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Dublin, July 13, 2021 (GLOBE NEWSWIRE) – The report “Hospitalization Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030” has been added to ResearchAndMarkets.com offer.
The global hospital insurance market is expected to grow from $ 84.78 billion in 2020 to $ 86.39 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%.
The Global Hospital Insurance Market 2021: Impact and Recovery of COVID-19 to 2030 report provides strategists, marketers and senior management with the essential information they need to assess the global healthcare market. hospitalization insurance after the COVID-19 closure.
The main players in the hospital insurance market are Aetna, Anthem Health Insurance, Blue Cross Blue Shield Companies, Cigna, Humana, HCSC, Highmark, Kaiser Permanente, UnitedHealth Group and Wellcare.
The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 147.88 billion in 2025 at a CAGR of 14.4%.
The hospitalization insurance market consists of sales of hospitalization insurance by entities (organizations, sole proprietorships and partnerships) which undertake to directly take out hospitalization insurance policies covering hospitalization due to illness, accident, intensive care convalescence. Only goods and services traded between entities or sold to final consumers are included.
The hospital insurance market covered in this report is segmented by service provider into private, public. It is also segmented by the network into Preferred Provider Organizations (PPO), Points of Service (POS), Health Maintenance Organizations (HMO), Exclusive Provider Organizations (EPO), others and by demographics into minors, adults, the elderly.
The exclusion of various medical treatments from the healthcare policy is expected to limit the growth of the hospital insurance market in the coming years. Exclusion is a policy clause that excludes coverage for certain types of disorders. Insurers use exclusions to allocate coverage for factors they are unwilling to provide.
For example, most insurance companies, such as Royal Sundaram General Insurance Co. Limited, Policy Bazaar, and a few others do not offer compensation for the use of alternative therapies for the treatment of medical problems. Many insurance benefits do not provide compensation for expenses related to childbirth and pregnancy. Likewise, expenses related to infertility and abortion care are not included in these insurance plans. Hence, the exclusion of various medical treatments from the health policy is slowing the growth of the hospital insurance market.
In January 2020, HDFC ERGO, a joint venture between HDFC and ERGO International AG, one of the Munich Re group’s insurance subsidiaries, acquired a majority stake in health insurance company Apollo Munich for approximately $ 200 million ( 1,485.15 crores). The acquisition is expected to provide HDFC ERGO with a growth opportunity by increasing its footprint and distribution network, and this is a strategic goal, and Apollo Munich is rebranded as HDFC ERGO.
The increasing adoption of personal health insurance policies during COVID-19 is expected to fuel the growth of the hospital insurance market during the forecast period. Demand for health insurance policies saw a massive spike during the coronavirus pandemic. The increase in the number of positive COVID-19 cases has made individuals more aware of the value of purchasing health insurance.
For example, officials at the health insurance company, Policybazaar, said that in March 2020 (March 6 to March 31) they saw a 20-30% increase over 25 days in terms of policy sales. health insurance compared to sales in February. Specifically, the number of health policies distributed in March was nearly 45,000, up from around 36,000 in January and February 2020. As a result, the increasing adoption of health insurance policies during COVID-19 is contributing to the growth of the hospitalization insurance market.
The integration of blockchain into health insurance is a key trend that is gaining popularity in the hospital insurance market. The incorporation of blockchain into health insurance offers many benefits, such as improving integrity and protection by providing better control of patient data, reducing regulatory and enforcement costs, and by maximizing interactions between health professionals, insurers and insurers.
Main topics covered:
1. Summary
2. Characteristics of the hospitalization insurance market
3. Trends and strategies in the hospital insurance market
4. Impact of COVID-19 on hospital insurance
5. Size and growth of the hospital insurance market
5.1. Historical global hospital insurance market, 2015-2020, in billions of dollars
5.1.1. Market pilots
5.1.2. Market restrictions
5.2. Global Hospitalization Insurance Forecast Market, 2020-2025F, 2030F, in USD Billion
5.2.1. Market pilots
5.2.2. Market restrictions
6. Segmentation of the hospitalization insurance market
6.1. Global Hospital Insurance Market, Segmentation by Service Provider, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
6.2. Global hospital insurance market, segmentation by network, history and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
- Preferred Supplier Organizations (PPOs)
- Point of Service (POS)
- Health maintenance organizations (HMOs)
- Exclusive supplier organizations (EPOs)
- Other
6.3. Global Hospital Insurance Market, Segmentation by Demographics, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
- Minors
- Adults
- The elderly
7. Regional and national analysis of the hospitalization insurance market
7.1. Global hospital insurance market, divided by region, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
7.2. Global hospital insurance market, divided by country, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
Companies mentioned
- Etna
- Health Insurance Anthem
- Businesses Blue Cross Blue Shield
- Cigna
- Humana
- HCSC
- High note
- Kaiser Permanente
- UnitedHealth Group
- Well-being
- Centene Company
- Allianz treatments
- IMC Health
- Broadstone Corporate Benefits Limited
- HBF Health Limited
- Global Healthcare Network International Ltd
- Aditya Birla health insurance
- Bajaj Allianz health insurance
- Bharti AXA Health Insurance
- HDFC ERGO general health insurance
- Kotak Mahindra Health Insurance
- Oriental Health Insurance
- Confidence health insurance
- SBI health insurance
For more information on this report, visit https://www.researchandmarkets.com/r/ltiq8e
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