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Hospitalization Insurance Global Market Report 2023


Major players in the hospitalization insurance market are Aetna, Anthem Health Insurance, Blue Cross Blue Shield Companies, Cigna, Humana, HCSC, Highmark, Kaiser Permanente, UnitedHealth Group, and Wellcare.

New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Hospitalization Insurance Global Market Report 2023" -

The global hospitalization insurance market is expected to grow from $88.56 billion in 2021 to $101.91 billion in 2022 at a compound annual growth rate (CAGR) of 15.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The hospitalization insurance market is expected to grow to $153.27 billion in 2026 at a CAGR of 10.7%.

The hospitalization insurance market consists of sales of hospitalization insurance products by entities that are engaged in directly underwriting hospitalization insurance policies providing coverage for hospital confinement due to illness, accidents, intensive care of convalescence.The insurance industry is categorized on the basis of the business model of the firms present in the industry.

Some insurance firms may offer other services financial or otherwise.Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.

The value of the market is based on the premiums paid by the insured.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Hospitalization insurance is a type of health insurance policy that pays for hospital stays, outpatient medical treatment, surgery, or any other hospital-related activity involving the insured’s health.

North America was the largest region in the hospitalization insurance market in 2022.Asia Pacific was the second largest market in hospitalization insurance market.

The regions covered in the hospitalization insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main demographics of hospitalization insurance are minors, adults, and senior citizens.Senior citizen’s hospitalization insurance refers to the insurance that is provided for people aged above 60 years.

The various service providers are private, public. The different networks are preferred provider organizations (PPOs), point of service (pos), health maintenance organizations (HMOs), exclusive provider organizations (epos), other networks.

The growing adoption of health insurance policies by individuals during COVID-19 is expected to fuel the growth of the hospitalization insurance market over the forecast period.The demand for health insurance policies has seen a massive spike during the coronavirus pandemic.

The rise in the number of COVID-19 positive cases has made individuals more conscious of the value of buying health insurance.For instance, the officials from the health insurance company, Policybazaar, stated that in March 2020 (from March 6 to March 31) they experienced a rise of 20–30% over 25 days in terms of sales of health insurance policies when compared with sales in February.

More specifically, the number of health policies distributed in March was nearly 45,000, compared with roughly 36,000 in January and February 2020. Therefore, the growing adoption of health insurance policies during COVID-19 contributes to the growth of the hospitalization insurance market.

The exclusion of various medical treatments from the health policy is expected to limit the growth of the hospitalization insurance market in the coming years.The exclusion is a policy clause that excludes coverage for certain types of disorders.

Insurers use exclusions to break out coverage for factors they are not willing to insure.For example, most insurance companies, such as Royal Sundaram General Insurance Co.

Limited, Policy Bazaar, and a few others, do not offer compensation for the use of alternative therapies for the treatment of medical problems.Many insurance benefits do not offer compensation for expenses associated with childbirth and pregnancy.

Similarly, infertility and abortion care expenses are not included under these insurance plans. Therefore, the exclusion of various medical treatments from the health policy restrains the growth of the hospitalization insurance market.

The integration of blockchain in health insurance is a key trend gaining popularity in 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 November 2020, Tata Consultancy Services joined hands with B3i to launch blackchain solutions for the insurance industry. Through this, the companies aim to apply blockchain technology to insurance and improve data accuracy.

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. It’s a strategic objective, and Apollo Munich is renamed as HDFC ERGO.

The countries covered in the hospitalization insurance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The hospitalization insurance research report is one of a series of new reports that provides hospitalization insurance statistics, including hospitalization insurance industry global market size, regional shares, competitors with hospitalization insurance share, detailed hospitalization insurance segments, market trends and opportunities, and any further data you may need to thrive in the hospitalization insurance industry. This hospitalization insurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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