What will drive the health and medical insurance market for the next 4 years?

The industry is projected to rise at a CAGR of 8.9% by 2028.

The global health and medical insurance market is foreseen to rise at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2028. The market is also expected to grow to $3.4t, said a BCC Research Report.

Health and medical insurance are essential worldwide, driven by events like COVID-19, the Ukraine-Russia war, and rising diseases due to sedentary lifestyles. 

Increasing healthcare costs and advanced, expensive medical procedures further boost insurance demand.

Additionally, the rise of long-term illnesses like diabetes, heart disease, and cancer, along with fast-spreading infections like flu, HIV, and tuberculosis, boost the need for better healthcare, treatments, and insurance coverage.

Changes to laws and policies aim to make insurance more accessible, affordable, and effective by expanding coverage, lowering costs, improving care quality, protecting patients with pre-existing conditions, and enhancing market transparency.

The growing proportion of elderly individuals due to higher life expectancy and declining birth rates raises the need for comprehensive insurance coverage.

As economies grow, more goods and services are produced, leading to more jobs and higher incomes, which improves people's ability to afford insurance.