APAC’s group health insurance market slated for 12.2% CAGR by 2031

Globally, the market is seen to bag $1.8t.

Asia-Pacific’s group health insurance market is projected to register a compound annual growth rate (CAGR) of 12.2% from 2022 to 2031, according to a report by Allied Market Research.

Globally, group health insurance market is projected to bag to $1.8t by 2031. North America held the largest market share in 2021, accounting for over one-third of the global total.

The global market is also expected to register a compound annual growth rate (CAGR) of 9.4% from 2022 to 2031.

Key growth drivers include the mandatory provision of group health insurance for employees in both public and private sectors, as well as a rising prevalence of chronic conditions such as cardiovascular disease, cancer, and diabetes. 

However, limited reimbursement options at certain hospitals and clinics, along with rising policy and premium costs, are expected to restrict market expansion.

Amongst plan types, fully insured plans accounted for over half of global market revenue in 2021 and are expected to maintain the lead through 2031. 

The self-insured plan segment is projected to grow at the fastest rate, with a CAGR of 10.6%.

In terms of enterprise size, large enterprises made up nearly three-fourths of the market share in 2021. 

The micro, small, and medium enterprises (MSMEs) segment is forecast to grow at a CAGR of 11.1%.