US Health Insurance Market To Grow At An Impressive Rate Until 2025
Increasing employment opportunities to drive the growth of United States health insurance market. According to TechSci Research report, “United States Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary, Mandatory, Community-based, Employer based), By Type of Coverage (Individual v/s Family), By Term of Coverage (Term v/s Lifetime), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, the United States health insurance market is expected to grow at an impressive rate during the forecast period on account of the growing geriatric population in the country which is susceptible to various chronic diseases such as cancer, cardiovascular diseases, renal disorders, diabetes, among others.
Also, the increasing prevalence of obesity and sedentary lifestyle diseases have increased the number of patients requiring treatment in the country. This has led to an increase in healthcare-associated costs, which has increased the adoption of health insurance plans by the majority of the population in order to avail effective treatment for diseases. Additionally, technological advancements such as the adoption of cloud computing, AI, and big data analytics, among others in the healthcare industry for providing effective treatment to patients, is further expected to create lucrative opportunities for market growth.
Besides, major players operating in the market keep on coming up with attractive insurance plans & packages driving customer attention. However, heavy competition due to the emergence of new players and low-profit margins might hamper the market growth through 2025. Also, stringent regulations and a longer duration of claim reimbursement might further restrict the market growth. Moreover, health insurance plans do not cover some critical diseases and dermatology and dental recovery-related treatments. This in turn is negatively impacting the market growth.
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The United States health insurance market is segmented based on the type of insurance provider, insurance type, type of scheme, type of coverage, term of coverage, mode of purchase, end users, company and region. Based on the type of insurance providers, the market can be categorized into public, private and standalone health insurers. The private segment is expected to dominate the market since they provide prompt referral to a consultant, advanced treatment options, and quick & flexible treatment time. Based on insurance type, the market can be grouped into disease, medical and income protection. Among these, the medical insurance segment is expected to dominate the market owing to the growing prevalence of chronic diseases and increasing incidences of road accidents. Based on terms of coverage, the market can be split into terms and lifetime. Here, the lifetime segment is expected to dominate the market since most of health insurance providers offer lifetime coverage in their health insurance plans.
Anthem, Inc, AXA Equitable Life Insurance Company, Unitedhealth Group Inc., State Farm Group, Centene Corporation, Cigna, Berkshire Hathaway Inc., International Medical Group, Inc., Humana Group, HCSC Group and others are some of the leading players operating in the United States health insurance market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
“The United States healthcare market is one of the largest healthcare markets in the world and is expected to maintain its dominance during the forecast period. The market is expected to grow significantly on account of the improving healthcare infrastructure coupled with the use of advanced technologies in the healthcare industry. Additionally, increasing expenditure by the government on promoting health and disease prevention is further expected to propel the market through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“United States Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary, Mandatory, Community-based, Employer based), By Type of Coverage (Individual v/s Family), By Term of Coverage (Term v/s Lifetime), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of United States health insurance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the United States health insurance market.
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