Health Insurance Market to Rise as Disposable Incomes Improve for Most Income Groups
The concept of health insurance, in general, is objectively simple wherein an individual or organization purchase services or plans to avoid their risk in event of un-avoidable health conditions. Health insurance provides financial security to the people in their health care needs. The health insurance industry is one of the cardinal components of the global economy by virtue of the amount of revenue it collects, the extent of the global investment, and most prominently the indispensable socio-economic role it plays by securing personal and business risk in the event of an unforeseen problems.
Transparency Market Research’s report, titled “Health Insurance Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, examines the market through a microscopic lens to get a detailed understanding of various facets of the global health insurance market. It also presents historical data pertaining to the healthcare insurance industry and correlates it with the forecast to help readers in building a framework of the market’s trajectory.
The global health insurance market is growing by leaps and bounds, contributing significantly to the global economy. Health insurance can be purchased individually or by companies for their employees to offer heath care coverage. In an individually purchased health insurance, the out-of-pocket spending is far more than group insurance purchases. The premium is higher in the individual market, as the buyer pays the full premium without any contribution from the employer.
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The most obvious benefit of health insurance is the financial security it provides to the patient in the event a health-related expense arises. The remarkable growth of the health insurance market in the past few decades has made it the spinal cord of the global economy, as it collects mammoth amounts of revenue. The healthcare industry also plays a vital role in determining the global investments and securing lives of many, thereby keeping the socio-economic structure balanced.
In 2014, as the global economies stabilized, limping back to normalcy after an economic downturn, the disposable incomes and GDPs showed notable improvements. As the high income groups and middle class were equipped with more financial resources, both the groups were seen investing in healthcare insurance for safeguarding themselves against unforeseen problems. This trend is expected to augment the global health insurance market in the coming years as well.
In the coming years, insurance companies and investment firms will adopt digitalization of business process to reach out to a wider audience across all boundaries. Furthermore, the impactful business and marketing strategies, transparency in operations, and simplification of products by insurance companies is also expected to win them new clientele.
Some of the important players profiled in the global health insurance market are UnitedHealth Group Inc., Allianz SE, Cigna Corporation, Express Scripts Holding Company, AIA Insurance Group, Zurich Insurance Group Ltd., AXA, Aetna, Inc., International Medical Group, Aviva plc, and Apollo Munich Health Insurance. The research report offers an insight into the competitive landscape of the global health insurance market along with presenting details regarding companies’ financial overview, research and development activities, investment outlook, and business and marketing strategies. The report also assesses the companies using a SWOT analysis and a Porter’s five forces analysis to highlight the key elements impacting them.