Global Medicare Advantage Market Expected to Reach XX Million by 2025
According to a new report published by XXXXXX titled, “Medicare Advantage Market By Type & Method: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the medicare advantage market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North American region dominates the medicare advantage market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
Medicare advantage is the type of medical or health insurance that pays for managed health care on the basis of monthly fee per enrolee. These are the medical and hospitals insurance that are provided by the private companies rather than the federal government. These are also known as Part C Plans that provide the same coverage as that of Plan A (Hospital) and Plan B (Medical). They usually provide Plan D (Drugs) coverage as well, hence are more attractive than the government or Medicare plans.
Modern Medicare advantage plans have successfully gained the market due to various benefits that they provide over traditional Medicare plans. These MA plans have improved the process and are more customers centric to improve the plan quality and consumer satisfaction. MA plans allows the insurers to structure their plans so that to maximize their attractiveness to consumers. Also the highly subsidized MA plans for the employers largely fill the same gap as that of the traditional Medicare for retiree but is less expensive and hence is more attractive to the consumers. All these factors are leading to the improved market growth.
North America commands the major market share of the global Medicare advantage market owing to the maximum population in the countries opting for such plans. There are more private or individual enrolments in Medicare advantage segments than group enrolment in health insurance market in the region. Europe commands the second largest share due to increasing privatization and hence the improvement in Medicare. Asia Pacific is expected to provide larger opportunities to the market players with the continual economic developments and increasing awareness among the people.
Key Question Answered: • What will be the market size in 2025 and at what rate it will grow? • What trends, barriers, challenges are influencing its growth? • Who are the major key players in global medicare advantage market and what are their strategies? • Which vertical industry is expected to show major growth? • What segment and region will lead the market and why?
The major companies profiled in the report include: UnitedHealth, Humana, Aetna, Anthem, Cigna, Kaiser Permanente, and HCSC.
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