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Healthcare Insurance Market to grow at 4.3% CAGR by 2024

  • The global healthcare insurance market revenue is expected to grow at a CAGR of 4.3% from 2019 to 2024 and reach $2.2 trillion. According to the market research company, P&S Intelligence, the market is being driven by the surging geriatric populations, increasing incidence of chronic diseases, growing healthcare expenditure, and soaring gross domestic product (GDP) of several countries across the world. As per the World Population Prospects report published by the United Nations in 2017, the global geriatric population is expected to grow faster than the younger population in the coming years. It will massively push up the requirement for healthcare insurance globally.

     According to the 2020 World Population Ageing report published by the United Nations, the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As geriatric people are highly vulnerable to various diseases, their surging population is predicted to push up the requirement for medical treatment, which will subsequently propel the need for health insurance, it covers the medical and surgical expenses incurred during a person’s treatment and reduces the burden of medical expenses on the patient.

    The increasing investments being made in the healthcare industry in countries, such as India, China, Brazil, Germany, France, and U.S. are also supporting the expansion of the market. The term coverage category, under the coverage type segment, held the largest share in the market in 2018, contributing 76.5% of the revenue. This was due to the multiple advantages of term coverage, such as the provision of a lump sum amount at the end of the term and low cost of premiums. The surging awareness about the different benefits that health insurance offers is also strengthening the market.

    Across the globe, North America dominates the healthcare insurance market currently, and it is expected to progress at a CAGR of 3.7% from 2019 to 2024. The growth of the market is ascribed to the presence of a well-structured system for healthcare and insurance, increasing number of chronic diseases, and requirement for mandatory health insurance from employers in the region. On the other hand, APAC is predicted to witness the fastest growth at a CAGR of 5.7% during the period — 2019-2024. This is attributed to the expansion of the healthcare industry and increasing public awareness about the benefits of healthcare insurance in the region.

    Hence, the demand for healthcare insurance will soar all over the world in the coming years, owing to the rising geriatric population and increasing number of chronic diseases.

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