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Public-private Partnerships In European Health Insurance: Collaborative Models – Health Care Insurance Market (By Provider: Public and Private; Type of Coverage: Term Insurance and Life Coverage; Type of Provider: Point of Service, Preferred Provider Organizations, Exclusive Provider Organizations, and Health Maintenance Organizations) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030
The global healthcare insurance market was valued at USD 1,899 billion in 2021 and is expected to reach USD 3,948.7 billion by 2030, poised to grow at a compound annual growth rate ( CAGR) of 7.6% during the forecast period 2021 to 2030.
Public-private Partnerships In European Health Insurance: Collaborative Models
Contents
The global healthcare insurance market is primarily driven by various factors such as increasing prevalence of chronic diseases, high healthcare costs, increasing disposable income, constant new product launches from the numerous players, growing awareness about health insurance, and improved services related to the settlement of claims. . The increasing prevalence of various chronic diseases and the associated costs of treatment are major factors that make people opt for health care insurance. The major diseases and health risks that are covered by health care insurance include road accidents, cancer, HIV, diabetes, and heart disease to name a few. According to the International Agency for Research on Cancer, approximately 19.3 million new cancer cases and approximately 10 million cancer-related deaths were reported in the year 2020, worldwide. According to the World Health Organization, diabetes is a leading cause of blindness, kidney failure, heart attacks, and strokes. According to the WHO, road accidents are the main cause of death among children and young adults, from 5 years to 29 years. All these health risks are the main drivers of the health care insurance market.
The global health care insurance market is highly fragmented due to the presence of a large number of players in the market. Therefore, the various development strategies adopted by them such as mergers, acquisitions, and new product launches have a significant impact on the market as there are constant strategies taken by the players. The development of various treatments and medicines to cure chronic diseases such as cancer, diabetes, and cardiovascular diseases is expected to drive the health care insurance market. The various recent and innovative treatments involve a high cost and therefore people who are aware of such recent treatments tend to buy a health care insurance policy.
The recent outbreak and rapid spread of the COVID-19 virus in 2020 had a positive impact on the sale of health insurance policies. According to Policybazaar.com, an online portal for all types of insurance products, it sold one million insurance policies between April and December 2020. The COVID-19 pandemic had made people realize the importance of having a health insurance policy, as treatment. the costs of COVID-19 have been extremely high in private hospitals in India.
Based on the supplier, the public segment accounted for 56% of the revenue share in 2020 and is estimated to sustain its dominance during the forecast period. This is attributed to the increase in public confidence and trust because the government itself acts as the main insurer and provider of health care related services. For example, LIC Corporation in India and Medicare of the Federal government in the United States. In addition, public health insurance companies offer security and operate at a low cost.
On the other hand, the private segment is estimated to be the most opportunistic segment during the forecast period. The private players are coming up with improved healthcare services and premium options for customers. In addition, certain inefficiencies associated with public sector health care insurance companies are overcome by private market players, which is why it is gaining more attention in the market. In addition, they offer higher benefits compared to that of the public segment.
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Based on the type of coverage, the life coverage segment accounted for more than 52% of the market share. People choose life insurance policy as an investment option which also has great tax saving benefits. In addition, the availability of wider variations of life insurance policies offered by the various market players serves the wider range of customers with different needs.
On the other hand, the term insurance segment is expected to show the highest CAGR during the forecast period. This is attributed to the availability of huge benefits at a low cost to the customers. It includes health care insurance plans that mainly cover the costs of treatment in health care units. Therefore, the increase in the prevalence of various chronic diseases is the main driver of this segment. This also provides security and helps customers to safeguard their medical expenses.
Based on supplier type, the preferred supplier organizations segment accounted for more than 26% of the market share in 2020. The availability of a large variety of insurance plans that offers a large number of options regarding hospitals and doctors to choose from. Customers or insurance policy holders have complete independence to choose their doctor or hospital.
The point of sale segment is estimated to be the most opportunistic segment during the forecast period. This is mainly attributed to the characteristics of the point of sale segment. It is a combination of both a health maintenance organization and a preferred provider organization and therefore enjoys the benefit of both.
Public Private Partnerships (ppp)
Based on region, North America accounted for 42% of the revenue share in 2020 and is estimated to sustain its dominance during the forecast period. North America is characterized by increased awareness of health care insurance benefits, increased disposable income, increased disease prevalence, growing geriatric population, increased demand for the latest surgeries and drugs, and increased health care spending. All these factors have increased the market growth in this region.
On the other hand, Asia Pacific is projected to reach 9.1% CAGR during the forecast period. The presence of a huge population, increasing disposable income, increased awareness about the benefits of insurance policies, increasing number of road accidents, and a growing desire to invest in a less risky area . The Asia-Pacific healthcare insurance market is highly fragmented with the presence of a large number of players having a positive impact on the market growth, is contributing to the growth of the market .
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain a higher market share by adopting strategies, such as investments, partnerships, and acquisitions and mergers. The companies are also spending on the development of improved products. In addition, they are also focusing on keeping prices competitive.
In June 2018, UniCredit and the Allianz Group entered into a partnership agreement in Europe that aimed to combine Allianz’s insurance expertise with UniCredit’s banking franchise.
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The various development strategies such as mergers, acquisitions and partnerships foster market growth and offer lucrative growth opportunities to market players.
Aetna Inc., AIA Group Limited, Allianz, GENERAL INSURANCE, Aviva, AXA, Cigna, Ping An Insurance (Group), UnitedHealth Group, Zurich.
The global health care insurance market size reached USD 1,899 billion in 2021 and is projected to be worth more than USD 3,948.7 billion by 2030.
The global healthcare insurance market is growing at a CAGR of 7.6% during the forecast period from 2021 to 2030.
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Increasing prevalence of chronic diseases, high healthcare costs, increased disposable income, constant launch of new products by the numerous players, increasing awareness about health insurances, and improved services related to settlement of the requests.
The major market player includes Aetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI, Aviva, AXA, Cigna, Ping An Insurance (Group), UnitedHealth Group, Zurich.The European Health Insurance Card ( EHIC) allows citizens from the EU/EEA and Switzerland to access healthcare when traveling in the EU. What are the procedures for EHIC application and EHIC renewal?
The European Health Insurance Card – or EHIC – is a vital card for European citizens and residents traveling to any European Union (EU) member country. After applying for your EHIC, you can take your EHIC to any doctor or public hospital in an EU member country and receive free or reduced-cost healthcare.
Since 2004, the EHIC has simplified procedures for Europeans receiving medical assistance while traveling in another member state by offering health insurance coverage. Your European Health Insurance Card allows you to receive healthcare under the same conditions as a local.
The European Health Insurance Card (ehic) Explained
However, there are some restrictions on what healthcare you can claim using your EHIC. They typically invalidate coverage of non-urgent treatments, for example. Therefore, it is important to understand the conditions of your European Health Insurance Card (EHIC) before you travel. Make sure you start the EHIC application or EHIC renewal process with adequate time before you travel. In most cases, the local health provider or insurer in your country of residence is the first point of contact.
This guide explains what you need to know about the EU health card, including EHIC conditions, what the European medical card covers, the EHIC application process, and the renewal of the EHIC.
If you are a European citizen traveling to the European Union (EU), the European Economic Area (EEA; the EU plus Iceland, Liechtenstein and Norway) or Switzerland, for private or professional reasons , you are eligible for a European Health Insurance Card.
Having an EHIC allows you to get medical treatment on the same basis as residents of the country you are visiting. You typically pay upfront and can then claim back some or all of the costs. What you pay for, how much you pay,
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