Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global health insurance market is expected to grow from USD 1465.8 billion in 2019 and to reach USD 2021.62 billion by 2027, growing at a CAGR of 4.7% during the forecast period 2020-2027.
The global health insurance market is witnessing significant growth from recent years. This growth is attributed to the increasing geriatric population, high medical costs, government initiatives for developing reimbursement policies for surgical procedures, and the need for an efficient flow of processes without any inconvenience caused due to the payment process. The increased cost of healthcare services and the high prevalence of lifestyle diseases will propel the market growth.
Health insurance is referred to as insurance that covers medical expenses that arise due to illness. These medical expenses can be related to hospitalization costs, cost of medicines or doctor consultation fees. It offers flexibility in disease or ailment coverage. For the estimation of overall risk of health and health system expenses, an insurer develops a regular finance structure like payroll tax or monthly premium, to provide money to pay for healthcare benefits that are specified in the insurance agreement. Health insurance policy is often included in employer benefit package as a means of enticing quality employees.
The global health insurance market is expected to witness significant growth, owing to the mandatory provisions of health insurance to the public and private sector, and increasing prevalence of chronic diseases like cancer, diabetes, and cardiovascular diseases. The factors restraining the market growth are the exclusion of various expensive medical treatments from the policy and increased cost of healthcare insurance products. The introduction of advanced and innovative technology in health settings will provide market growth opportunities.
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