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Individual Health Insurance Market

Individual Health Insurance Market Size, Share & Trends Analysis Report By Type (Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), High Deductible Health Plan (HDHP), Others), By Application, By Policy, By Region, And By Segment Forecasts, 2024-2031

Report ID : 2302 | Published : 2024-01-23 | Pages: 178 | Format: PDF/EXCEL

Individual Health Insurance Market Size is valued at USD 123.3 Bn in 2022 and is predicted to reach USD 188.4 Bn by the year 2031 at a 5.5% CAGR during the forecast period for 2024-2031.

Individual Health Insurance Market

Individual health insurance is a form of health coverage that an individual purchases for themselves and their family, as opposed to having their employer provide it. It is intended to cover hospitalization, doctor visits, prescription medications, and other healthcare services, among other medical expenses. This market offers a range of health insurance plans designed to serve to the diverse needs of individuals, providing coverage for medical services, prescription drugs, preventive care, and other healthcare-related expenses. Public health priorities, medical technology improvements, demographic shifts, and regulatory changes all have an impact on the nature of the individual health insurance market. The market attempts to provide people who might not have access to government-funded programs or employer-sponsored insurance with easily accessible and reasonably priced coverage options. 

Additionally, insurance plans that include wellness programs promote healthful living and preventive care. When policyholders actively engage in wellness activities like regular health check-ups, diet plans, or exercise regimens, insurers often offer incentives like rebates, rewards, or reduced rates—drawing in a larger clientele and raising market demand. Additionally, the limited range of coverage alternatives available in the individual health insurance market may deter potential clients. \It's possible that some plans don't provide full coverage, leaving customers needing gaps in their medical protection. This limited focus might need help to handle the many and evolving.

Competitive Landscape

Some Major Key Players In The Individual Health Insurance Market:

  • UnitedHealth Group
  • Anthem, Inc.
  • Aetna
  • Humana Inc.
  • Cigna Corporation
  • Kaiser Permanente
  • Blue Cross Blue Shield Association
  • WellCare Health Plans
  • Centene Corporation
  • Molina Healthcare
  • Health Care Service Corporation (HCSC)
  • Highmark Inc.
  • Independence Blue Cross
  • Regence BlueCross BlueShield
  • Ambetter
  • Others

Market Segmentation:

The individual health insurance market is segmented on the basis of product and application. According to product, the market is segmented as health maintenance organizations, preferred provider organizations, exclusive provider organizations, high-deductible health plans, and others. Individual coverage, family coverage, senior coverage, student health insurance, Others. By policy, the market is segmented into basic health policies, comprehensive health policies, short-term health policies, and others.

Based On Application, The Individual Coverage Segment Is Accounted As A Major Contributor In The Individual Health Insurance Market. 

The individual coverage category is expected to hold a major share of the global individual health insurance market in 2022. In the individual health insurance market, policies intended for individuals and, frequently, their families are referred to as individual coverage. It provides insurance against personal medical expenses, such as doctor visits, hospital stays, prescription medications, and preventative care. One development in this market is coverage customization, which lets people choose plans based on their own healthcare needs and financial constraints. In order to improve accessibility to healthcare resources and the customer experience also entails a greater integration of digital health services.

The HMO Segment Witnessed Growth At A Rapid Rate.

The HMO segment is projected to grow at a rapid rate in the global individual health insurance market. One kind of health insurance plan that emphasizes providing healthcare at a reasonable cost is an HMO (health maintenance organization). In order to receive specialist care, HMO policyholders usually need referrals from their primary care physician (PCP). These plans are appealing to people on a tight budget since they frequently include cheaper premiums and out-of-pocket expenses. HMOs' enduring appeal in the individual health insurance market can be attributed to their cost-effectiveness and affordability. Additional flexible plan alternatives have emerged, though, as a result of some people's need for additional flexibility. 

In The Region, The North American Individual Health Insurance Market Holds A Significant Revenue Share.

The North American individual health insurance market is expected to register the highest market share. The epidemic has highlighted the value of having comprehensive coverage, as people are looking for insurance that covers COVID-19-related costs. Reforms to the regulations have made it easier to obtain coverage during shaky economic times. North America's insurance sector is still changing, with an emphasis on services that are driven by technology and flexible options. In addition, Asia Pacific is estimated to grow at a rapid rate in the global individual health insurance market. The focus of the market is on all-inclusive coverage, which includes expenses associated with the epidemic. Telemedicine services and the integration of digital health have gained popularity, improving access to healthcare. Individual insurance preferences are influenced by the region's commitment to universal healthcare systems; many choose to get supplemental coverage.

Recent Developments:

  • In Oct 2023, UnitedHealthcare declared its intention to provide individual as well as family plans on the Health Insurance Marketplace in 26 states for the year 2024. The benefit options encompass limitless primary and virtual urgent care at no cost, medications available for as cheap as $5, dental and vision coverage, and the possibility of earning up to $100 in reward incentives.
  • In Aug 2023, Anthem Blue Cross with Blue Shield in Connecticut introduced its Anthem Link Virtual First health insurance to qualified members in specific commercial health plans. Anthem Link Virtual First plans to offer individuals cost-effective access to virtual healthcare choices, such as a symptom checker powered by artificial intelligence, regular wellness care, and management of chronic conditions, as well as behavioural healthcare.

Individual Health Insurance Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 123.3 Bn

Revenue Forecast In 2031

USD 188.4 Bn

Growth Rate CAGR

CAGR of 5.5 % from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2024 to 2031

Historic Year

2019 to 2022

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Application, Type, Policy

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea

Competitive Landscape

UnitedHealth Group, Anthem, Inc., Aetna, Humana Inc., Cigna Corporation, Kaiser Permanente, Blue Cross Blue Shield Association, Centene Corporation, WellCare Health Plans, Molina Healthcare, Health Care Service Corporation (HCSC), Highmark Inc., Independence Blue CrossRegence BlueCross BlueShield and Ambetter.

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Individual Health Insurance Market Snapshot

Chapter 4. Global Individual Health Insurance Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Industry Analysis – Porter’s Five Forces Analysis

4.6. Competitive Landscape & Market Share Analysis

4.7. Technology Advancement in Individual Health Insurance Market

4.8. Key Trends in the Market

Chapter 5. Market Segmentation 1: Type Estimates & Trend Analysis

5.1. Type & Market Share, 2019 & 2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2024 to 2031 for the following Type:

5.2.1. Health Maintenance Organization (HMO)

5.2.2. Preferred Provider Organization (PPO)

5.2.3. Exclusive Provider Organization (EPO)

5.2.4. High Deductible Health Plan (HDHP)

5.2.5. Others

Chapter 6. Market Segmentation 2: Application Estimates & Trend Analysis

6.1. Application & Market Share, 2019 & 2031

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2024 to 2031 for the following Application:

6.2.1. Individual Coverage

6.2.2. Family Coverage

6.2.3. Senior Coverage

6.2.4. Student Health Insurance

6.2.5. Others

Chapter 7. Market Segmentation 3: Policy Estimates & Trend Analysis

7.1. Policy & Market Share, 2019 & 2031

7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2024 to 2031 for the following Policy:

7.2.1. Basic Health Policies

7.2.2. Comprehensive Health Policies

7.2.3. Short-term Health Policies

7.2.4. Others

Chapter 8. Individual Health Insurance Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Type, 2023-2031

8.1.2. North America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Application, 2023-2031

8.1.3. North America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Policy, 2023-2031

8.1.4. North America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by country, 2023-2031

8.1.4.1. U.S.

8.1.4.2. Canada

8.2. Europe

8.2.1. Europe Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Type, 2023-2031

8.2.2. Europe Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Application, 2023-2031

8.2.3. Europe Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Policy, 2023-2031

8.2.4. Europe Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by country, 2023-2031

8.2.4.1. Germany

8.2.4.2. France

8.2.4.3. Italy

8.2.4.4. Spain

8.2.4.5. UK

8.2.4.6. Rest of Europe

8.3. Asia Pacific

8.3.1. Asia Pacific Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Type, 2023-2031

8.3.2. Asia Pacific Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Application, 2023-2031

8.3.3. Asia Pacific Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Policy, 2023-2031

8.3.4. Asia Pacific Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by country, 2023-2031

8.3.4.1. China

8.3.4.2. India

8.3.4.3. Japan

8.3.4.4. Australia

8.3.4.5. Rest of Asia Pacific

8.4. Latin America

8.4.1. Latin America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Type, 2023-2031

8.4.2. Latin America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Application, 2023-2031

8.4.3. Latin America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Policy, 2023-2031

8.4.4. Latin America Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by country, 2023-2031

8.4.4.1. Brazil

8.4.4.2. Rest of Latin America

8.5. MEA

8.5.1. MEA revenue Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Type, 2023-2031

8.5.2. MEA Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Application, 2023-2031

8.5.3. MEA Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by Policy, 2023-2031

8.5.4. MEA revenue Individual Health Insurance Market revenue (US$ Million) estimates and forecasts by country, 2023-2031

8.5.4.1. GCC Countries

8.5.4.2. South Africa

8.5.4.3. Rest of MEA

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles

9.2.1. UnitedHealth Group

9.2.2. Anthem, Inc.

9.2.3. Aetna

9.2.4. Humana Inc.

9.2.5. Cigna Corporation

9.2.6. Kaiser Permanente

9.2.7. Blue Cross Blue Shield Association

9.2.8. WellCare Health Plans

9.2.9. Centene Corporation

9.2.10. Molina Healthcare

9.2.11. Health Care Service Corporation (HCSC)

9.2.12. Highmark Inc.

9.2.13. Independence Blue Cross

9.2.14. Regence BlueCross BlueShield

9.2.15. Ambetter

9.2.16. Other Prominent Player

Segmentation of Individual Health Insurance Market-

Individual Health Insurance Market By Type

  • Health Maintenance Organization (HMO)
  • Preferred Provider Organization (PPO)
  • Exclusive Provider Organization (EPO)
  • High Deductible Health Plan (HDHP)
  • Others

Individual Health Insurance Market Seg

Individual Health Insurance Market By Application

  • Individual Coverage
  • Family Coverage
  • Senior Coverage
  • Student Health Insurance
  • Others

Individual Health Insurance Market By Policy

  • Basic Health Policies
  • Comprehensive Health Policies
  • Short-term Health Policies
  • Others

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Individual Health Insurance Market Size?

Individual Health Insurance Market is expected to grow at a 5.5% CAGR during the forecast period for 2024-2031

Centene Corporation, WellCare Health Plans, Molina Healthcare, Health Care Service Corporation (HCSC), Highmark Inc., Independence Blue CrossRegence B

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