Health insurance market expected to grow

The market report took into account a range of expert analysis, import/export analysis, pricing analysis, and production consumption analysis.

Increasing costs for medical services and the growing number of day care procedures are some of the drivers boosting health insurance demand in the market. ‘Corporates’ accounts for the most prominent end-user segment in the respective market owing to rise in the demand for group health insurance by corporates.

Covid-19 impacted various manufacturing and service providing industries in the 2020-2021 financial year, leading to the closure of workplaces, disruption of supply chains, and restrictions on transportation. However, the imbalance between demand and supply and its impact on pricing is considered short-term and is expected to recover as this pandemic comes to an end. Due to the outbreak of Covid across the globe, demand for health insurance has increased tremendously.

Pandemic resulted in growth for health insurance industry

Also, the fear of the pandemic and the increased cost for medical services helped the health insurance market grow during the pandemic, even as other industries suffered significantly. The pandemic also offered an opportunity for health insurance companies to introduce new packages and solutions which covered the medical costs for treating Covid-19, which also offered a boost to the industry.

North America dominates the health insurance market because of the high disposable income of consumers. North America is followed by Europe and is expected to witness significant growth during the forecast period of 2022 to 2029 due to growing demand for health insurance from corporates sector in the region. Europe is followed by Asia-Pacific and is expected to grow significantly, owing to the rising awareness of benefits and advantages offered by health insurance plans.