing licenses, promoting Saudi Arabia as a premier MICE destination, and fostering investment in line with global standards. Through collaboration with national and international stakeholders, SCEGA works to enhance sector growth, support talent development, and create opportunities for showcasing the Kingdom’s unique identity on the world stage.
Contact: [email protected]
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