Health insurance - Eastern Asia | Statista Market Forecast

The Health insurance market market in Eastern Asia is expected to reach a projected market size (gross written premium) of US$168.90bn in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$103.40 in 2024.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 2.53%, resulting in a market volume of US$191.40bn by 2029.
In comparison to other countries worldwide, the United States is projected to generate the highest gross written premium in 2024, amounting to US$1.7tn.
In Eastern Asia, the health insurance market in Japan is characterized by a high level of coverage and a strong emphasis on preventive care.

Definition:

Health insurance is a financial arrangement in which individuals or groups pay regular premiums to a provider, typically an insurance company. In exchange for these premiums, the insurer offers coverage and financial assistance for various healthcare-related costs, including but not limited to medical consultations, hospitalization, prescription medications, and other medical services. According to our current definition, the health insurance market includes voluntary health insurances.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Voluntary health insurance contributions

Compulsory health insurance contributions
Government schemes
Out-of-pocket payments
Reinsurance

The Health insurance market in Eastern Asia is experiencing significant growth and development.

Customer preferences: Customers in Eastern Asia are increasingly seeking comprehensive health insurance coverage that includes a wide range of benefits such as hospitalization, outpatient care, and coverage for critical illnesses. There is a growing preference for customizable insurance plans that cater to individual needs and preferences.

Trends in the market: In Japan, there is a trend towards the adoption of technology in the health insurance sector, with the rise of telemedicine services and digital health platforms. This trend is driven by the country's aging population and the need for innovative solutions to improve access to healthcare services. In South Korea, the health insurance market is seeing a rise in the demand for wellness and preventive care coverage. Insurers are offering incentives for policyholders to engage in healthy behaviors and regular health screenings, reflecting a shift towards a more proactive approach to healthcare. China is experiencing a trend towards the integration of health insurance with other financial products, such as investment and savings plans. This convergence is driven by the country's growing middle class and their increasing awareness of the importance of financial planning for healthcare expenses.

Local special circumstances: In Taiwan, the government plays a significant role in the health insurance market through the National Health Insurance program, which provides universal coverage to all residents. This has created a unique competitive landscape for private insurers, who must differentiate themselves by offering specialized services and benefits. In Hong Kong, the health insurance market is influenced by the city's status as an international financial hub, with a high concentration of expatriates and multinational companies. Insurers in Hong Kong often tailor their products to meet the needs of this diverse and affluent customer base, offering premium services and global coverage options.

Underlying macroeconomic factors: The economic growth and increasing disposable income in Eastern Asia are driving the demand for health insurance products. As individuals and families seek to protect themselves against rising healthcare costs, the health insurance market is expanding to meet this growing need. Additionally, government initiatives to improve healthcare access and quality are also contributing to the development of the health insurance market in the region.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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