/Freepik.
Key drivers include the ageing population and a rising prevalence of chronic diseases.
The global health insurance market, valued at $2.6t in 2023, is set to reach $6.2t by 2032, with a compound annual growth rate of 9.8% during the forecast period, according to Allied Market Research.
This will be driven by factors such as the ageing population, rising prevalence of chronic diseases, and increasing healthcare expenditures worldwide. The report highlighted that the growing need for comprehensive health coverage is particularly fuelled by the demand for ongoing treatment for chronic conditions, such as diabetes and heart disorders.
In terms of market segmentation, the medical insurance segment accounted for the largest share of the market in 2023, reflecting strong demand for this type of coverage. When examining coverage models, preferred provider organisations (PPOs) were the leading choice.
From an end-user perspective, group insurance plans held the largest market share whilst adults represented the dominant segment based on demographics.
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