The market report considered a range of expert analysis, import/export analysis, price analysis, and production consumption analysis.
Rising cost of medical services and growing number of day care procedures are some of the drivers driving the demand for health insurance in the market. “Corporate” represents the largest end-user segment in the respective market due to the increase in demand for group health insurance by corporations.
Covid-19 has impacted various manufacturing and service delivery industries during the 2020-2021 financial year, resulting in workplace closures, disruption of supply chains and restrictions on transportation. However, the imbalance between demand and supply and its impact on prices is considered short-term and should recover as this pandemic comes to an end. Due to the Covid outbreak across the world, the demand for health insurance has increased dramatically.
The pandemic has led to growth for the health insurance sector
Moreover, the fear of the pandemic and the rising cost of medical services have contributed to the growth of the health insurance market during the pandemic, even as other industries have suffered significantly. The pandemic also presented an opportunity for health insurance companies to introduce new packages and solutions that covered medical costs for the treatment of Covid-19, which also gave the industry a boost.
North America dominates the health insurance market due to high consumer disposable income. North America is followed by Europe and is expected to witness significant growth during the forecast period of 2022 to 2029 owing to the growing demand for health insurance from the corporate sector in the region. Europe is followed by Asia-Pacific and is expected to experience significant growth, due to the growing awareness of the benefits and advantages offered by health insurance schemes.