Global Health Insurance market estimated to grow by $5.66 trillion in 2032 

The global health insurance market size is estimated to grow from $3 trillion in 2022 to $5.66 trillion dollars in 2032 and is expected to register a rapid revenue compound annual growth rate (CAGR) of 5.6% during the forecast period.  

The Nigerian healthcare insurance market is expected to be responsible for $3.53 billion dollars, 0.062% of the estimated global healthcare insurance market size.  

Health insurance pays for a policyholder’s medical and surgical costs by either paying the care provider of the insured directly or reimbursing the costs incurred as a result of illness or injury. 

According to the research report by Emergen Research, the key factors driving health insurance market revenue growth are increasing gross domestic product (GDP) and healthcare expenditure, elderly population, rising prevalence of chronic illnesses, cost of medical care, and government initiatives for the development of surgical reimbursement policies. 

Other driving factors for market growth are various healthcare insurance companies involved in Research & development initiatives for the development of new products. Implementation of advanced technologies for east access is also expected to drive market revenue growth.  

 Insights from the research report 

Insurance type insights 

• On the basis of insurance type, the global health insurance market is segmented into hospitalisation, income protection, critical illness, and medical insurance.  
• The critical illness segments accounted for the largest revenue share in the global health insurance market in 2022.  
• This is because critical illness insurance offers significant advantages such as protection against a wide range of potentially fatal conditions including but not limited to cancer, heart attacks, stroke, and renal failure.  
• The income insurance segment is expected to register a moderately fast revenue growth rate in the global health insurance market during the forecast period.  

Service provider insights 

• On the basis of service providers, the global health insurance market is segmented into public and private. 
• The public segment is expected to account for a significantly large revenue share in the global health insurance market during the forecast period.  
• The private segment is expected to register steadily fast revenue growth in the global insurance market during the forecast period. 

Insured Type insights 

• On the basis of insured type, the global health insurance market is segmented into seniors, adults and minors.  
• The senior citizens segment is expected to account for the largest revenue share in the global health insurance market during the forecast period.  
• This is owing to the rising prevalence of chronic illnesses and disorders associated with aging and increasing costs of medical care.  

Regional Insights 

• The North American market accounted for the largest revenue share in the global health insurance market due to increasing healthcare expenditure in countries such as the U.S.  
• The Asia Pacific market is expected to register the fastest revenue growth in the global health insurance market over the forecast period. 
• The European market is expected to account for a considerably large revenue share in the global health insurance market over the forecast period.  
• The African market is expected to double its current market revenue in the global health insurance market over the forecast period with the Nigerian market registering a CAGR of 8.6%.  

Scope of Research  

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