Over the past few years, the Health insurance market in North America has been experiencing significant developments and trends.
Customer preferences: Customers in North America are increasingly seeking health insurance plans that offer comprehensive coverage, including benefits such as telemedicine, wellness programs, and mental health support. There is a growing demand for personalized and flexible insurance options that cater to individual needs and lifestyles.
Trends in the market: In the United States, the Health insurance market is witnessing a shift towards value-based care and alternative payment models, driving insurers to innovate and collaborate with healthcare providers to improve quality of care while reducing costs. Additionally, the rise of digital health technologies and data analytics is transforming how insurers engage with customers and manage their health outcomes.
Local special circumstances: Canada, on the other hand, has a universal healthcare system that covers essential medical services for all residents. As a result, the private health insurance market in Canada primarily focuses on supplemental coverage for services not included in the public system, such as prescription drugs, dental care, and vision care. Insurers in Canada are adapting their offerings to provide more tailored solutions to meet the specific needs of different demographic groups.
Underlying macroeconomic factors: The increasing healthcare costs, an aging population, and the prevalence of chronic diseases are driving the growth of the health insurance market in North America. Moreover, regulatory changes and healthcare reforms are shaping the competitive landscape and influencing market dynamics in the region. Insurers are navigating these challenges by exploring new business models, expanding their service offerings, and enhancing their digital capabilities to stay competitive in the evolving market.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
