DUBLIN--(BUSINESS WIRE)--The "North America Individual Health Insurance Market Size, Share & Trends Analysis Report By Type (Public, Private), By Demographics (Minors, Adults, Seniors), By Country (Canada, U.S.), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The North America individual health insurance market size is anticipated to reach USD 2.56 trillion by 2030. It is anticipated to expand at a CAGR of 6.1% from 2023 to 2030.
Due to their flexibility and ability to cover services that employer-based insurance cannot, individual health insurance plans are quite effective. Moreover, family floater plans or group insurance plans may not be sufficient for people with large families or those who have elderly family members.
The main advantage of an individual health insurance plan is that it provides coverage that is significantly more comprehensive than other plans as each individual has their own sum insured, as compared to a family floater where the sum insured is shared by everyone who is covered under the policy.
Some of the primary reasons that drive the market are the growing prevalence of chronic disorders in the region, increased product offerings, and new insurer participation in the market.
For instance, in November 2022, Cigna expanded its Medicare Advantage (MA) plan in Connecticut. This plan is beneficial for people who qualify for Medicare as they cover benefits that original Medicare does not. Furthermore, this market holds a high growth potential in the adult population due to the increasing cases of lifestyle-related disorders among adults and the growing awareness about the same. For instance, according to the International Diabetes Federation, in 2021, there were about 2.9 million diabetes cases in Canada and the number is projected to reach 3.4 million by 2045.
Key industry participants are focusing on implementing a number of strategies, including partnerships and collaborations, the launch of new products, and investments in regional insurance companies, to increase their presence and reach of their services.
In March 2021, Highmark Inc. and HealthNow New York Inc. formed an agreement to affiliate, marking a significant step towards the integration of Blue Cross and Blue Shield health insurance plans to better serve the populations of the New York, Pennsylvania, Delaware, and West Virginia regions. This also led to the emergence of the fourth-largest BCBS insurer in the country.
North America Individual Health Insurance Market Report Highlights
- The public type segment dominated the market in 2022 due to the widespread use of government-sponsored health insurance
- The private segment is predicted to register the fastest growth rate owing to the introduction of new products by private players in the market
- Based on demographics, the seniors segment held the largest revenue share in 2022. Senior citizens are more likely to buy individual health insurance plans to cover the rising costs of medical treatments, as they are at a higher risk of contracting various chronic conditions
- The U.S. accounted for the largest share of the overall market in 2022 while the South region in the U.S. dominated the country-wide market, as a substantial population is covered by individual health insurance in the region
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. North America Individual Health Insurance Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing prevalence of chronic diseases
3.4.1.2. Increase in insurer participation and new product offerings
3.4.2. Market restraint analysis
3.4.2.1. Presence of alternative health insurance plans
Chapter 4. North America Individual Health Insurance Market: Type Estimates & Trend Analysis
4.1. Definitions and Scope
4.1.1. Public
4.1.2. Private
4.2. Type Market Share, 2022 & 2030
4.3. Segment Dashboard
4.4. North America Individual Health Insurance Market by Type Outlook
4.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
4.5.1. Public
4.5.1.1. Public market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2. Private
4.5.2.1. Private market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 5. North America Individual Health Insurance Market: Demographics Estimates & Trend Analysis
5.1. Definitions and Scope
5.1.1. Minor
5.1.2. Adult
5.1.3. Senior
5.2. Demographic Market Share, 2022 & 2030
5.3. Segment Dashboard
5.4. North America Individual Health Insurance Market by Demographic Outlook
5.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
5.5.1. Minor
5.5.1.1. Minor market estimates and forecast 2018 to 2030 (USD Billion)
5.5.2. Adult
5.5.2.1. Adult market estimates and forecast 2018 to 2030 (USD Billion)
5.5.3. Senior
5.5.3.1. Senior market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 6. North America Individual Health Insurance Market: Country Market Analysis, 2018 - 2030 (USD Billion)
Chapter 7. Competitive Landscape
Companies Mentioned
- Cigna
- United Health Group Incorporated
- Elevance Health (formerly Anthem, Inc.)
- Health Care Service Corporation
- Kaiser Foundation Health Plan, Inc
- Independence Holding Company (IHC Group)
- Manulife Financial Corporation
- Sun Life Financial Inc
- The Canada Life Assurance Company
- Scotia Insurance
- Green Shield Canada
For more information about this report visit https://www.researchandmarkets.com/r/8rg71g
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