by
Lauren Dubinsky, Senior Reporter | January 16, 2018
Major driving force is the growing
elderly population
The global health and medical insurance providers market was worth $1.1 trillion in 2016 and is set to reach $1.6 trillion by 2020, according to a new ResearchAndMarkets report.
The rising elderly population, especially in India, China and Brazil, as well as a growing amount of investments made in public health insurance systems has created a higher demand for health and medical insurance.
The Asia-Pacific segment is expected to climb from approximately $99 billion in 2016 to almost $194 billion in 2020. The Western Europe segment is projected to grow almost $18 billion during the forecast period — reaching more than $152 billion.
The global market is thriving due to ongoing economic growth, the expanding health care marketplace, favorable demographic trends, government initiatives and reforms, increasing income levels and a greater awareness of health.
The provider market is marginally consolidated with a few large players dominating it. Those include UnitedHealth Group Inc., Anthem, Allianz, Aetna Inc., Humana and Centene Corporation.
Last year, deals between Aetna and Humana and Cigna and Anthem
were canceled. The latter was shot down because it violated antitrust laws.
However,
CVS Health acquired Aetna for $69 billion last month. Aetna claims that if this deal passes regulatory hurdles, it will offer consumers a more integrated experience.
