The Asia Pacific individual health insurance market size is expected to reach USD 2.57 trillion by 2030, expanding at 5.91% CAGR from 2023 to 2030. Factors such as growing awareness about the need for health insurance, increased health care expenditure and growing prevalence of chronic disorders in Asia Pacific region are all augmenting the market growth during the forecast period.
The severity of the pandemic has altered consumer perceptions of health insurance in the Asia Pacific region as more people have acknowledged the importance of having a financial backup to cover unforeseen medical expenses. Thus, there has been a growing adoption of health insurance. Emerging innovations in individual health insurance such as new plan launch and their increased adoption by customers such as a corona specific individual health insurance plan are expanding the market size. Limited coverage provided by government insurance schemes is also contributing to the adoption of private individual health insurance plans, as the government schemes offer limited coverage which does not include dental treatment, medications, drugs, limited diagnostic tests, and other essential services.
Furthermore, the market is expected to grow over the forecast period owing to the increased prevalence of chronic diseases such as cancer, and cardiovascular disorders, which necessitates immediate medical attention. According to a study published by the National Center for Biotechnology Information, Cardiovascular Diseases (CVD) are the main cause of mortality worldwide, and it is estimated that Asia accounts for half of all CVD cases. China held the maximum revenue share of about 81.3% of the overall Asia Pacific individual health insurance industry, whereas India is expected to grow at the fastest rate over the forecast period, owing to the various health insurances initiatives undertaken by the government and increased awareness of health insurance among the people.
The severity of the pandemic has altered consumer perceptions of health insurance in the Asia Pacific region as more people have acknowledged the importance of having a financial backup to cover unforeseen medical expenses. Thus, there has been a growing adoption of health insurance. Emerging innovations in individual health insurance such as new plan launch and their increased adoption by customers such as a corona specific individual health insurance plan are expanding the market size. Limited coverage provided by government insurance schemes is also contributing to the adoption of private individual health insurance plans, as the government schemes offer limited coverage which does not include dental treatment, medications, drugs, limited diagnostic tests, and other essential services.
Furthermore, the market is expected to grow over the forecast period owing to the increased prevalence of chronic diseases such as cancer, and cardiovascular disorders, which necessitates immediate medical attention. According to a study published by the National Center for Biotechnology Information, Cardiovascular Diseases (CVD) are the main cause of mortality worldwide, and it is estimated that Asia accounts for half of all CVD cases. China held the maximum revenue share of about 81.3% of the overall Asia Pacific individual health insurance industry, whereas India is expected to grow at the fastest rate over the forecast period, owing to the various health insurances initiatives undertaken by the government and increased awareness of health insurance among the people.
Asia Pacific Individual Health Insurance Market Report Highlights
- Based on type, the market is segmented into public and private health insurance providers. The public segment dominated the market in 2022, due to the presence of notable public insurance programs and a significant population that is covered under public insurance
- Based on demographics, the market is segmented into minors, adults, and seniors. The senior segment held the largest market share in 2022, as they are more likely to develop various chronic disorders
- India is likely to be the fastest-growing region due to the growing awareness about health insurance in the country
- Major players operating in the Asia Pacific individual health insurance industry include Cigna; Bupa; Now Health International; Aetna Inc.; HBF Health Limited; AXA; Allianz Care; Aviva; AIA Group Limited; Oracle Corporation
Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.1.1. Type
1.1.2. Demographics
1.1.3. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Commodity flow analysis (Model 1)
1.6.1.1. Approach 1: Commodity flow approach
1.6.2. Volume price analysis (Model 2)
1.6.2.1. Approach 2: Volume price analysis
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
1.9.1. Objective 1
1.9.2. Objective 2
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Type outlook
2.2.2. Demographic outlook
2.3. Competitive Insights
Chapter 3. Asia Pacific 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 awareness about the need for health insurance
3.4.1.2. Rise in the out-of-pocket expenses for medical treatments
3.4.1.3. Growing prevalence of chronic disorders
3.4.2. Market restraint analysis
3.4.2.1. High cost of insurance premiums
3.4.2.2. Fraud insurance claims coupled with stringent rules
3.5. Asia Pacific Individual Health Insurance Market Analysis Tools
3.5.1. Industry Analysis - Porter’s Five Forces
3.5.1.1. Supplier power
3.5.1.2. Buyer power
3.5.1.3. Substitution threat
3.5.1.4. Threat of new entrant
3.5.1.5. Competitive rivalry
3.5.2. PESTEL Analysis
3.5.2.1. Political landscape
3.5.2.2. Technological landscape
3.5.2.3. Economic Landscape
3.5.3. Major Deals & Strategic Alliances Analysis
3.5.4. Market Entry Strategies
Chapter 4. Asia Pacific 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. Asia Pacific 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)
4.5.2.2. Agents
4.5.2.2.1. Agents market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.3. Website
4.5.2.3.1. Website market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.4. Aggregator
4.5.2.4.1. Aggregator market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.5. Bank
4.5.2.5.1. Bank market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 5. Asia Pacific 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. Asia Pacific 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. Asia Pacific Individual Health Insurance Market: Country Market Analysis, 2018 - 2030 (USD Billion)
6.1. Definitions & Scope
6.2. Country Market Share Analysis, 2022 & 2030
6.3. Country Market Dashboard
6.4. Country Market Snapshot
6.5. Country Market Share, 2022
6.6. Market Size, & Forecasts, and Trend Analysis, 2018 to 2030:
6.7. India
6.7.1. India Market estimates and forecast, 2018 - 2030 (USD Billion)
6.8. China
6.8.1. China Market estimates and forecast, 2018 - 2030 (USD Billion)
6.9. Japan
6.9.1. Japan Market estimates and forecast, 2018 - 2030 (USD Billion)
6.10. South Korea
6.10.1. South Korea Market estimates and forecast, 2018 - 2030 (USD Billion)
6.11. Australia
6.11.1. Australia Market estimates and forecast, 2018 - 2030 (USD Billion)
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company/Competition Categorization
7.2.1. Innovators
7.3. Vendor Landscape
7.3.1. List of key distributors and channel partners
7.3.2. Key customers
7.3.3. Key company market share analysis, 2022
7.3.4. Cigna
7.3.4.1. Company overview
7.3.4.2. Financial performance
7.3.4.3. Product benchmarking
7.3.4.4. Strategic initiatives
7.3.5. Bupa
7.3.5.1. Company overview
7.3.5.2. Financial performance
7.3.5.3. Product benchmarking
7.3.5.4. Strategic initiatives
7.3.6. Now Health International
7.3.6.1. Company overview
7.3.6.2. Financial performance
7.3.6.3. Product benchmarking
7.3.6.4. Strategic initiatives
7.3.7. Aetna Inc.
7.3.7.1. Company overview
7.3.7.2. Financial performance
7.3.7.3. Product benchmarking
7.3.7.4. Strategic initiatives
7.3.8. AXA
7.3.8.1. Company overview
7.3.8.2. Financial performance
7.3.8.3. Product benchmarking
7.3.8.4. Strategic initiatives
7.3.9. HBF Health Limited
7.3.9.1. Company overview
7.3.9.2. Financial performance
7.3.9.3. Product benchmarking
7.3.9.4. Strategic initiatives
7.3.10. Allianz Care
7.3.10.1. Company overview
7.3.10.2. Financial performance
7.3.10.3. Product benchmarking
7.3.10.4. Strategic initiatives
7.3.11. Aviva
7.3.11.1. Company overview
7.3.11.2. Financial performance
7.3.11.3. Product benchmarking
7.3.11.4. Strategic initiatives
7.3.12. AIA Group Limited
7.3.12.1. Company overview
7.3.12.2. Financial performance
7.3.12.3. Product benchmarking
7.3.12.4. Strategic initiatives
7.3.13. Oracle Corporation
7.3.13.1. Company overview
7.3.13.2. Financial performance
7.3.13.3. Product benchmarking
7.3.13.4. Strategic initiatives
List of Tables
Table 1 List of Abbreviations
Table 2 Asia Pacific individual health insurance market, by type 2018 - 2030 (USD Billion)
Table 3 Asia Pacific individual health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 4 India individual health insurance market, by type 2018 - 2030 (USD Billion)
Table 5 India individual health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 6 China individual health insurance market, by type 2018 - 2030 (USD Billion)
Table 7 China individual health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 8 Japan individual health insurance market, by type 2018 - 2030 (USD Billion)
Table 9 Japan individual health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 10 South Korea individual health insurance market, by type 2018 - 2030 (USD Billion)
Table 11 South Korea individual health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 12 Australia individual health insurance market, by type 2018 - 2030 (USD Billion)
Table 13 Australia individual health insurance market, by demographics, 2018 - 2030 (USD Billion)
List of Figures
Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 Value-chain-based sizing & forecasting
Fig. 6 QFD modeling for market share assessment
Fig. 7 Market formulation & validation
Fig. 8 Asia Pacific individual health insurance market: market outlook
Fig. 9 Asia Pacific individual health insurance market competitive insights
Fig. 10 Parent market outlook
Fig. 11 Related/ancillary market outlook
Fig. 12 Penetration and growth prospect mapping
Fig. 13 Industry value chain analysis
Fig. 14 Asia Pacific individual health insurance market Driver Impact
Fig. 15 Asia Pacific individual health insurance market Restraint Impact
Fig. 16 Asia Pacific individual health insurance market Strategic Initiatives Analysis
Fig. 17 Asia Pacific individual health insurance market: Type Movement Analysis
Fig. 18 Asia Pacific individual health insurance market: Type outlook and key takeaways
Fig. 19 Public market estimates and forecast, 2018 - 2030
Fig. 20 Private market estimates and forecast, 2018 - 2030
Fig. 21 Asia Pacific individual health insurance market: Demographics Movement Analysis
Fig. 22 Asia Pacific individual health insurance market: Demographics outlook and key takeaways
Fig. 23 Minors Market Estimates and Forecast, 2018 - 2030
Fig. 24 Adults Estimate and Forecast, 2018 - 2030
Fig. 25 Seniors Estimate and Forecast, 2018 - 2030
Fig. 26 Participant Categorization- Asia Pacific individual health insurance market
Fig. 27 Market share of key market players in Asia Pacific individual health insurance market
Companies Mentioned
- Cigna
- Bupa
- Now Health International
- Aetna Inc.
- AXA
- HBF Health Limited
- Allianz Care
- Aviva
- AIA Group Limited
- Oracle Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 1.63 trillion |
| Forecasted Market Value ( USD | $ 2.57 trillion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 10 |
