Health Insurance Market Growth Accelerated By Digitalization

 

Health Insurance Market 

Health insurance provides coverage for medical care costs from illness or injury regardless of income level and covers unexpected medical expenses. It helps protect individuals and families from financial hardship due to medical costs. The rising healthcare costs, increasing prevalence of chronic diseases, and government initiatives to promote health insurance are some factors augmenting the growth of health insurance globally. The global health insurance market is estimated to be valued at US$ 2602 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:

Digitalization has significantly changed all areas of life including the health insurance sector. Insurers are increasingly adopting digital platforms and analytics to streamline customer experience and engagement. The use of telehealth has accelerated digitalization in the market by facilitating virtual doctor consultations and remote health monitoring. Digital technologies enable insurers to offer customized policies, track health data in real-time, and provide online claims processing. This is expected to enhance customer convenience and boost insurance coverage. Companies are investing heavily in developing digital infrastructures to gain a competitive edge and tap growth opportunities arising from the digitalization trend in health insurance.

Segment Analysis
The global health insurance market is dominated by the medical insurance segment which held more than 60% share of the overall market in 2023. Medical insurance provides coverage for hospitalization expenses and medical treatments. Rising instances of diseases and increasing healthcare costs have boosted demand for medical insurance policies globally.

Key Takeaways
The global health insurance market analysis is expected to witness high growth over the forecast period. The market is projected to reach a value of US$ 2602 Mn by 2024, expanding at a CAGR of around 9.7% during 2023-2030.

Regional analysis: North America dominated the global health insurance market in 2023, accounting for over 35% share. Increased healthcare spending and demand for advanced healthcare facilities have driven the North American health insurance market. However, Asia Pacific is expected to witness the fastest growth during the forecast period, owing to rising incomes, growing medical tourism industry and expansion of private insurance providers in key countries.

Key players operating in the health insurance market are US Magnesium LLC., Dead Sea Magnesium Ltd., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., and Taiyuan Tongxiang Magnesium Co., Ltd.

 

 Get more insights on this topic: https://www.newswirestats.com/health-insurance-market-industry-insights-trends-health-insurance-market/

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