Poor lifestyle habits, a rise in the number of people suffering from chronic diseases, an increasing number of road accidents, and a rise in prescription costs, were all to blame said ResearchandMarkets.com.
In a study, it found that the rising cost of quality healthcare and medical services especially in private hospitals, has resulted in an increased demand for health insurance.
The private sector will benefit
“The public segment is expected to dominate the market since they provide a prompt referral to a consultant, advanced treatment option, and quick and flexible treatment time,” a spokesperson said. “Moreover, the European government has also taken steps to offer different forms of health care for the citizens, due to which a significant portion of the European population prefers public health insurance providers.
“Based on the term of coverage, the market can be divided into term and lifetime. Here, the lifetime segment is expected to dominate the market in the forecast period since most of the health insurance providers offer lifetime coverage in their health insurance plans.”
It added that some of the leading players in the European Health Insurance Market are Allgemeine Ortskrankenkasse, Techniker Krankenkasse, Allianz Group, Axa SA and Zurich Insurance Group. The companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new service developments.
In February this year, its research showed that the global health insurance market would grow moderately following a compound annual growth rate of five per cent between 2015 and 2020.