Europe Health Insurance Market is likely to Reach over USD 197.96 million with a 3.71% CAGR Annualized Growth Rate by 2033: SPER Market Research
Health insurance is a type of health coverage providing financial support and protection against medical expenses experienced by groups or individuals. It is designed in a such a way that it reduces the financial burden related with healthcare services, including doctor visits, medication, hospitalization and surgical procedures. It aims to ensure easy access to timely and suitable health care while reducing the risk hard up expenses. It runs on the principle of risk pooling, where individuals pay premiums as an investment which is then used to pay the medical expenses of policyholders. Different coverage options are available based on the needs of an individual and their budgets. It is typically a contractual agreement between the insured and the insurer, defining the terms and conditions of the coverage.
According to SPER Market Research, ‘Europe
Health Insurance Market Size- By Type, By Services, By Health Insurance Plans, By
Demographics, By Coverage Type, By End User, By Distribution Channel- Regional
Outlook, Competitive Strategies and Segment Forecast till 2033’ states
that the Europe Health Insurance Market is estimated to reach USD 601.25
billion by 2033 with a CAGR of 6.29%.
One of the important drivers of Europe Health
Insurance Market is the aging population and alike increase in the healthcare
needs. Like any other regions, Europe is facing a shift in the demographic
characteristics due to an increase in the number of elderly individuals. With
an increase in the number of elderly populations, there is an increase in
demand in healthcare services. Consumers are relying more on health insurance
for the coverage of their medical bills and other expenses. Health insurance
provides lifetime plans for diseases like cancer and diabetes and in turn serve
as a support during the treatment. The strict government regulations in Europe
have made it mandatory in almost all the countries to take health insurance.
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Due to lack of awareness related to the potential
benefits of health insurance among the individuals, there is a limit in the
adoption of heath insurance. With increasing growth and advancements in
healthcare technologies, there is a need to create awareness among the
individuals regarding the advantages of health insurance coverage. High cost of
insurance plans creates hurdle for market growth. The affordability and pricing
of the insurance plans is to be taken under consideration in order to foster
market expansion. The adoption of the technologies increases the potential
patient care but it brings certain hurdles such as data security of patients,
interoperability, patient privacy and technology costs.
The unusual outbreak of COVID-19 pandemic resulted in
a considerable rise in the health insurance industry. With the expansion of
number of COVID-19 patients in Europe, a rise in the healthcare expenditure was
also seen. Corona Virus Health Insurance coverage plan has been developed by
many health insurance firms. This policy not only covers COVID-19 related
hospitalization expenditure, but also any other viral form of infections.
Belgium, France, Germany, Italy, Netherlands, Russia, Spain, Switzerland,
Turkey, U.K., Rest of Europe accounted for market share in terms of consumer
loyalty, making it challenging for newcomers. The region was dominant due to
the favourable government policies regarding the health insurance. Some of the
major players in the Europe Health Insurance Market are AIA Group Limited, Allianz Care, Anthem Insurance Companies, Inc.,
Assicurazioni Generali S.P.A., Aviva, AXA, Broadstone Corporate Benefits
Limited, Bupa, Centene Corporation, Cigna, Leboncoin, HBF Health Limited,
Healthcare International Europe Network Ltd, International Medical Group, Inc.,
MAPFRE, Now Health International, Oracle, United Health Group, Vhi Group,
Vitality, Others.
Europe Health Insurance Market includes the following segments:
By Type:
- Product
- Solutions
By Services:
- Inpatient
Treatment
- Medical
Assistance
- Outpatient
Treatment
By Level of
Coverage:
- Bronze
- Platinum
- Silver
By Service Providers:
- Private
Health Insurance Providers
- Public
Health Insurance Providers
By Health Insurance Plans:
- Exclusive
Provider Organization
- Health
Maintenance Organization
- Indemnity
Health Insurance
- Point Of
Service
- Preferred
Provider Organization
- Qualified
Small Employer Health Reimbursement Arrangements
For More Information, refer to below link –
Europe
Health Insurance Market Revenue
Related Report –
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