Health insurance market to hit $4.45t by 2032

The market is expected to grow 9.7% yearly.

The global health insurance market was valued at $2.14t in 2024 and is projected to reach $4.45t by 2032, according to Fortune Business Insights. 

The market is expected to register a compound annual growth rate of 9.7% from 2025 to 2032.

The Asia-Pacific region is expected to post the fastest growth during the forecast period, driven by rising healthcare spending, a large uninsured population, and increased digital penetration in countries such as China, India, and South Korea.

The growth of the health insurance market is being supported by increasing rates of illness, surgeries, and accidents, alongside rising medical costs. 

Penetration remains low in many emerging markets. As of 2022, health insurance coverage was 7.9% in low-income countries and 27.3% in lower-middle-income countries, according to BMJ Global Health. 

Limited access and low awareness continue to constrain uptake in markets such as India and Brazil.

Insurers are now offering more flexible products tailored to individual needs, alongside efforts to expand digital platforms for easier access and enrollment.