The Business Research Company’s Hospitalization Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, March 25, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact:
The integration of blockchain in health insurance is a key trend gaining popularity in the global healthcare insurance market and thus the hospitalization insurance market. The incorporation of blockchain in health insurance provides many benefits, such as enhancing integrity and protection by offering better control of patient data, reducing regulatory and enforcement costs, and maximizing interactions between health practitioners, insurance providers, and insurers. In June 2018, Alibaba-associated tech firm ZhongAn revealed that it was developing a blockchain-based insurance platform, it had already stepped into data-sharing deals with over 100 Chinese hospitals for automated claims and record validation. In August 2018, MetLife subsidiary LumenLab, based in Singapore, started testing the world’s first digital insurance platform utilizing blockchain technology, which would be used to provide automatic payouts for gestational diabetes-affected pregnant women in Singapore.
Other health insurance market trends include mergers and acquisitions. In January 2020, HDFC ERGO, a joint venture firm between HDFC and ERGO International AG, one of the insurance subsidiaries of Munich Re Group, acquired a majority stake in Apollo Munich Health Insurance company for about $200 million (Rs. 1485.15 crores). The acquisition is expected to provide HDFC ERGO an opportunity to grow by increasing its footprint and distribution network, and is a strategic objective. Apollo Munich has been renamed as HDFC ERGO.
The major players covered in the health and medical insurance industry are Aetna, Anthem Health Insurance, Blue Cross Blue Shield Companies, Cigna, Humana, HCSC, Highmark, Kaiser Permanente, UnitedHealth Group, and Wellcare.
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The hospitalization insurance market covered in this report is segmented by a service provider into private, public. It is also segmented by the network into preferred provider organizations (PPOs), point of service (POS), health maintenance organizations (HMOs), exclusive provider organizations (EPOs), others and by demographics into minors, adults, senior citizens.
The global hospitalization insurance market is expected to grow from $84.78 billion in 2020 to $86.39 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. The health insurance market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hospitalization insurance market is expected to reach $147.88 billion in 2025 at a CAGR of 14.4%. The countries with health insurance market shares are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Hospitalization Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides hospitalization insurance market overview, forecast hospitalization insurance market size and growth for the whole market, hospitalization insurance market segments, and geographies, hospitalization insurance market trends, hospitalization insurance market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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