Asia Pacific Group Health Insurance Market Size, Share & Trends Analysis Report By Firm Size (Large Firm, Small Firm), By Sales Channel (Agents, Websites, Banks), By Country (Australia, India, China), And Segment Forecasts, 2023 - 2030

Asia Pacific Group Health Insurance Market Size, Share & Trends Analysis Report By Firm Size (Large Firm, Small Firm), By Sales Channel (Agents, Websites, Banks), By Country (Australia, India, China), And Segment Forecasts, 2023 - 2030

Asia Pacific Group Health Insurance Market Growth & Trends

The Asia Pacific group health insurance market size is anticipated to reach USD 649.5 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.3% from 2023 to 2030. Increased healthcare expenditure, growing awareness about the need for health insurance and related benefits, and the rising prevalence of chronic disorders in the APAC region are driving the market. The COVID-19 pandemic has significantly altered consumer perceptions of health insurance in this region, leading to greater adoption and growth of the group health insurance market. Furthermore, innovations, such as a corona-specific plan, are boosting market growth.

For example, according to an article published by Ins Communications Pte. Ltd. in March 2020, an Indian health insurer and www.plumhq.com, launched group-health insurance to cover COVID-19 for corporate employees and their families. Furthermore, the market is likely to grow due to the rising prevalence of chronic diseases, such as cancer and cardiovascular disorders, requiring immediate medical attention. According to the International Agency for Research on Cancer, in 2020, Asia had 95,03,710 new cancer cases and 5,809,431 fatalities. Furthermore, India is expected to grow at the fastest CAGR over the forecast period due to the government’s acceptance of group health insurance and increased awareness among people.

For instance, according to an article published by Plum Benefits Pvt. Ltd. in September 2022, the Insurance Regulatory & Development Authority of India (IRDAI) made it mandatory for all industrial and commercial establishments to provide comprehensive group health insurance coverage to their respective workforces, illustrating the rising popularity of group health insurance in India. Companies in the larger health insurance industry, which includes the market for group health insurance, are undertaking various strategies to retain existing customers and strengthen their industry position. For instance, in November 2022, DocDoc collaborated with Aon and Asian insurers to provide participants of employer health plans with data-enabled patient empowerment solutions. Such initiatives are also anticipated to contribute to growth over the forecast period.

Asia Pacific Group Health Insurance Market Report Highlights

• The large firm segment accounted for the maximum share in 2022 and is likely to maintain its dominance over the forecast period
• The website sales channel segment is expected to register the fastest growth rate during the forecast period
• China held the largest share in 2022 due to its strong economy, growing demand for insurance, high government investment, and technological advancements
• India is anticipated to register the fastest growth rate over the forecast period due to the increasing adoption of group health insurance

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