Health insurance industry to rise 6.4% annually until 2031

Individual health insurance remains the largest segment globally.

The global health insurance market is projected to grow from about $2.2b in 2022 to $3.6b by 2031, reflecting a compound annual growth rate of 6.4%, according to DataM Intelligence.

Asia-Pacific is amongst the fastest-growing regions, driven by rising incomes, expanding middle-class populations, and higher healthcare spending. China, India, and Japan are key contributors, with digital health and telemedicine supporting wider insurance access.

Individual health insurance remains the largest segment globally due to flexible and customised coverage, whilst corporate health insurance is gaining traction in emerging markets as employers expand health benefits.

Rising chronic disease rates, higher medical costs, and growing awareness of financial protection are driving global demand. In emerging economies, government initiatives and national health programmes are further boosting adoption.