The group health insurance market in Asia-Pacific is expected to grow at a compound annual growth rate (CAGR) of 12.2% from 2022 to 2031, according to a new report by Allied Market Research.
Globally, the market is projected to reach $1.8 trillion by 2031. In 2021, North America held the largest share, representing over one-third of the global market.
The worldwide group health insurance market is also set to grow at a CAGR of 9.4% during the same period.
Key factors driving this growth include the mandatory requirement for employers to provide group health insurance in both public and private sectors, alongside the rising incidence of chronic diseases such as cardiovascular disease, cancer, and diabetes.
However, challenges such as limited reimbursement options at some hospitals and clinics, along with increasing policy premiums, are expected to limit market growth.
Among various plan types, fully insured plans made up more than half of the global market revenue in 2021 and are anticipated to retain their dominant position through 2031. The self-insured plan segment is expected to experience the fastest growth, with a projected CAGR of 10.6%.
Regarding enterprise size, large enterprises accounted for nearly three-fourths of the market share in 2021. Meanwhile, the micro, small, and medium enterprises (MSMEs) segment is predicted to grow at a rate of 11.1%.
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