Health Insurance Market by Distribution Channel (Direct Sales, Brokers/Agents, Banks, Others), by Insurance Type (Diseases Insurance, Medical Insurance, Critical Illness Insurance, Family Floater Health Insurance), by End User Type (Group, Individuals) by Coverage, by Age Group, by Provider, and by Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecasts 2021 to 2027

Market Overview:

The global Health Insurance Market was valued at USD 1.8 trillion in 2020, and it is expected to reach USD 3.6 trillion by 2027, with a CAGR of 9.8%, during the forecast period (2021-2027).

The Health Insurance is a financial plan or a policy provided to cover medical expenses for beneficiary in any injury, disease, mental illness or physical disablement. These insurance policies are planned different for different demographic target market and for individuals, family, and small business. In North America the Affordable Care Act (ACA) established a marketplace to benefit millions of uninsured Americans with health insurance.

Health Insurance Market

The Health Insurance market is largely driven by increasing prevalence of severe diseases such as cancer, cardiovascular diseases, diabetes, mental and physical abnormalities. Moreover, increased applications of high tech instrument and drug to treat the injuries and varied other medical treatments is apparently adds up as a higher costing in medical procedures. It makes it unaffordable for the ordinary people to manage healthcare expenses, therefore leading to a boom in health insurance market. Additionally, complimentary governmental policies and COVID-19 outbreak is influencing more people to opt for health insurance thus boosting the market growth during the forecast period (2021 to 2027).

The Global Health Insurance Industry Segmentation:

  • By Distribution Channel
    • Direct Sales
    • Brokers/Agents
    • Banks
    • Others
  • By Insurance Type
    • Diseases Insurance
    • Medical Insurance
    • Critical Illness Insurance
    • Family Floater Health Insurance
  • By Coverage
    • Point of Service (POS)
    • Health Maintenance Organizations (HMOs)
    • Exclusive Provider Organizations (EPOs) 
    • Preferred Provider Organizations (PPOs)
  • By End User Type
    • Group
    • Individuals
  • By Age Group
    • Senior Citizens
    • Adults
    • Minors
  • By Provider
    • Private Providers
    • Public Providers
  • By Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

Based on distribution channel, the Agent/Broker segment is projected to dominate the health insurance market during the period 2021-2027.

The health insurance market is a vast market and dominated by brokers and agents. This can be attributed to the lack of knowledge among people about the varied policies and a need to understand the insurance plans before purchasing it. However, the direct sales segment is growing at a significant rate owing to numerous online portals which are making it easier for people willing to get insurance to learn about different plans and growing E-commerce market.

Based on the insurance type, the medical insurance accounted for a largest share in the overall Health Insurance market size.

The medical insurance plans are anticipated to drive the health insurance market and is expected to continue its dominance throughout the forecast period of 2021 to 2027. This dominance may be accounted as the medical insurance provides coverage for all medical expenses. It provides surety of receiving best medical facilities without straining financially.  

Based on the coverage, the Preferred Provider Organizations (PPOs) is accounted for more than 25.0% share in the overall health insurance market size.

The Preferred Provider Organizations (PPOs) segment led the market by both value and volume and was accounted for over 25.0% of overall market shares in 2020. This can be credited to the dense network of PPOs and as they are the most common health plans benefiting people to choose from numerous doctors and hospitals.

Based on the end user type, the Individuals segment accounted for a huge share in the health insurance market.

The Individual end user type was anticipated to dominate the health insurance market in the year 2020. The supremacy is owing to the demand of individual insurance over a family or a small business. Individual insurance policies are easier and provide wide range of benefits thus driving the market segment.

Based on the age group, Adults accounted a maximum share of the market in 2020.

Adults segment based on demographics is anticipated to dominated the market with about 59% of total market share. Factors such as worsening lifestyle leading to early diseases and increasing heart health risks owing to stress and obesity are driving the market growth.

Based on regions, the market for health insurance in North America accounted for the largest share in 2020.

Geographically, the North American region accounted for the largest market.  The region is expected to maintain dominance due to the large no of insurance players in the market. Additionally, the ACA (Affordable Care Act) applied in the U.S. makes it mandatory for people to own a health insurance. Moreover, Asia Pacific region is witnessing the fastest growth during the forecast period. Factors such as, convenient  governement policies and increasing healthcare expenses in both public and private sector are responsible for the market growth.

The report also provides in-depth analysis of Health Insurance market dynamics such as drivers, restraints opportunities and challenges


  • Growing Prevalence of Chronic Diseases
  • Growth in Healthcare Expenditure
  • Government Policies in Favour of Healthcare


  • Lack of Knowledge
  • Lack of Health Insurance Companies in Rural Areas


  • Extensive need for Coverage in the COVID-19 Outbreak

COVID-19 Impact on the Health Insurance Market Analysis

The impact of COVID-19 has greatly affected the market of the health insurance industry. The momentum for the health insurance market is rising drastically owing to the pandemic. Increase in number of people investing in health insurance are observed. People have understood the importance of the fact that health insurance is the only way to protect themself financially in this pandemic situation.

The report also provides in-depth analysis of key trends in Health Insurance market

Sr. No. Trends Impact
1 The increasing number of individual and family insurances covering COVID-19 related expenses. Positive
2 The rising awareness among adults about health insurances  Positive

The report also provides in-depth analysis of recent news developments and investments

  • In June 2021, The United health Group has signed an agreement to acquire Change Healthcare a leading health care technology company for over USD 13 billion. The acquisition is expected to add the software and data analysis to the united health group gradually strengthening its assets.
  • In December 2020, the New York life successfully completed its acquisition over Cigna’s group life and disability, and accident insurance business. The acquisition is worth of USD 6.3 Billion and is expected to add over 3000 employees and over nine million customers to the New York Life group assets increasing its financial strength.

Company Profiles and Competitive Intelligence

  • Aetna Inc. (CVS Health Corporation)
  • AIA Group Limited
  • Allianz Care
  • Aviva Plc
  • AXA Equitable Life Insurance Company
  • Cigna Corporation
  • Ping An Insurance (Group) Company of China, Ltd.
  • UnitedHealth Group
  • Zurich Insurance Group
  • Berkshire Hathaway Inc.
  • Prudential plc
  • Nippon Life Insurance Company
  • Anthem Insurance Companies Inc
  • HCSC Group

The unique insight provided by this Health Insurance Market report also includes the following:

  • In-depth value chain analysis
  • Opportunity mapping
  • Sector snapshot
  • Key Players Positioning Matrix
  • Regulatory scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market trends
  • Covid-19 impact analysis
  • Product comparison
  • Pre & Post COVID 19 impact on Health Insurance Market
  • Competitive Landscape

Frequently Asked Questions (FAQs)

The global Health Insurance market was valued at US$ 1.9 trillion in 2020 and is anticipated to reach US$ 3.6 trillion by 2027

The health insurance market is estimated to grow at a compound annual growth rate (CAGR) of 9.8% during 2021-2027

In the base year 2020, North America accounted for about 40% share in the health insurance market.

A few key players include, but not limited to: Aetna Inc. (CVS Health Corporation), AIA Group Limited, Allianz Care, ASSICURAZIONI GENERALI S.P.A., Aviva Plc, AXA Equitable Life Insurance Company, Cigna Corporation, Ping an Insurance (Group) Company of China, Ltd., UnitedHealth Group, and Zurich Insurance Group.

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Table of Contents Health Insurance Market:

    1. Product or Service Outline
    2. What is Health Insurance
    3. Different types of Health Insurance  
    4. Supply Chain Analysis
    5. Covid -19 Impact
    6. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
  2. Health Insurance Market by Distribution Channel
    1. Direct Sales
    2. Brokers/Agents
    3. Banks
    4. Others
  3. Health Insurance Market by Insurance Type
    1. Diseases Insurance                       
    2. Medical Insurance                        
    3. Critical Illness Insurance                             
    4. Family Floater Health Insurance                                                                              
  4. Health Insurance Market by End User Type
    1. Group
    2. Individuals
  5. Health Insurance Market by Coverage
    1. Point of Service (POS)                                  
    2. Health Maintenance Organizations (HMOs)                                       
    3. Exclusive Provider Organizations (EPOs)                                              
    4. Preferred Provider Organizations (PPOs)  
  6. Health Insurance Market by Age group
    1. Senior Citizens
    2. Adult
    3. Minors 
  7. Health Insurance Market by Provider
    1. Private Providers
    2. Public Providers
  8. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  9. Key Strategic Insights
    1. New Policies
    2. Opportunity mapping
    3. Critical Success Factors
    4. Consumer preferences
  10. Key Market Trends / Recent Developments
  11. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
    1. Aetna Inc. (CVS Health Corporation)
    2. AIA Group Limited
    3. Allianz Care
    5. Aviva Plc
    6. AXA Equitable Life Insurance Company
    7. Cigna Corporation
    8. Ping An Insurance (Group) Company of China, Ltd.
    9. UnitedHealth Group
    10. Zurich Insurance Group
    11. Berkshire Hathaway Inc.
    12. Prudential plc
    13. Nippon Life Insurance Company
    14. Anthem Insurance Companies Inc.
    15. HCSC Group

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