Individual Health Insurance Market Forecast, Size, and Growth 2031

 

The Individual Health Insurance market size is anticipated to expand at a CAGR of 8.1% from 2023 to 2031. Individual health insurance coverage often covers a wide range of medical expenses, including hospitalization, childcare operations, hospital room rent, and more. Individual health insurance plans provide each member with their own sum insured amount.

Individual Health Insurance Market Analysis

The individual health insurance market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Individual health insurance is a type of insurance that provides medical coverage to individuals based on their individual sum insured. It refers to the sort of health insurance plan that must be acquired individually for each family member. It helps you to tailor the coverage to your own health requirements rather than the complete family's. Most individual health insurance plans cover an individual's emergency medical expenses associated with hospitalization, daycare procedures, road ambulance services, alternative therapy, organ donor expenses, and so on. However, the price and coverage of an individual health insurance policy cannot be shared by family members.

Individual Health Insurance Industry Overview

• Individuals seek coverage independently as more people work as freelancers, part-time workers, or in jobs that do not provide health benefits. Rising healthcare prices and uncertainties surrounding employer-sponsored plans drive people to seek out more affordable choices.  Individual plans provide greater flexibility in coverage options, allowing people to personalize their plans to suit specific needs rather than depending on one-size-fits-all employment plans. Individual health insurance coverage becomes more necessary as people age out of parental policies, divorce, or retire early. Government policies, such as the Affordable Care Act (ACA) in the United States, may require individuals to have health insurance, boosting market demand.
• According to a January 2024 report by Health and Human Services, the Biden-Harris Administration stated that 21.3 million consumers chose an Affordable Care Act Health Insurance Marketplace plan during the 2024 Open Enrollment Period. More than five million people, or roughly one-fourth of all plan selections, are new to the Marketplaces, with another 16 million renewing their coverage. The Biden-Harris Administration stated that 21.3 million consumers chose an Affordable Care Act Health Insurance Marketplace plan during the 2024 Open Enrollment Period. More than five million people, or roughly one-fourth of all plan selections, are new to the Marketplaces, with another 16 million renewing their coverage.

Individual Health Insurance Market Driver

Insurtech to Drive the Individual Health Insurance Market

• Technological improvements and regulatory changes are propelling the health insurance industry forward. Insurers are using cutting-edge technologies to position themselves for a future that values efficiency and sustainability. The primary goal of these radical improvements is to democratize health insurance, raise service standards for beneficiaries, increase consumer well-being, and, ultimately, lower total costs. From automated claims processing to individualized products, InsurTech solutions are causing a systemic upheaval.
• AI and ML algorithms are used to analyze potential consumers' risk profiles by analyzing a variety of data points, including age, occupation, medical history, and lifestyle preferences. These algorithms can determine the possibility of an individual filing a claim or participating in risky behavior.

Individual Health Insurance Market Report Segmentation Analysis

• Based on the service providers, the individual health insurance market report is segmented into public health insurance providers and private health insurance providers. The public health insurance providers segment is expected to hold a significant individual health insurance market share in 2023.
• The dominant provider in the individual health insurance market varies by area and market dynamics. In many countries, public health insurance providers, such as government-sponsored programs or national health services, play an important role in providing coverage to citizens, particularly for basic or universal healthcare. However, private health insurance companies frequently provide a broader selection of coverage alternatives, including more comprehensive plans with additional benefits and services.

Individual Health Insurance Market Analysis by Geography

The scope of the Individual Health Insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Individual Health Insurance market share. The region's significant development in the field of healthcare has contributed to this growth. North America is home to many developing countries like the US and Canada, driving the individual health insurance market growth.

Individual Health Insurance Market Report Scope

The "Individual Health Insurance Market Analysis" was carried out based on core investment strategies and geography. In terms of service providers, the market is segmented into public health insurance providers and private health insurance providers. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Individual Health Insurance Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Individual Health Insurance market. A few recent key market developments are listed below:

• In September 2023, Cigna Healthcare's International Health division, the worldwide health benefits provider of The Cigna Group, today announced the launch of a new, customized health benefits plan geared at supporting the health and vitality of globally mobile persons aged 60 and older. The 'Cigna Healthcare Global Plan for Seniors' is intended to address rising consumer demand and supports recent Cigna Healthcare research that predicts the market will reach 450,000 people by 2031.

[Source: Cigna Global, Company Website]

Individual Health Insurance Market Report Coverage & Deliverables

The market report "Individual Health Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

REGIONAL FRAMEWORK

Individual Health Insurance Market Report Analysis

MARKET PLAYERS

Individual Health Insurance Market Report Scope