Healthcare Insurance Market Projected to have a Stable Growth for the Next Few Years
The healthcare insurance market is expected to witness the fastest growth in APAC, progressing at a CAGR of 5.7% during the period 2019–2024. The APAC market is projected to generate approximately $0.5 trillion revenue by 2024. This growth is mainly led by expanding healthcare industry, increasing healthcare awareness, and surging prevalence of chronic ailments in the region. Increasing medical tourism industry is also supporting the growth of the market in APAC.
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Further, overall dynamics of healthcare industry is changing in the region, mainly on account of improving healthcare expenditure and infrastructure in APAC countries. With these changes, healthcare insurance plans are gaining popularity among the Asian population. Besides, conferences, seminars, and training sessions are being actively organized related to this industry in the region. For instance, in November 2018, Insurinnovator Connect conducted a conference on health insurance in Hong Kong. The conference witnessed the presence of esteemed healthcare insurance market players, specifically players of the APAC region. The conference focused on the growing healthcare insurance industry in the region, and innovations and advancements in this sector.
Similarly, in 2019, IBC Asia (S) Pte Ltd., a Singapore-based conference, exhibition, and training company, plans to organize its 13th annual healthcare insurance conference in Singapore. Key highlights of this conference will include innovation and services in the Asian market, digital transformation of the industry, and insights on growing healthcare insurance market. Such conferences and seminars create awareness about the benefits and features of healthcare insurance products, which in turn, are expected to boost the market growth.
Globally, the healthcare insurance market is witnessing rapid evolution with a substantial increase in the number of product launches and expansion. For instance, in January 2019, Aviva plc launched a new approach for its midmarket clients so as to expand its corporate level services and customer level underwriting. This approach is advocated by technological advancements, and helps in expanding the network of specialists. Similarly, in financial year 2017–2018, Apollo Munich Health Insurance Company, headquartered in India, launched a new product called health wallet. Funds deposited in this wallet can be used by consumers for outpatient department (OPD) expenses, non-payable items under the insurance policy, and renewing the plan (up to 50% of the amount).
Some of the key players operating in the global healthcare insurance market are Allianz Group, Anthem Inc., Centene Corporation, Kaiser Permanente, Cigna Corporation, Gulf Insurance Group, International Medical Group Inc., Zurich Insurance Group, and Aetna Inc.
Source: P&S Intelligence
