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Market Dynamics
Rising Chronic Disease Cases Driving Market Growth
The increasing prevalence of chronic diseases such as cancer, dengue fever, and others is a key driver of market expansion. The global rise in cancer cases, particularly breast, prostate, and lung cancer, is expected to fuel market growth throughout the forecast period. According to the World Health Organization (WHO), cancer was a leading cause of death worldwide in 2020, accounting for approximately 10 million fatalities nearly one in every six deaths. The most common types include breast, lung, colon, rectum, and prostate cancers.
Several risk factors contribute to the growing burden of cancer, including tobacco use, high BMI, alcohol consumption, poor diet, and lack of physical activity.
Additionally, infections such as human papillomavirus (HPV) and hepatitis, which are linked to cancer development, account for around 30% of cancer cases in low- and lower-middle-income countries. With the rising incidence of cancer, the demand for effective treatments and healthcare solutions is expected to accelerate market growth in the coming years.
Market Segments
By Provider (Public, Private)
By Coverage (Disease Insurance, Health Insurance)
By Plan Type (Individual Health Insurance, Family Floater Health Insurance, Senior Citizens Health Insurance, Critical Illness Insurance, Group Health Insurance)
By Distribution Channel (Individual agents, Corporate agents, Direct Marketing, Others)
By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Market Regional Share
North America Held 41.4% Market Share in 2022, Driven by Key Players and Policy Developments
North America accounted for approximately 41.4% of the market share in 2022, fueled by the presence of major industry players and supportive policy initiatives. The introduction of new health-focused policies and strategic partnerships is expected to drive further market growth in the region.
For instance, on May 23, 2023, New York Disease, the largest mutual disease insurer in the U.S., launched a portfolio of affordable health disease products aimed at enhancing customer value while supporting financial preparedness for medical challenges.
Similarly, on October 12, 2022, Resolution Disease and Blackstone formed a strategic partnership to bolster Resolution Diseases expansion as a leading global disease and annuity insurance consolidation company. This collaboration combines Resolution Diseases liability management expertise with Blackstones insurance asset management capabilities, reinforcing its leadership in the multi-trillion-dollar global disease and annuity consolidation market.
With increasing disease prevalence and proactive strategies from key players, North America is poised to maintain its dominant position in the market.
Key Market Players
Key players are Aetna Inc. (CVS Health Corporation), AIA Group Limited, Allianz SE, Aviva Plc, Berkshire Hathaway Inc., Cigna Corporation, International Medical Group Inc, Prudential Plc, United Health Group Inc and Zurich Insurance Group AG.
Recent Developments
On February 23, 2023, Bupa Niva Health Insurances ‘ReAssure 2.0’ health insurance policy has been released. The first-of-its-kind indemnity plan gives entry age lock-in until a policyholder makes his or her first claim, allowing clients to save money on premiums. The product is available as an individual, multi-person and family floater with prices ranging from Rs 5 lakh to Rs 1 crore for people aged 18 to 65.
On March 06, 2023, Health International, the multi-award-winning provider of international private medical insurance (IPMI), announced the introduction of a new direct billing network across Europe. Health International customers in Europe will have access to over 1,000 direct billing locations across the continent, including the United Kingdom, beginning March 1, 2023.