Sunday, March 26th, 2023

Growing Geriatric Population and Rising Healthcare Expenses Driving Healthcare Insurance Market

The global healthcare insurance market revenue is expected to grow at a CAGR of 4.3% from 2019 to 2024 and reach $2.2 trillion. According to the market research company, P&S Intelligence, the market is being driven by the surging geriatric populations, increasing incidence of chronic diseases, growing healthcare expenditure, and soaring gross domestic product (GDP) of several countries across the world. As per the World Population Prospects report published by the United Nations in 2017, the global geriatric population is expected to grow faster than the younger population in the coming years. It will massively push up the requirement for healthcare insurance globally.

It can either compensate the expenses charged during the treatment of any injuries or any other health issues or directly pay the healthcare provider for treatment. The increasing incidence of chronic diseases globally is another major driver propelling the healthcare insurance market. As per the World Health Organization (WHO), disability and death rates around the world are rising due to chronic diseases. The organization also predicted that chronic diseases will account for 43.0% of all diseases by 2020.

It Under the insurance network segment of the healthcare insurance market, the exclusive provider organization (EPO) category is expected to lead the market with the revenue of $0.9 trillion in 2024. It is due to the existence of a large pool of physicians covered under this insurance network and its low cost of premiums and consultations. The preferred provider organization (PPO) category is expected to demonstrate the highest growth rate in the market in the coming years, on account of the fact that it allows patients to choose physicians both outside and inside the network.

Hence, the demand for healthcare insurance will soar all over the world in the coming years, owing to the rising geriatric population and increasing number of chronic diseases.

Browse Full Report Healthcare Insurance Market Historical Data & Forecasts

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