Health insurance market to reach $5t by 2032

In India alone, an estimated 1.5 million new cancer cases were reported in 2022.

The global health insurance market was valued at $2.14t in 2024 and is projected to grow to $4.45t by 2032, with a compound annual growth rate (CAGR) of 9.7%, according to Fortune Business Insights.

Rising healthcare costs, an increasing prevalence of chronic diseases, and a growing number of accidents and surgeries are driving demand for health insurance. 

The burden of chronic conditions such as cancer and diabetes is also contributing to increased insurance adoption. 

In India alone, an estimated 1.5 million new cancer cases were reported in 2022, with one in nine people expected to develop cancer in their lifetime, according to an NCBI report. 

The growing geriatric population, which faces a higher risk of illness, is another factor supporting market expansion.  

Despite strong growth in developed markets such as the US, Germany, and Japan, health insurance penetration remains low in emerging economies like India and Brazil. 

Limited access to insurance products and low awareness of policy benefits have contributed to this gap. 

A 2022 BMJ Global Health article estimated health insurance coverage at just 7.9% in low-income countries and 27.3% in lower-middle-income countries.  

However, insurers are increasingly introducing tailored policies to attract new customers, especially in Southeast Asia and other emerging regions. 

Rising digital adoption, coupled with greater smartphone and internet penetration, is also creating new opportunities for insurers to expand their reach.