The Asia Pacific group health insurance market size is anticipated to reach USD 649.5 billion by 2030., registering a CAGR of 5.3% from 2023 to 2030. Increased healthcare expenditure, growing awareness about the need for health insurance and related benefits, and the rising prevalence of chronic disorders in the APAC region are driving the market. The COVID-19 pandemic has significantly altered consumer perceptions of health insurance in this region, leading to greater adoption and growth of the group health insurance market. Furthermore, innovations, such as a corona-specific plan, are boosting market growth.
For example, according to an article published by Ins Communications Pte. Ltd. in March 2020, an Indian health insurer and Plum Insurance launched group-health insurance to cover COVID-19 for corporate employees and their families. Furthermore, the market is likely to grow due to the rising prevalence of chronic diseases, such as cancer and cardiovascular disorders, requiring immediate medical attention. According to the International Agency for Research on Cancer, in 2020, Asia had 95,03,710 new cancer cases and 5,809,431 fatalities. Furthermore, India is expected to grow at the fastest CAGR over the forecast period due to the government’s acceptance of group health insurance and increased awareness among people.
For instance, according to an article published by Plum Benefits Pvt. Ltd. in September 2022, the Insurance Regulatory & Development Authority of India (IRDAI) made it mandatory for all industrial and commercial establishments to provide comprehensive group health insurance coverage to their respective workforces, illustrating the rising popularity of group health insurance in India. Companies in the larger health insurance industry, which includes the market for group health insurance, are undertaking various strategies to retain existing customers and strengthen their industry position. For instance, in November 2022, DocDoc collaborated with Aon and Asian insurers to provide participants of employer health plans with data-enabled patient empowerment solutions. Such initiatives are also anticipated to contribute to growth over the forecast period.
Asia Pacific Group Health Insurance Market Report Highlights
- The large firm segment accounted for the maximum share in 2022 and is likely to maintain its dominance over the forecast period
- The website sales channel segment is expected to register the fastest growth rate during the forecast period
- China held the largest share in 2022 due to its strong economy, growing demand for insurance, high government investment, and technological advancements
- India is anticipated to register the fastest growth rate over the forecast period due to the increasing adoption of group health insurance
Table of Contents
Chapter 1. Methodology And Scope1.1. Market Segmentation And Scope
1.2. Market Definitions
1.2.1. Firm Size
1.2.1.1. Small Firm - Plan Funding Type
1.2.2. Sales Channel
1.3. Research Methodology
1.4. Information Procurement
1.4.1. Purchased Database
1.4.2. Internal Database
1.4.3. Secondary Sources & Third-Party Perspectives
1.4.4. Primary Research
1.4.5. Details Of Primary Research
1.5. Information Analysis
1.5.1. Data Analysis Models
1.6. Market Formulation & Data Visualization
1.6.1. Premium Price - Employer-Sponsored Volume Analysis
1.6.2. Bottom-Up Market Estimation
1.7. Data Validation & Publishing
1.8. Asia Pacific Group Health Insurance Market: CAGR Calculation
1.9. List Of Abbreviations
1.10. Objectives
1.10.1. Objective - 1
1.10.2. Objective - 2
1.10.3. Objective - 3
1.10.4. Objective - 4
1.11. List Of Secondary Sources
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segmental Snapshot
2.3. Competitive Insights Snapshot
Chapter 3. Market Variables, Trends, And Scope
3.1. Asia Pacific Group Health Insurance Market - Market Dynamics
3.1.1. Market Driver Analysis
3.1.1.1. Increasing Adoption Of Group Health Insurance
3.1.1.2. Increasing Government Initiatives
3.1.1.3. Growing Awareness Of The Overall Health Insurance
3.1.2. Market Restraint Analysis
3.1.2.1. Limited Reach Of Certain Group Health Insurance Plans In The Asia Pacific Region
3.1.2.2. High Cost Of Insurance Premiums
3.2. Business Environmental Tools Analysis: Asia Pacific Group Health Insurance Market
3.2.1. Porter’s Five Forces Analysis
3.2.2. Pestle Analysis
3.3. Regulatory Framework
3.4. Covid-19 Impact Analysis
Chapter 4. Asia Pacific Group Health Insurance Market: Firm Size Estimates & Trend Analysis
4.1. Asia Pacific Group Health Insurance Market, By Firm Size: Key Takeaways
4.2. Asia Pacific Group Health Insurance Market: Firm Size Movement & Market Share Analysis, 2022 & 2030
4.3. Large Firm
4.3.1. Large Firm Market Estimates And Forecasts, 2018 - 2030 (USD Million)
4.3.2. Self-Funded Or Level-Funded Plan Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
4.3.3. Fully Insured Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
4.4. Small Firm
4.4.1. Small Firm Market Estimates And Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Asia Pacific Group Health Insurance Market: Sales Channel Estimates & Trend Analysis
5.1. Asia Pacific Group Health Insurance Market, By Sales Channel: Key Takeaways
5.2. Asia Pacific Group Health Insurance Market: Sales Channel Movement & Market Share Analysis, 2022 & 2030
5.3. Agents
5.3.1. Agents Market Estimates And Forecasts, 2018 - 2030 (USD Million)
5.4. Website
5.4.1. Website Market Estimates And Forecasts, 2018 - 2030 (USD Million)
5.5. Aggregators
5.5.1. Aggregators Market Estimates And Forecasts, 2018 - 2030 (USD Million)
5.6. Banks
5.6.1. Bank Market Estimates And Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Asia Pacific Group Health Insurance Market: Country Estimates & Trend Analysis
6.1. Asia Pacific Group Health Insurance Market: Country Movement Analysis, 2022 & 2030
6.2. India
6.2.1. Key Country Dynamics
6.2.2. Competitive Scenario
6.2.3. Regulatory Framework
6.2.4. India Group Health Insurance Market Estimates And Forecasts, 2018 - 2030 (Billion)
6.3. China
6.3.1. Key Country Dynamics
6.3.2. Competitive Scenario
6.3.3. Regulatory Framework
6.3.4. China Group Health Insurance Market Estimates And Forecasts, 2018 - 2030 (Billion)
6.4. Japan
6.4.1. Key Country Dynamics
6.4.2. Competitive Scenario
6.4.3. Regulatory Framework
6.4.4. Japan Group Health Insurance Market Estimates And Forecasts, 2018 - 2030 (Billion)
6.5. South Korea
6.5.1. Key Country Dynamics
6.5.2. Competitive Scenario
6.5.3. Regulatory Framework
6.5.4. South Korea Group Health Insurance Market Estimates And Forecasts, 2018 - 2030 (Billion)
6.6. Australia
6.6.1. Key Country Dynamics
6.6.2. Competitive Scenario
6.6.3. Regulatory Framework
6.6.4. Australia Group Health Insurance Market Estimates And Forecasts, 2018 - 2030 (Billion)
Chapter 7. Competitive Landscape
7.1. Company Categorization
7.2. Company Market Share Analysis, 2022
7.3. Strategy Mapping
7.4. Company Profiles/Listing
7.4.1. Bupa
7.4.1.1. Overview
7.4.1.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.1.3. Product Benchmarking
7.4.1.4. Strategic Initiatives
7.4.2. Cigna (Asia Pacific Businesses Acquired By Chubb)
7.4.2.1. Overview
7.4.2.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.2.3. Product Benchmarking
7.4.2.4. Strategic Initiatives
7.4.3. Nib Holdings Limited
7.4.3.1. Overview
7.4.3.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.3.3. Product Benchmarking
7.4.3.4. Strategic Initiatives
7.4.4. Aia Group Limited
7.4.4.1. Overview
7.4.4.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.4.3. Product Benchmarking
7.4.4.4. Strategic Initiatives
7.4.5. Kunlun Health
7.4.5.1. Overview
7.4.5.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.5.3. Product Benchmarking
7.4.5.4. Strategic Initiatives
7.4.6. Ping An Insurance (Group) Company Of China, Ltd. (Ping An Health)
7.4.6.1. Overview
7.4.6.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.6.3. Product Benchmarking
7.4.6.4. Strategic Initiatives
7.4.7. Aetna Inc.
7.4.7.1. Overview
7.4.7.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.7.3. Product Benchmarking
7.4.7.4. Strategic Initiatives
7.4.8. Now Health International
7.4.8.1. Overview
7.4.8.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.8.3. Product Benchmarking
7.4.8.4. Strategic Initiatives
7.4.9. Bajaj Allianz Group Health Insurance
7.4.9.1. Overview
7.4.9.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.9.3. Product Benchmarking
7.4.9.4. Strategic Initiatives
7.4.10. Bharti Axa Group Health Insurance
7.4.10.1. Overview
7.4.10.2. Financial Performance (Net Revenue/Sales/Ebitda/Gross Profit)
7.4.10.3. Product Benchmarking
7.4.10.4. Strategic Initiatives
List of Tables
Table 1 List of secondary sources
Table 2 List of abbreviations
Table 3 Asia Pacific individual health insurance market, by country, 2018 - 2030 (USD Billion)
Table 4 Asia Pacific individual health insurance market, by firm size, 2018 - 2030 (USD Billion)
Table 5 Asia Pacific individual health insurance market, by sales channel, 2018 - 2030 (USD Billion)
Table 6 China individual health insurance market, by firm size, 2018 - 2030 (USD Billion)
Table 7 China individual health insurance market, by sales channel, 2018 - 2030 (USD Billion)
Table 8 India individual health insurance market, by firm size, 2018 - 2030 (USD Billion)
Table 9 India individual health insurance market, by sales channel, 2018 - 2030 (USD Billion)
Table 10 Japan individual health insurance market, by firm size, 2018 - 2030 (USD Billion)
Table 11 Japan individual health insurance market, by sales channel, 2018 - 2030 (USD Billion)
Table 12 South Korea individual health insurance market, by firm size, 2018 - 2030 (USD Billion)
Table 13 South Korea individual health insurance market, by sales channel, 2018 - 2030 (USD Billion)
Table 14 Australia individual health insurance market, by firm size, 2018 - 2030 (USD Billion)
Table 15 Australia individual health insurance market, by sales channel, 2018 - 2030 (USD Billion)
Table 16 Participant’s overview
Table 17 Financial performance
Table 18 Key companies undergoing expansions
Table 19 Key companies undergoing acquisitions
Table 20 Key companies undergoing collaborations
Table 21 Key companies launching new products/services
Table 22 Key companies undergoing partnerships
Table 23 Key companies undertaking other strategies
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 Market snapshot, 2022 (USD Billion)
Fig. 9 Market segmentation insights
Fig. 10 Competitive landscape
Fig. 11 Market driver impact
Fig. 12 Market restraint impact
Fig. 13 Porter’s analysis
Fig. 14 PESTLE analysis
Fig. 15 Group health insurance market: Firm Size outlook and key takeaways
Fig. 16 Group Health Insurance Market: Firm Size movement analysis
Fig. 17 Asia Pacific Small Firm market, 2018 - 2030 (USD Billion)
Fig. 18 Asia Pacific Self-funded or Level-funded Plan Market, 2018 - 2030 (USD Billion)
Fig. 19 Asia Pacific Fully Insured Market, 2018 - 2030 (USD Billion)
Fig. 20 Asia Pacific Large Firm market, 2018 - 2030 (USD Billion)
Fig. 21 Group Health Insurance Market: Sales Channel outlook and key takeaways
Fig. 22 Group Health Insurance Market: Sales Channel movement analysis
Fig. 23 Asia Pacific Agents market, 2018 - 2030 (USD Billion)
Fig. 24 Asia Pacific Website market, 2018 - 2030 (USD Billion)
Fig. 25 Asia Pacific Aggregators market, 2018 - 2030 (USD Billion)
Fig. 26 Asia Pacific Bank market, 2018 - 2030 (USD Billion)
Fig. 27 Asia Pacific Group Health Insurance Market: Country outlook and key takeaways
Fig. 28 India key country dynamics
Fig. 29 India Group Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 30 China key country dynamics
Fig. 31 China Group Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 32 Japan key country dynamics
Fig. 33 Japan Group Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 34 South Korea key country dynamics
Fig. 35 South Korea Group Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 36 Australia key country dynamics
Fig. 37 Australia Group Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 38 Market participant categorization
Fig. 39 Group Health Insurance Market share analysis, 2022
Fig. 40 Strategy framework
Companies Mentioned
- Bupa
- Cigna (Asia Pacific Businesses Acquired By Chubb)
- Nib Holdings Limited
- Aia Group Limited
- Kunlun Health
- Ping An Insurance (Group) Company Of China, Ltd. (Ping An Health)
- Aetna Inc.
- Now Health International
- Bajaj Allianz Group Health Insurance
- Bharti Axa Group Health Insurance
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 437.4 Billion |
| Forecasted Market Value ( USD | $ 649.5 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 10 |
