The soaring healthcare costs and rising incidence of diseases have coerced people to opt for health insurance coverage. At times of medical emergencies, people might fall short of sufficient funds, wherein this insurance coverage plugs in to provide financial assistance to beneficiaries. Presently. health insurance coverage is made available for a wide range of health issues and plays an instrumental role in offering financial stability and relieving stress. Comprehending the importance of healthcare, governments around the world are enabling health insurance policies by offering tax exemptions. Moreover, provided benefits of health insurance policies have made them critical to financial planning. Such a landscape has paved significant pathways for the global health insurance market to prosper throughout the forecast period.
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Rising Prevalence of Chronic Ailment and Growing Geriatric Population to Aid Markey Growth
World over, the geriatric population is growing at a blistering pace. Generally, the elderly population is more susceptible to chronic diseases, and oftentimes, they do not have robust financial support to suffice the expenditure on medication, hospital fees and treatments. Noticeably, a substantial segment of the population is suffering from one or the other chronic condition. These conditions might differ from person to person, including heart disease, cancer, arthritis, and type 2 diabetes. This incessant rise in the ageing population and chronic diseases is propelling the demand for health insurance on the global facet. Evidently, the number of patients with more than one chronic ailment is magnifying at scale. To this end, people are becoming more aware of the adverse consequences and added costs of treatments. Hence, people are beginning to consider medical health insurance policies among basic needs, fuelling the health insurance market growth.
Health Insurance Market to Thrive with Provision of Broad-Ranging Coverage Networks
Due to the greater flexibility of selecting hospitals and doctors, Preferred Provider Organizations (PPOs) coverage for health is gaining remarkable traction across the globe. PPOs offer more freedom to choose benefits after running a proper comparison, creating demand for these networks in the global health insurance market. Besides, lower premiums for point-of-service (POS) plans have elevated the demand for these health insurance networks in the market. Another affordable health insurance is Health maintenance organisations (HMOs) that facilitate the selection of doctors within their network. Such broad-ranging insurance coverages are contributing to the overall expansion of the global health insurance market.
Significant Government Initiatives Paves Way for North America’s Health Insurance Market
North America to garner a dominant share in the global health insurance market at the helm of robust government initiatives propelling the adoption of health insurance coverages. These initiatives and norms are meant to curb the cost and ensure greater access to healthcare. As a result of these stringent regulations, now, citizens are supposed to acquire at least one health insurance care policy. In additon, the growing awareness of healthcare expenditure, the benefits of policies, and the necessity for insurance policies are expected to further expand the horizons of the health insurance market in North America, sustaining its leading position.
Prominent Market Players
Some of the major players in the health insurance market include Allianz, Ping An Insurance (Group) Company of China, Ltd., Aetna Inc., Assicurazioni Generali S.P.A., Aia Group Limited, Aviva, UnitedHealth Group, Cigna, Axa, and Zurich.
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