The U.S. health insurance market is witnessing substantial growth driven by an upsurge in chronic diseases and increased awareness regarding health insurance benefits.
According to the TechSci Research report titled "United States Health Insurance Market – By Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028," the market is expected to expand significantly due to initiatives from both government and private sectors, along with the availability of diverse health insurance plans.
Recent developments highlight a surge in chronic diseases like diabetes, cancer, and cardiovascular issues, amplifying the need for individual health insurance coverage. The ongoing pandemic has heightened awareness about uncertainties, spurring demand for health insurance among U.S. citizens, contributing to market growth.
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Despite a large population owning private health insurance or being enrolled in federal programs like Medicare or Medicaid, a notable 8.6% remained uninsured in 2021. Rising healthcare expenditures, amounting to USD 4.0 trillion in 2021, reflect increased spending on health consumption due to factors like overall employment growth.
The U.S. health insurance market benefits from the expanding digital presence of insurance providers, facilitating convenient online purchases and renewals. This trend is fueled by increased internet access and smartphone usage. The online presence of health insurance providers, including dedicated websites and mobile apps, is anticipated to drive market expansion.
Report Scope:
In this report, the United States health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- United States Health Insurance Market, By Type of Insurance Provider:
- Public
- Private
- United States Health Insurance Market, By Type of Coverage:
- Individual
- Family
- United States Health Insurance Market, By Mode of Purchase:
- Insurance Companies
- Insurance Agents/Brokers
- Others
- United States Health Insurance Market, By End User:
- Minors
- Adults
- Senior Citizens
- United States Health Insurance Market, By Region:
- South
- Midwest
- West
- Northeast
While efforts are made to enhance accessibility and affordability, a significant portion of the population remains uninsured or underinsured due to high healthcare and insurance premium costs. Healthcare reform and improved access to affordable health insurance continue to be critical issues in the United States.
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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According to Mr. Karan Chechi, Research Director at TechSci Research, the market is positively influenced by the trend of new product offerings and the increasing awareness among consumers about the benefits of health insurance policies.
The report, "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," offers comprehensive insights, statistics, and information to guide investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the U.S. health insurance market.
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