Technavio Announces the Publication of its Research Report Global Health Insurance Market 2016-2020
Technavio recognizes the following companies as the key players in the global health insurance market: Zurich Insurance, United Healthcare, Aviva, AXA, and Allianz.
Other Prominent Vendors in the market are: Aetna Foundation, AIA Insurance, Blue Cross Blue Shield, and Kaiser foundation.
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Commenting on the report, an analyst from Technavios team said: Innovations in healthcare products and solutions will be a key trend for market growth. It is important for healthcare providers to formulate different business models that will help them understand the customer value proposition. This is done by understanding different customer segments and investment patterns in health coverage policies. Therefore, it is important to understand the demographics and behavioral data statistics, which would also help in personalized relationship development.
According to the report, increase in chronic diseases will be a key driver for market growth. Chronic diseases, like stroke, heart disease, cancer, type 2 diabetes, and arthritis, have become very common across the globe. This has led to the health risk behaviors among different individuals. Individuals and families that have employer-sponsored healthcare have greater out of pocket costs in case of chronic sickness. Therefore, there are many private as well as government health insurance companies that are providing chronic disease management solutions. This integrated approach helps in managing the illness of individuals, which includes check-ups, screening, monitoring, among others. This management program also helps in educating patients about various diseases, thereby improving quality of life and reducing healthcare costs for individual customers.
Further, the report states that lower penetration of healthcare services and health insurance in developing countries will be a major challenge for the market. There has been lower penetration of healthcare services and health insurance in developing countries. This is due to the lack of reach and accessibility to different customer segments. There is a huge untapped population that does not have any access to hospital facilities. On the other hand, the rural population lack awareness about the health products, as literacy rate is lower in the rural populace as compared to the people staying in the urban and metro areas. This requires information awareness.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Health Insurance
Health insurance is a type of insurance where the insurer pays the medical expenses on behalf of the insured. The insurer has to pay a monthly premium to the health insurance company, which can be on a monthly, quarterly, or annual basis. Health insurance covers disability and long term nursing. The healthcare providers cover the costs related to medical treatments, drugs, and other expenses. The coverage depends on the health insurance plan taken by the insurer. Health insurance plans are provided through direct-insurance companies, independent brokers, and employer-sponsored programs. Beside the premiums being paid by the insurer, there are other additional costs that are taken into consideration in health insurance coverage that includes co-insurance, co-payments, deductibles, and stop loss limits.
Technavios analysts forecast the global health insurance market to grow at a CAGR of 11.14% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global health insurance market for 2016-2020. To calculate the market size, the report considers the total amount of premium generated primarily in emerging markets, such as APAC, EMEA, and the Americas.
The market is divided into the following segments based on geography:
Technavio’s report, Global Health Insurance Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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