Europe Health Insurance Market to Cross USD385 Billion by 2026
An
increase in population, disposable income, and rising health issues are
expected to drive the Europe health insurance market through 2026.
According
to TechSci Research report, “Europe
Health Insurance Market By Type of Insurance Provider (Public, Private,
Standalone Health Insurers), 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 Agents), By End Users (Minors,
Adults, Senior Citizens), By Region, Competition Forecast & Opportunities,
2026”, Europe health insurance market is expected to witness a significant
growth rate of over 6% during 2021-2026. The rising prevalence of health
problems such as infectious diseases, chronic diseases, and lifestyle-related
diseases has resulted in a significant rise in the number of people suffering
from these conditions and in need of effective care. As a result, the rate of
hospitalization and the cost of patient care has risen, which has resulted in
the rise in demand for health insurance coverage so that patients can receive
treatment without restrictions. Moreover, both public and private sector
employers are required to offer health care benefits and coverages to their
workers, which has also led to the growth of the market. Furthermore, the
introduction of various innovations in the healthcare industry, such as
robotic-assisted surgeries and minimally invasive surgeries, is expected to
generate lucrative opportunities for market growth through 2026. Heavy competition
from new players and low-profit margins, on the other hand, could stifle market
growth through 2026. Furthermore, stricter regulations and a longer period of
claim reimbursement could limit market development.
The European government provides
subsidies to the citizens who cannot afford health insurance policies. Besides,
countries like the United Kingdom and Switzerland provide their citizens with a
European health insurance card which is issued free of cost and allows the card
bearer to avail healthcare facilities & treatment in other European states
or countries at an affordable or no cost at all. All these factors are
anticipated to create lucrative opportunities for market growth through 2026.
Furthermore, with the sudden outbreak and spread of pandemic COVID-19 across
the globe, with countries badly affected like Italy and Spain, the health
insurance providers have now started providing the coverage for novel
coronavirus disease also, thereby propelling the market growth.
Browse 40 market Figures spread
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TOC on "Europe Health Insurance Market".
The Europe health insurance market is segmented based on the type of
insurance provider, type of coverage, term of coverage, mode of purchase, end
users, company, and region. Based on end users, the market can be fragmented
into minors, adults, and senior citizens. Here, the adult segment is expected
to dominate the market in the forecast period owing to the increased
susceptibility to sedentary lifestyle-associated diseases and chronic diseases.
On the other hand, the minor segment is expected to witness a significant rate
of growth in the market on account of the availability of attractive policies
for children, which are available at a lower premium and include additional
perks such as cashless hospitalization.
Based on the term of coverage, the
Europe health insurance market is segmented into term and lifetime coverage.
Among these, lifetime coverage dominates the Europe health insurance market as
many companies offer various health insurance plans with lifetime coverage at
high discounts to the customers. Due to
the high cost of medical services, health insurance is turning into a
necessity. Based on the type of insurance provider, the Europe health insurance
market can be segmented into public, private, and standalone. Out of which, the
public sector is dominating the market as the government is making it mandatory
to have health insurance in several countries. In most cases, public insurance
is less costly than private insurance with lower operating costs than private
insurance and also does not include co-pays or deductibles.
Allianz Group, Techniker Krankenkasse, Allgemeine
Ortskrankenkasse, Axa S.A., Zurich Insurance Group and
others are some of the leading players operating in Europe health insurance market.
The companies operating in the market are using strategies such as product
launches, mergers and collaborations to boost their market share in the health
insurance industry. Leading players are focusing on expanding their product
portfolios to maintain sustainable growth in the market.
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“Europe is expected to witness growth in the
health insurance market during the forecast period, owing to the availability
of favorable health insurance landscape in the region. Additionally, growing
geriatric population and prevalence of chronic diseases on account of the
sedentary lifestyle of the population is further expected to spur the market
growth. Furthermore, presence of major players operating in the market in the
region is expected to create lucrative opportunities for the market growth.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Europe Health Insurance Market By Type of Insurance
Provider (Public, Private, Standalone Health Insurers), 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 Agents), By
End Users (Minors, Adults, Senior Citizens), By Region, Competition Forecast
& Opportunities, 2026”, has evaluated the future growth potential of Europe 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 Europe health insurance
market.
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