According to SPER Market Research, The Health insurance policies come with various features and benefits that provide the policyholder with financial security for specific medical treatments. The advantages of these policies include not having to pay cash for hospitalization, coverage for medical expenses before and after hospitalization, reimbursement for expenses, and different additional benefits. The demand for health insurance in the industry is being driven by factors such as rising medical service charges and an increase in day care procedures.
Europe Health Insurance Market Overview:
- Forecast CAGR (2023-2033): 6.29%
- Forecast Market Size (2033): 601.25 billion
Financial assistance is offered in the event of a serious illness or accident thanks to health insurance. A new financial plague has been brought on by rising medical service prices for operations and hospital stays. The cost of medical services includes the price of surgery, doctor's fees, hospital stays, emergency department visits, and diagnostic tests, among other things. As a result, the market is growing as a result of the rising cost of medical services. These days, the majority of health insurance providers include childcare procedures in their insurance plans. While the majority of health insurance policies do cover hospital stays and major surgeries, the ability for policyholders to also claim childcare procedures boosts the market's demand. Employees in both the public and commercial sectors must purchase healthcare insurance as a condition of employment. The employee can take advantage of important medical benefits through health insurance while working for a corporation.
Impact of COVID-19 on the Europe Health Insurance Market
Because COVID-19 caused job closures, supply chain disruptions, and transit limitations, it had an effect on a variety of manufacturing and service industries. Even Nevertheless, once the pandemic ends, it is anticipated that the disparity between supply and demand and its effect on pricing will improve. The need for health insurance has grown significantly as a result of the global covid19 pandemic. Also, during the pandemic, the market for health insurance expanded due to the rising cost of medical services and pandemic-related concern. Also, health insurance providers established plans and solutions to cover the expenses of treating insurers who were infected with the COVID19 virus. The health insurance sector was therefore expanding significantly during the COVID19 pandemic, despite the fact that the other industries suffered greatly.
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Europe Health Insurance Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 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.
Europe Health Insurance Market Segmentation:
By Type: Based on the Type, Europe Health Insurance Market is segmented as; Product, Solutions.
By Services: Based on the Services, Europe Health Insurance Market is segmented as; Inpatient Treatment, Medical Assistance, Outpatient Treatment, Others.
By Level of Coverage: Based on the Level of Coverage, Europe Health Insurance Market is segmented as; Bronze, Gold, Platinum, Silver.
By Service Providers: Based on the Service Providers, Europe Health Insurance Market is segmented as; Private Health Insurance Providers, Public Health Insurance Providers.
By Health Insurance Plans: Based on the Health Insurance Plans, Europe Health Insurance Market is segmented as; Exclusive Provider Organization, Health Maintenance Organization, Health Savings Account, Indemnity Health Insurance, Point Of Service, Preferred Provider Organization, Qualified Small Employer Health Reimbursement Arrangements, Others.
By Demographics: Based on the Demographics, Europe Health Insurance Market is segmented as; Adults, Minors, Senior Citizens.
By Coverage Type: Based on the Coverage Type, Europe Health Insurance Market is segmented as; Lifetime Coverage, Term Coverage.
By End User: Based on the End User, Europe Health Insurance Market is segmented as; Corporate, Individuals, Others.
By Distribution Channel: Based on the Distribution Channel, Europe Health Insurance Market is segmented as; Clinics, Direct Sales, E-Commerce, Financial Institutions, Hospitals, Others.
By Region: The market for health insurance in Europe is dominated by Germany due to the country's large consumer disposable income. Following closely after is the United Kingdom, which is anticipated to experience significant growth over the projected period as a result of rising corporate insurance demand in the area.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Sara Lopes, Business Consultant – USA
SPER Market Research