LONDON, Sept. 20, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Hospitalization Insurance Global Market Report 2023, the global hospitalization insurance market has exhibited remarkable growth, surging from $101.91 billion in 2022 to an impressive $117.03 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 14.8%. Projections for 2027 anticipate further expansion, with the market size expected to reach $174.91 billion, guided by a CAGR of 10.6%.
Health Insurance Adoption Soars Amidst COVID-19
The COVID-19 pandemic has catalyzed a surge in health insurance adoption, fueling the growth of the hospitalization insurance market. The pandemic heightened awareness of the importance of health coverage, prompting individuals worldwide to seek protection. Notably, health insurance company, Policybazaar, reported a substantial increase in sales during March 2020, with a 20–30% rise in health insurance policies sold over 25 days compared to February. In March, nearly 45,000 health policies were distributed, compared to approximately 36,000 in January and February 2020, underscoring the significant impact of COVID-19 on insurance decisions.
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Key Players in the Market
Major players shaping the hospitalization insurance market include Aetna, Anthem Health Insurance, Blue Cross Blue Shield Companies, Cigna, Humana, HCSC, Highmark, Kaiser Permanente, UnitedHealth Group, and Wellcare.
Blockchain Integration Revolutionizes Health Insurance
A notable trend in the hospitalization insurance market is the integration of blockchain technology. Blockchain offers enhanced data integrity, security, and streamlined interactions among health practitioners, insurance providers, and insurers. In November 2020, Tata Consultancy Services partnered with B3i to launch blockchain solutions for the insurance industry, aiming to improve data accuracy and efficiency.
In 2022, North America emerged as the largest region in the hospitalization insurance market, with Asia-Pacific following closely as the second-largest market.
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The global hospitalization insurance market is segmented by service provider (private and public), network (Preferred Provider Organizations, Point Of Service, Health Maintenance Organizations, Exclusive Provider Organizations, and Other Networks), and demographics (Minors, Adults, and Senior Citizens).
The remarkable growth and evolving dynamics of the hospitalization insurance market underscore the pivotal role of health insurance policies in safeguarding individuals and communities. This hospitalization insurance market report serves as a crucial resource for industry professionals and consumers alike, offering insights into a rapidly evolving healthcare landscape.
Hospitalization Insurance Global Market Report 2023 by The Business Research Company provides insights on the hospitalization insurance market size, hospitalization insurance market segments, hospitalization insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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