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The global healthcare insurance market size is expected to reach USD 4.0 Trillion by 2027, expanding at a CAGR of 6.7%, according to a new report by Grand View Research, Inc. The healthcare market is driven by the increasing incidences of chronic diseases, rising costs of treatment, and growing awareness about the benefits of healthcare insurances in developing economies such as India, China, Indonesia, and several others. Furthermore, the increasing reach of several government initiatives such as the Affordable Care Act (ACA) implemented in the U.S., is anticipated to boost the market growth in the coming years.

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COVID-19 & Its Impact

The current pandemic of COVID-19 has been an eye-opener for many people, reinstating the need for health cover at all times. The market has seen rapid growth in the past 3 months due to the outbreak of the coronavirus pandemic. In India, the health and specialized health insurers have been rolling out focused on health cover against COVID-19 in the past six months. There has been a significant rise in the demand for health coverage with the government lockdown and coronavirus pandemic. It is expected to keep growing like this in the coming years as well, riding on the above factors.

Healthcare Insurance Market Report Highlights

• The private segment is anticipated to register the fastest CAGR of 7.0% over the forecast period. This is owing to the fact that a large number of private players are present in the market
• The life insurance segment accounted for the largest share of 53.3% in 2019 due to the advantages it offers such as permanent coverage and guaranteed death benefit
• North America held 41.0% of the market share in 2019. This growth can be attributed to increasing awareness regarding various health policies in the region
• In the Asia Pacific, the market is expected to witness the fastest CAGR of 8.9% over the forecast period due to the increasing penetration of insurance services in urban and rural centers and favorable government policies.

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Healthcare Insurance Market Segmentation

Grand View Research has segmented the global healthcare insurance market based on provider, coverage type, health insurance plans, level of coverage, demographics, end-use, and region:

Healthcare Insurance Provider Outlook (Revenue, USD Billion, 2016 – 2027)

• Public
• Private

Healthcare Insurance Coverage Type Outlook (Revenue, USD Billion, 2016 – 2027)

• Life Insurance
• Term Insurance

Healthcare Insurance Plans Outlook (Revenue, USD Billion, 2016 – 2027)

• Health Maintenance Organization (HMO) plans
• Preferred Provider Organization (PPO) 
• Exclusive Provider Organization (EPO)
• Point of Service (POS) 
• High Deductible Health Plan (HDHP) plans

Healthcare Insurance Level of Coverage Outlook (Revenue, USD Billion, 2016 – 2027)

• Bronze
• Silver
• Gold
• Platinum

Healthcare Insurance Demographics Outlook (Revenue, USD Billion, 2016 – 2027)

• Minors
• Adults
• Seniors

Healthcare Insurance End-use Outlook (Revenue, USD Billion, 2016 – 2027)

• Individuals
• Corporates
• Others

Healthcare Insurance Regional Outlook (Revenue, USD Billion, 2016 – 2027)

• North America
• The U.S.
• Canada
• Europe
• The U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• India
• Japan
• China
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Healthcare Insurance Market

• United Healthcare
• Aetna
• Anthem, Inc.
• Aviva
• Allianz
• Centene
• Cigna
• CVS Health Corporation
• Humana
• Kaiser Foundation
• Bupa

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About Grand View Research

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.

Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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