Health insurance: Key market research findings
- The Americas dominate the market geographically
- Increasing adoption of social media for marketing
- Key vendors – Allianz, Aviva, AXA, United Healthcare, and Zurich Insurance Group
The market research analysts predict the global health insurance market to grow at a CAGR of more than 11% between 2016 and 2020. The growth of the market is driven by the increased spending on healthcare due to a growing older population. With the increase in the age of the population, medical care insurance services are expected to rise during the forecast period. During 2015, the global health insurance market was dominated by the Americas with a market share of around 40%. Increased spending on healthcare as a result of an increase in the premium for health insurance products will fuel further growth of the health insurance market in the Americas during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors in the market are increasingly adopting social media as a marketing platform. Social media provides insurance firms a number of benefits, such as large customer reach and effective disclosure of information, thereby bringing in transparency to the system. Increase in adoption of social media by insurance firms enables them to generate higher revenue and educate the customer about policies effectively,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
Rising prevalence of chronic diseases, like stroke, heart disease, cancer, type 2 diabetes, and arthritis have led to the health risk behaviors among different individuals. As a result, private as well as government health insurance companies are providing chronic disease management solutions. Such an integrated approach helps in managing the illness of individuals, which includes check-ups, screening, monitoring, among others.
The key vendors in the global health insurance market include Allianz, Aviva, AXA, United Healthcare, and Zurich Insurance Group. In some developing countries, the government is providing a poor public healthcare due to funding shortfalls and poor infrastructure facilities. Therefore, many private healthcare providers are entering the market with higher funding mechanisms. With various domestic and international partnerships, there would be more infusion of capital in the health insurance sector.
A more detailed analysis is available in the Technavio report, Global Health Insurance Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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