Asia Pacific Individual Health Insurance Market (2023 - 2030) Size, Share & Trends Analysis Report By Type (Public, Private), By Demographics (Minors, Adults, Seniors), By Country, And Segment Forecasts

Report Overview

The Asia Pacific individual health insurance market was valued at USD 1.63 trillion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.91% from 2023 to 2030. The growth of the market is attributed to the increasing awareness about the need for health insurance following the COVID-19 pandemic. For instance, according to a survey conducted by Max Bupa Insurance, before the pandemic, the percentages of people who bought and intended to buy comprehensive plans were 32% and 41%, respectively. There has been a noticeable surge in demand for these plans following the pandemic, with the percentages of purchasers and intenders rising to 55% and 60%, respectively.

Source: Grand View Research, IR Documents, Primary Interviews, Paid Databases

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The rise in out-of-pocket expenses for medical treatments is further expected to boost market growth over the forecast period. Moreover, government initiatives are further expected to boost the market growth. In Asia Pacific countries there has been a growing tendency towards government-run health insurance programs and universal health coverage to expand access to essential health services and decrease the risk of poverty due to health care costs. 

The Indian Government in February 2018 started the transformation of sub-centers and primary health centers into 1,50,000 Health and Wellness Centers (HWCs). This is expected to provide Comprehensive Primary Health Care (CPHC) access to millions of Indians, close to their home. In addition, according to Section 80D of the Income Tax Act of 1961 in India, the holders of health insurance policies are qualified for a sizable tax deduction on the health insurance premiums paid to purchase health insurance plans. Thus, the policyholders who utilize tax advantages benefit from both health insurance and tax deductions.  

The growing prevalence of various chronic disorders in this region is increasing the demand for individual health insurance.  For instance, according to the International Agency for Research on Cancer, about 95,03,710 new cancer cases were reported in Asia in 2020, the number is further expected to rise to 2,06,06,063 by 2025. Although a company's Mediclaim policy is a useful benefit for employees to have in case of an emergency, it does not offer the same level of coverage as a separate individual health policy would provide. Hence, there has been an increase in demand for individual health insurance policy schemes.

Type Insights

Based on type, the market is segmented into public and private health insurance providers. The public segment dominated the Asia Pacific individual health insurance market in 2022, due to the existence of notable public insurance programs and a significant population that is covered under public insurance. However, the coverage provided by government insurance plans are limited, and drug exclusions, large co-pay requirements, and inflexible plans all reduce the value of protection. Thus, creating an opportunity for private health insurance. 

The private segment is expected to grow at the fastest CAGR of 8.72% over the forecast period. Many people are investing in better protection from economic hardship brought on by healthcare due to the rising expense of healthcare. The recent and continuing developing worldwide coronavirus crisis is likely to further raise demand for private health insurance. In response, private insurance companies are launching new products, technologies, and marketing tactics to draw in these customers, including a greater emphasis on wellness-oriented methods. 

Demographic Insights

The seniors segment dominated the Asia Pacific individual health insurance market in 2022 by capturing a share of about 50.6%. The presence of a large geriatric population in the Asia Pacific region is contributing to segment growth. According to an article published by, United Nations Economic and Social Commission for Asia and the Pacific in July 2022, the population in the Asia-Pacific region is aging at a faster rate compared to other regions in the world. There are about 630 million individuals 60 years and above in the region, which represents 60% of the world’s geriatric population. The number is further anticipated to rise to 1.3 billion by 2050.

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Furthermore, due to their increased vulnerability to several chronic diseases, seniors are more likely to purchase insurance to cover the rising expense of medical care. The adult segment is estimated to showcase the fastest growth over the forecast period. This is because of the growing prevalence of lifestyle diseases in adults (e.g., diabetes, heart disease, obesity). This gives a special potential for health insurance providers as residents of Asian nations get older, wealthier, and more obese.

Country Insights

China held the largest share of the Asia Pacific individual health insurance industry in 2022, due to the country's strong economy, high levels of government investment, consumer awareness, and technological advancements. According to the WHO, about 95% of the population in China is covered by the country's basic public health insurance system. The country is expected to continue its dominance over the forecast period, owing to the constant initiatives taken by the Chinese government in expanding health insurance and enhancing the healthcare system. For instance, Huiminbao (low-cost inclusive supplementary medical insurance plan to compensate for serious medical expenses) plan availability has recently increased, raising awareness of insurance among the general people. 

India is anticipated to witness a significant CAGR over the forecast period. Since the COVID-19 pandemic, there has been an increase in the adoption of health insurance in India. People became aware of the value of having health insurance as a result of difficult circumstances, restricted access to care, and high healthcare expenditures throughout the various pandemic waves. Several initiatives taken by the government are further fueling the market growth. In September 2018 the government of India launched PM-JAY. This health program, which provides hospital treatment for 40% of the population who are poor or low-income, has been acknowledged internationally as an important step towards obtaining universal coverage in India. 

Key Companies & Market Share Insights

To increase their customer base and capture a larger portion of the market, the key companies are attempting to enhance their service offerings by expanding their product range and exploring acquisitions, partnerships, and government clearances. For instance, in May 2022, Aetna International and Allianz Partners formed a strategic alliance. The majority of Aetna International's health insurance business outside of India, Thailand, and the Americas will be taken over by the corporation as a result of this partnership. Furthermore, with this partnership, Allianz Partners intends to have a stronger presence in Asia Pacific, covering Thailand, Vietnam, Hong Kong, Indonesia, and the Philippines. Some prominent players in the regional Asia Pacific individual health insurance market include:

• Cigna

• Bupa

• Now Health International

• Aetna Inc.

• HBF Health Limited

• AXA

• Allianz Care

• Aviva

• AIA Group Limited

• Oracle Corporation 

Asia Pacific Individual Health Insurance Market Report Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the regional Asia Pacific individual health insurance market report base on type, demographics, and country:

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• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Public

  • Private

    • Agents

    • Website

    • Aggregators

    • Bank

• Demographics Outlook (Revenue, USD Billion, 2018 - 2030)

  • Minors

  • Adults

  • Seniors

• Country Outlook (Revenue, USD Billion, 2018 - 2030)

  • India

  • China

  • Japan

  • South Korea

  • Australia