The Global Wellness And Activity-Based Health Insurance Market was valued at approximately USD 108.93 billion in 2023 and is anticipated to grow at a robust CAGR of 12.3% over the forecast period 2024-2032. Wellness and activity-based health insurance integrates preventive health measures and wellness activities into the insurance policy framework, incentivizing policyholders to adopt healthier behaviors. These insurance plans offer rewards, discounts, or other benefits to individuals meeting health-related goals, fostering a proactive approach to health management.
The rise in health awareness and wellness trends, coupled with advancements in wearable technology and health monitoring devices, significantly propels the growth of the global wellness and activity-based health insurance market. The increasing support from government bodies and regulatory initiatives also positively impacts market growth. However, concerns regarding privacy and data security, along with limited adoption among older populations, present challenges to market expansion. On the contrary, the rising demand for personalized health and wellness solutions offers lucrative opportunities for market growth in the forecast period.
The Global Wellness And Activity-Based Health Insurance Market is segmented by type, program, service provider, and region. In terms of type, the market is divided into individual plans and group plans. The individual plans segment dominated the market in 2022, driven by the increasing demand for policies that offer higher returns and benefits. However, the group plans segment is expected to exhibit the highest growth rate during the forecast period, attributed to technological advancements and increased awareness among consumers.
The key regions considered for the Global Wellness And Activity-Based Health Insurance Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America currently leads in terms of market share and adoption. This is largely due to the advanced healthcare infrastructure, high awareness of wellness and preventive care, and significant investments in health technology within the region. The U.S. has a strong culture of health and fitness, coupled with a robust insurance market that supports innovative health insurance models focusing on wellness and activity-based incentives. On the other hand, the fastest-growing region is Asia-Pacific. This region is experiencing rapid growth due to increasing urbanization, rising middle-class income, and a growing emphasis on preventive healthcare. As countries in Asia-Pacific modernize their healthcare systems and more individuals gain access to health insurance, there is a burgeoning interest in wellness programs and activity-based insurance models. Additionally, the region's large population and growing awareness about health and wellness drive the adoption of such insurance products at a faster rate compared to other regions.
Major market players included in this report are:
UnitedHealth Group Incorporated
Cigna Corporation
Aetna Inc. (Aetna, a CVS Health company)
Anthem, Inc.
Humana Inc.
Kaiser Permanente
Allianz Global Assistance
Bupa Global
WellCare Health Plans, Inc.
Molina Healthcare, Inc.
Oscar Health, Inc.
MetLife, Inc.
Prudential Financial, Inc.
Blue Cross Blue Shield Association (BCBSA)
Health Net, Inc.
The detailed segments and sub-segment of the market are explained below:
By Type:
Individual Plans
Group Plans
By Program:
Fitness Programs
Mental Health and Well-being Programs
By Service Provider:
Insurance Companies
Healthcare Providers
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
