United States Health Insurance Market to be Led by Public Insurance Providers Through 2028
The
United States health insurance market is gaining significantly from the rising
incidence of chronic diseases and the growing awareness about the benefits of
health insurance plans.
According to
TechSci Research report, “United States Health Insurance Market – By Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028,” the health insurance market
in the United States is expected to expand substantially during the forecast
period, thanks to various factors, such as increased government and private
initiatives and the easy availability of a variety of health insurance plans.
In recent years,
there have been substantial developments in the United States health insurance market.
The rising prevalence of chronic diseases in the country, such as diabetes,
cancer, and cardiovascular disease, is expected to increase the uptake of
individual health insurance and the need for health insurance coverage.
The pandemic has
increased awareness about life's uncertainties among consumers in case of
health-related concerns. Coupled with the rising hospitalization expenses, this
factor has fueled the demand for health insurance among US citizens,
contributing to the growth of this market.
The anticipated population of
the United States in 2021 was 327 million. Most of these people owned private
health insurance or were enrolled in a federal program, such as Medicare or
Medicaid. However, approximately 8.6% of the US population was uninsured. In
2021, individuals (including the uninsured), health insurers, and federal and
state governments spent around USD 4.0 trillion on various types of health
consumption expenditures (HCE), accounting for 17.4% of the nation's GDP.
The increase in
health-related expenditure, which encompasses both public and private spending
on programs promoting health and disease prevention through medical,
paramedical, and nursing knowledge and technology, is influenced by various
factors. One such factor is the rise in overall employment, which raises the
demand for health insurance both individually and through employer-sponsored
health coverage.
Another factor that is aiding
the United States health insurance market is the increasing digital presence of
health insurance providers. With the ease of purchasing and renewing health
insurance from the comfort of one’s home, coupled with the upswing in internet
access and smartphone use, online purchases of these insurance plans have increased
significantly. The online presence of health insurance providers as company
websites and/or mobile apps is likely to propel the market over the forthcoming
years.
Moreover, there are a few
websites that act as an e-commerce platform for health insurance plans,
offering a variety of options from multiple providers in one place, making it the
most straightforward way to browse and purchase premium health insurance
policies for consumers. Therefore, the increased presence of health insurance
companies on online media is likely to drive market expansion even further
during the forecast period.
Despite these efforts to
make health insurance more accessible and affordable, there are still many US
citizens who are uninsured or underinsured. The high cost of healthcare and
insurance premiums can make it difficult for some people to afford the coverage,
while many underinsured people still need to pay high costs for medical care.
As a result, healthcare reform and improving access to affordable health
insurance remain important issues in the United States.
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The United States health
insurance market is segmented based on the insurance provider, type of
coverage, mode of purchase, end users, region, and competitional landscape.
Based on the type of
insurance provider, the market is segmented into public insurance providers and
private insurance providers. Due to the country's broad adoption and use of
government-sponsored health insurance (Medicare), which is mostly driven by the
public insurance providers. As a result, public insurance providers dominate
the market. Medicare is a federal government program that provides health
insurance to people in the 65 and above age group. The program also covers certain
individuals under 65 with disabilities or disorders. In 2021, an estimated 60
million people (18.2% of the US population) were enrolled in Medicare.
Based on the type of
coverage, the market is divided into individuals and family. Based on the mode
of purchase, the market is divided into insurance companies, insurance
agents/brokers, and others (insurtech companies, third party, etc.). The
insurance companies’ segment is expected to grow at a significant rate over the
forecast period. This growth is attributed to the adoption of self-directed or
direct insurance distribution channels, which allow health insurance companies to
sell their insurance products directly to customers without the involvement of
intermediaries.
Based on end users, the
market is segmented into minors, adults, and senior citizens. The market
analysis also studies the regional segmentation among the South, Midwest, West,
and Northeast.
Key market players in the United
States health insurance market include:
- Anthem Insurance Companies,
Inc.
- United HealthCare Services,
Inc.
- State Farm Mutual Automobile
Insurance Company
- Centene Corporation
- Cigna Corporation
- International Medical Group,
Inc.
- Humana Group
- Health Care Service
Corporation (HCSC)
- CVS Health Corporation
- Oscar Health, Inc.
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“New product offerings are one prominent trend that is expected to influence the
United States health insurance market positively over the next few years. Currently,
the increasing awareness among consumers about health insurance and the
benefits of health insurance policies in protecting against the financial
consequences of various health-related treatments is adding to the demand for
health insurance in the United States, and this factor is likely to continue
boosting the market in the near future," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based United States management
consulting firm.
“United
States Health Insurance Market, By Type of Insurance Provider (Public, Private),
By Type of Coverage (Individual, Family), By Mode of Purchase (Insurance
Companies, Insurance Agents/Brokers, Others (Insurtech Companies, Third Party, etc.)), By End User (Minors, Adults, Senior Citizens), By
Region, By Competition, Forecast & Opportunities, 2028" has
evaluated the future growth potential health insurance and provides statistics
and information on market structure, size, share, and future growth. The report
is intended 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 present in the health insurance market United States.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com