Health insurance market revenue for the year 2023 accounted for US$ 1,921.4 Bn. Looking forward, Reports and Insights expects by the end of 2032, the market is anticipated to have a potential value of US$ 3,329.8 Bn, advancing at a CAGR of 6.3% between 2024 and 2032.
Health insurance is designed to cover medical expenses that arise due to illness or need for treatment for an individual and serves to avoid sudden high out-of-pocket costs of medical care. These products provide coverage for medical expenses, including hospitalization, doctor visits, prescription medications, and surgeries. Health insurance offers peace of mind, ensuring access to quality healthcare without substantial financial strain.