$1.3tr
$XXX.Xbn
561k
840
$XX.Xbn
The Health and Medical Insurance industry, which is made up of carriers of private and public health, medical and dental insurance, has grown. This growth is a result of consistent increases in healthcare expenditure and medical cost inflation, in addition to a decline in the uninsured rate. Industry revenue is correlated with total health expenditure, as operators increase premiums to maintain profitability. Due to the COVID-19 pandemic, the industry experienced an influx of enrollment through expanded Medicaid eligibility, in addition to lower operating costs due to lower healthcare utilization. As unemployment increased, many people lost their employer-sponsored health insurance, causing limited growth in 2020. In the past five years, industry revenue grew at a CAGR of 3.6% to $1.3 trillion, including a 1.5% increase in 2023 alone, when profit increased to 9.1%.
Industry revenue has grown at a CAGR of 3.6 % over the past five years, to reach an estimated $1.3tr in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Cvs Health Corporation | 333,475.2 | 15,478.9 | 4.6 | |
Unitedhealth Group Incorporated | 324,162.0 | 28,435.0 | 8.8 | |
Anthem, Inc. | 160,973.8 | 8,529.9 | 5.3 |
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Industry revenue is measured across several distinct product and services lines, including Pharmacy benefit management (PBM), Preferred provider organization (PPO) plans and High-deductible health plans (HDHPs). Pharmacy benefit management (PBM) is the largest segment of the Health & Medical Insurance in the US.
Preferred provider organization (PPO) plans have increased in popularity
This industry underwrites (i.e. assumes the risks of and assigns premiums for) health and medical insurance policies. Insurance is the transfer of the risk of a loss in exchange for payment. Operators also provide administrative services for self-funded insurance plans. Under this structure, the industry operator is a third-party administrator and is not responsible for health benefit payments. This industry does not include direct government health insurance.
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NAICS 524114 - Health & Medical Insurance in the US
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Geographical distribution has changed little over the past decade. The distribution of health insurance is conducted on a state-by-state basis due to industry regulations.
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Insurers are highly regulated and are subject to both state and federal regulatory agencies. The main source of regulation stems from state-level entities.
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Expenses can be separated into two broad categories: costs directly related to medical care and other costs associated with running insurers' operations. The cost directly re...
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Health & Medical Insurance in the US industry in United States is $1.3tr in 2024.
There are 840 businesses in the Health & Medical Insurance in the US industry in United States, which has grown at a CAGR of 2.0 % between 2018 and 2023.
The market size of the Health & Medical Insurance in the US industry in United States has been growing at a CAGR of 3.6 % between 2018 and 2023.
Over the next five years, the Health & Medical Insurance in the US industry in United States is expected to grow.
The biggest companies operating in the Health & Medical Insurance market in United States are Cvs Health Corporation, Unitedhealth Group Incorporated and Anthem, Inc.
Health and medical insurance policies and Dental policies are part of the Health & Medical Insurance in the US industry.
The company holding the most market share in United States is Cvs Health Corporation.
The level of competition is high and steady in the Health & Medical Insurance in the US industry in United States.