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WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Health Insurance Market finds that the increase in adoption of data analytics is expediting market growth. Primarily driven by rising healthcare expenditure the Global Market is expected to witness a sustainable growth.
The total Global Health Insurance Market is estimated to reach USD 3.3 Trillion by 2028. The market stood at a revenue of USD 2.6 Trillion in the year 2021, and expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.4%.
Furthermore, the growing prevalence of chronic diseases is also anticipated to augment the growth of the Global Health Insurance Market, states Vantage Market Research, in a report, titled “Health Insurance Market Size, Share & Trends Analysis Report by Provider (Public, Private), by Coverage Type (Life Insurance, Term Insurance), by Health Insurance Plans (Health Maintenance Organization (HMO) plans, Preferred Provider Organization (PPO) , Exclusive Provider Organization (EPO), Point of Service (POS), by Level of Coverage (Bronze, Silver, Gold, Platinum), by Demographics (Minors, Adults, Seniors), by End-use (Individuals, Corporates, Adults), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
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Market Dynamics:
Driver: Increase in Adoption of Data Analytics to Fuel Global Health Insurance Market
The increasing adoption of data analytics technology is expected to fuel the growth of the Health Insurance Market during the forecast period. Data analytics delivers an untold number of benefits to health insurance industry. The health insurance industry has been gradually shifting to member-centric from product -centric, leading towards better results. With the use of customer relationship management (CRM) system in order to analyze the data collected, insurers can produce profiles of member which provide health insurance agents and representatives with all the required details of each member. Further , the information gained can deliver valuable customer service insights, which involves a deeper understanding of a customer needs, and more all of which allow for more personalized, member-centric service. Additionally, with the use of artificial intelligence, the health insurers can offer personalize coverage to the individual using chatbot technology and on-demand insurance.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Health Insurance market is predicted to grow at a CAGR of roughly 4.4% during the forecast period.
- The Health Insurance market was estimated to be worth roughly USD 2.6 Trillion in 2021 and is expected to reach USD 3.3 Trillion by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Health Insurance market.
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Segmentation of Health Insurance Market –
By Provider -(Revenue- USD Million, 2016-2028)
- Public
- Private
By Coverage Type -(Revenue- USD Million, 2016-2028)
- Life Insurance
- Term Insurance
By Health Insurance Plans -(Revenue- USD Million, 2016-2028)
- Health Maintenance Organization (HMO) plans
- Preferred Provider Organization (PPO)
- Exclusive Provider Organization (EPO)
- Point of Service (POS)
- High Deductible Health Plan (HDHP) plans
By Level of Coverage -(Revenue- USD Million, 2016-2028)
- Bronze
- Silver
- Gold
- Platinum
By Demographics -(Revenue- USD Million, 2016-2028)
- Minors
- Adults
- Seniors
By End-use -(Revenue- USD Million, 2016-2028)
- Individuals
- Corporates
- Adults
By Region- (Revenue- USD Million, 2016-2028)
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
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