What Are Key Factors Driving Advancement Of Private Healthcare Insurance Industry?

By Author: Pramod Kumar
Total Articles: 97
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With the increasing prevalence of various chronic diseases and the surging costs of healthcare and patient care across the world, the demand for healthcare insurance is growing rapidly. A healthcare insurance covers the surgical and medical expenses incurred during the treatment of the insured individual. Moreover, a healthcare insurance can reimburse the various expenses incurred during the treatment of the injury or illness or directly pay the healthcare providers for the treatment of the insured person.

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There are various types of plans provided by private healthcare insurance industry players for disease, income, and medical protection. Medical insurance is the healthcare insurance policy that covers high deductible medical treatment expenses. Under this policy, only a limited amount for certain expenses such as emergency services, ambulatory patient services, and hospital bed expenses are covered. Additionally, the costs of prescription drugs, hospitalization, laboratory services, pediatric ...
... services, and mental health and substance use disorder services are covered under this insurance.

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As per the Population Reference Bureau (PRB) report called Aging in the United States, the population of Americans in the age bracket—65 years and above is predicted to grow by more than double, that is, from 46 million to more than 98 million from 2016 to 2060. Furthermore, according to the report, the percentage share of geriatric people in the country’s total population will increase from 15% to around 24% from 2016 to 2060.

Hence, it is safe to say that due to the escalating healthcare costs, the surging geriatric population, and the growing incidence of chronic diseases in several countries, the industry will exhibit huge expansion all over the globe in the coming years.

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.