The global health insurance market size is estimated to grow from $3 trillion in 2022 to $5.66 trillion dollars in 2032 and is expected to register a rapid revenue compound annual growth rate (CAGR) of 5.6% during the forecast period.
The Nigerian healthcare insurance market is expected to be responsible for $3.53 billion dollars, 0.062% of the estimated global healthcare insurance market size.
Health insurance pays for a policyholder’s medical and surgical costs by either paying the care provider of the insured directly or reimbursing the costs incurred as a result of illness or injury.
According to the research report by Emergen Research, the key factors driving health insurance market revenue growth are increasing gross domestic product (GDP) and healthcare expenditure, elderly population, rising prevalence of chronic illnesses, cost of medical care, and government initiatives for the development of surgical reimbursement policies.
Other driving factors for market growth are various healthcare insurance companies involved in Research & development initiatives for the development of new products. Implementation of advanced technologies for east access is also expected to drive market revenue growth.
Insights from the research report
Insurance type insights