Albany, NY -- (SBWIRE) -- 09/30/2016 -- Health insurance is a major part of the healthcare scenario around the world, due to its importance it ensuring timely treatment of diseases and conditions. Many patients can't afford a one-time payment for advanced medical procedures, which is where the health insurance industry is of crucial help.

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Following the aftereffects of the 2008-09 economic meltdown, the prospects for the health insurance market have steadily improved, particularly in the developed world. The renewed and rising prosperity of health insurance customers in regions such as North America has helped the regional health insurance market post robust figures in the last few years. This has helped the global health insurance market massively; the global market is expected to rise at a high rate in the coming years.

U.S., EU5 Leading Global Health Insurance Market

The U.S. has one of the widest and most advanced medical care infrastructures in the world and consequently the highest scope for the health insurance market. The market has improved massively post-2009 and is now dominated by companies such as Cigna Corp., UnitedHealth Group Inc., Aetna Inc., Humana Inc., and Anthem Inc. Major companies such as these take up more than 80% of the health insurance market in the U.S. This has led to heavy competition among these major players and a high barrier for the entry of new players.

In the Europe market for health insurance, the U.K., Germany, Italy, France, and Spain, known as the EU5, comprise the majority of the regional health insurance market. The market is led by the universal healthcare programs implemented in these countries, which has also effectively cut off private firms from entering the Europe health insurance market. However, the steady governmental support for health insurance in these European giants is expected to keep demand from the health insurance market high in the coming years.

Asia Pacific is expected to rise in prominence in the global health insurance market in the coming years. The rising prevalence of several chronic diseases and rising prosperity of consumers in countries such as China, Japan, and South Korea is expected to help prop up the Asia Pacific health insurance market. The growth of the middle class in countries such as India, Thailand, and Indonesia is also helping the Asia Pacific health insurance market massively.

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Greater Consumer Accessibility Shaping Competitive Landscape of Health Insurance Market

The global health insurance market's trajectory is primarily affected by the pursuit of providing insurance services that can be easily understood and accessed by the consumer. Technologically advanced solutions such as cloud computing and big data analytics are being employed by major health insurance players to make the market more lucrative to the average buyer.

North America's dominance in the global health insurance market is thus also helped by the ready support to such high-tech solutions, due to the region's rich technological landscape. The U.S. has always been one of the most technologically advanced countries in the world and has thus supported innovation in healthcare technology and incorporation of the same into the public healthcare scenario. This is expected to propel the North America health insurance market in the coming years.