Asia Pacific Individual Health Insurance Market Worth $2.57 Trillion By 2030

Asia Pacific Individual Health Insurance Market Growth & Trends

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, according to a new report by Grand View Research, Inc. 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. 

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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 

Asia Pacific Individual Health Insurance Market Segmentation 

Grand View Research has segmented the regional Asia Pacific individual health insurance market based on type, demographic, and country: 

Asia Pacific Individual Health Insurance Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Public

• Private

• Agents

• Website

• Aggregators

• Bank

Asia Pacific Individual Health Insurance Demographic Outlook (Revenue, USD Billion, 2018 - 2030)

• Minors

• Adults

• Seniors

Asia Pacific Individual Health Insurance Country Outlook (Revenue, USD Billion, 2018 - 2030)

• India

• China

• Japan

• South Korea

• Australia 

List of Key Players in the Asia Pacific Individual Health Insurance Market 

• Cigna

• Bupa

• Now Health International

• Aetna Inc.

• HBF Health Limited

• AXA

• Allianz Care

• Aviva

• AIA Group Limited

• Oracle Corporation