January 30, 2018
WELLESLEY, Mass., Jan 30, 2018 – The global market for health and medical insurance providers is in a crucial phase of transformation. An increasing prevalence of chronic diseases is one factor backing an estimated $1.6 trillion market by 2020. A new report by BCC Research examines the industry by segment, region and country.
The rising demand for healthcare services has driven the market for health and medical insurance providers. This trend has mainly been fueled by India and China. Increasing public and private investment and development in healthcare infrastructure in these countries have led to higher demand for health and medical insurance. The global market for health and medical insurance providers reached $1.1 trillion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 8.6% to 2020, according to the report Health and Medical Insurance Providers: Global Markets to 2020.
While China and India are the fastest-growing regions, poor access to healthcare in low-income countries and free or subsidized healthcare in many countries, will also affect the global market.
Market Growth by Region:
“Rising economic growth and the increase in lifestyle-related medical conditions is continuously generating demand for the health and medical insurance market,” said Robert G. Hunter, BCC Research senior editor, health care. “However, the market is challenged by instability in healthcare policies, increasing preferences for self-care/diagnosis and rising awareness of alternative therapies over the forecast period.”
Direct Writing to Drive Growth
The global market for health and medical insurance providers can be categorized by product type, including agents and brokers, direct writing, bancassurance and others. In 2016, agents and brokers accounted for the largest share of the market (82%). The highest growth is projected to come from the direct writing segment, which is forecast to grow at a CAGR of 15.4%.
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Health and Medical Insurance Providers: Global Markets to 2020( HLC212A )
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