Huge Growth Expected in Healthcare Insurance Market in Future
According to the forecast of the market research firm, P&S Intelligence, the valuation of the market would grow from $1.7 trillion in 2018 to $2.2 trillion by 2024. Furthermore, the market is predicted to advance at a CAGR of 4.3% from 2019 to 2024.
By: P&S Intelligence
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The increasing geriatric population is a major factor propelling the progress of the healthcare insurance market. As per the World Population Prospects report published by the United Nations in 2017, the global geriatric population is predicted to rise at a faster rate than the population of the people in the low age brackets in the coming years. According to the report, there were 962 million people in the age bracket 60 years and above in the world in 2017.
The organization also predicts that 43.0% of all diseases around the world would be chronic diseases in 2020. This would increase the healthcare expenditure of people and augment the financial burden on them, owing to which, many people are increasingly investing in health insurance plans. These insurance plans would reduce the out-of-pocket healthcare expenses of people. The healthcare insurance market is divided, on the basis of coverage type, into lifetime and term coverages.
The bancassurance category would also exhibit rapid advancement in the market in the upcoming years. Globally, the North American healthcare insurance market is currently the most lucrative one in the world. This is credited to the presence of well-established and -structured healthcare facilities and insurance systems, the mandatory provision of health insurance by employers, and the rising prevalence of chronic diseases in several regional countries. In the future years, the market would demonstrate the fastest growth in Asia-Pacific (APAC).