Maternity health insurance market to grow at 7.9% CAGR by 2032

Based on mode, online segment held the highest market share in 2023.

The global maternity health insurance market, valued at $135.3b in 2023, is projected to grow at a CAGR of 7.9%, reaching $269.3b by 2032, according to a report by Allied Market Research.  

Market growth is driven by increased adoption of insurance services and expansion strategies by public and private insurers. 

However, strict regulations imposed by banks and financial institutions could pose challenges. 

Technological advancements in insurance services are expected to create new opportunities for industry players.  

Based on mode, the online segment held the highest market share in 2023, driven by the growing use of digital channels, ease of plan comparison, and the impact of COVID-19 on consumer behaviour. 

The banks segment also led the market, leveraging their customer trust, extensive distribution networks, and financial advisory services to promote insurance products.