Canadian Medical Insurance market is in the growth stage and was estimated to reach USD 44.7 billion in 2018. It is expected to grow at the CAGR of 7.5% during the forecasted time period of 2019-2024 because of the increasing number of chronic illnesses and rising health care costs.
- Definition / Scope
- Market Overview
- Top Market Opportunities
- Market Drivers
- Market Restraints
- Industry Challenges
- Technology Trends
- Pricing Trends
- Regulatory Trends
- Market Size and Forecast
- Market Outlook
- Distribution Chain Analysis
- Competitive Landscape
- Key Market Players
- Strategic Conclusion
Definition / Scope
Medical insurance is the type of insurance that covers the whole or part of the medical expenses through the system of risk pooling in the health care delivery system. It includes insurance for accidents, disability, or accidents, which is either administered from the government agency, private business or not for profit organization. Here, an insurer has to pay for monthly premiums or payroll tax specified in the insurance agreement.
In the context of Canada, provinces, and territories have their own universal health insurances and the health care delivery system is publicly funded.
Health services are mostly provided free of cost to the citizens. However, it doesn't cover prescription drugs, home care, private hospital rooms, prescription glasses, hearing aids, cosmetic surgery, counselors, physiotherapists, and dental care.
For this, they have to pay for these services either from out of their pocket or through private medical insurance and employer plans. About two-thirds of Canadians i.e. 25 million had supplementary health insurance and about 12% of total health expenditure from private insurance in 2018. The medical insurance market is segmented into the following types:
- Publicly-funded Insurance/ social security scheme
- For-profit private organizations
- Not-for-profit insurance companies