Domiciliary Insurance Market Size Report to 2031

Coverage: Domiciliary Insurance Market covers analysis By Coverage (Lifetime Coverage and Term Coverage); Service Provider (Public and Private); and Geography

  • Report Code : TIPRE00039142
  • Category : Banking, Financial Services, and Insurance
  • Status : Upcoming
  • No. of Pages : 150
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The domiciliary insurance market is anticipated to expand at a CAGR of 11.2% from 2023 to 2031.

The rising aging population and rising healthcare expenditure drive the domiciliary insurance market growth.

Domiciliary Insurance Market Analysis

The domiciliary insurance market has experienced significant growth in recent years, driven by various factors, including changing demographics, rising healthcare costs, and evolving consumer preferences. Domiciliary health insurance, also known as home health insurance, provides coverage for medical services and treatments delivered at home, offering convenience and flexibility for patients while potentially reducing healthcare expenses.

Domiciliary Insurance Industry Overview

  • When a policyholder has domiciliary insurance, they are still treated as though they are in a hospital, even though they are receiving care at home. Health insurance also pays for in-home therapies for illnesses, injuries, and cures; policyholders receive reimbursement for these services.  
  • As populations age worldwide, there is a growing demand for healthcare services that can be provided in the comfort of one's home. Domiciliary health insurance caters to the needs of elderly individuals who prefer to receive medical care at home rather than in institutional settings.
  • The prevalence of chronic diseases such as diabetes, cardiovascular conditions, and respiratory disorders is increasing globally. Domiciliary health insurance plans often cover services like remote monitoring, medication management, and home visits by healthcare professionals, which are essential for managing chronic conditions effectively.
  • Advances in telemedicine, wearable devices, and remote monitoring technology have facilitated the delivery of healthcare services outside traditional clinical settings. Domiciliary health insurance providers leverage these technologies to offer virtual consultations, real-time health monitoring, and personalized care plans tailored to individual patient needs.

Domiciliary Insurance Market Drivers and Opportunities

 

Rising Aging Population to Drive the Domiciliary Insurance Market

  • One of the key drivers of the domiciliary market growth is the rising aging population. The world's population is aging, with the 65+ age group experiencing the fastest rate of growth. For example, the World Health Organization estimates that approximately 1 billion people worldwide are 60 years of age or older. By 2030, there will be 1.4 billion, and by 2045, there will be 2.1 billion.
  • The aging population is becoming more and more dependent on home health services since they have more health issues that need to be managed constantly and a limited amount of mobility.

Domiciliary Insurance Market Report Segmentation Analysis

  • Based on coverage, the domiciliary insurance market is segmented into lifetime coverage and term coverage.
  • The lifetime coverage segment is expected to hold a substantial domiciliary insurance market share in 2023.
  • The worldwide domiciliary insurance industry is seeing a notable upswing in demand for the lifetime coverage sector. Customers' growing awareness of the lifetime coverage plans' long-term benefits and security is the reason for this increased interest.
  • Whole-life insurance policies are becoming more and more popular as the number of older people increases and more people look for long-term financial security.
  • In order to meet this demand, the lifetime coverage market offers policies that not only take care of urgent medical needs but also give a feeling of stability and security, especially in the event that age-related health issues arise. The worldwide domiciliary insurance industry is seeing a notable upswing in demand for the lifetime coverage sector.

Domiciliary Insurance Market Share Analysis By Geography

The scope of the domiciliary insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant domiciliary insurance market share. The region's significant economic development, growing population, and increasing focus on financial inclusion across diverse economies have contributed to this growth. There are several reasons for the increase in demand, including the region's increased interest in home-based healthcare coverage. The aging population in North America is a major factor since many people are looking for insurance plans that support their desire to get medical treatment in the convenience of their own homes.

Domiciliary Insurance Market Report Scope

The "Domiciliary Insurance Market Analysis" was carried out based on coverage, service provider, and geography. In terms of coverage, the market is segmented into lifetime coverage and term coverage. Based on the service provider, the domiciliary insurance market is segmented into public and private. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Domiciliary Insurance Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the domiciliary insurance market. A few recent key market developments are listed below: 

  • In December 2023, Universal Sompo General Insurance introduced “Muskaan," an innovative health insurance policy carefully designed to create a positive social impact and uplift domestic workers and staff. Recognizing the significant contributions of domestic workers to society and understanding their unique needs, the insurance company has developed a tailored product to cater to their specific requirements.

[Source: Universal Sompo General Insurance, company website]

  • In January 2024, Narayana Health received approval from the Insurance Regulatory and Development Authority of India (Irdai) to launch a health insurance business in India.

[Source: Narayana Health, company website]

Domiciliary Insurance Market Report Coverage & Deliverables

The market report “Domiciliary Insurance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-

  • Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
  • Market dynamics such as drivers, restraints, and key opportunities.
  • Key future trends.
  • Detailed PEST & SWOT analysis
  • Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
  • Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
  • Detailed company profiles.
REGIONAL FRAMEWORK

Domiciliary Insurance Market Report Analysis

Domiciliary Insurance Market

  • CAGR (2023 - 2031)
    11.2%
  • Market Size 2023
    US$ XX million
  • Market Size 2031
    US$ XX million

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Allianz
  • Cigna Group
  • AIA Group Limited
  • AXA
  • Aviva
  • Aetna Inc.
  • HDFC ERGO General Insurance Company Limited
  • Munich Re
  • ICICI Lombard General Insurance Company Ltd.
  • Ethos Technologies Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Coverage
  • Lifetime Coverage and Term Coverage
By Service Provider
  • Public and Private
By Geography
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Domiciliary Insurance Market Report Scope

Report Attribute Details
Market size in 2023 US$ XX million
Market Size by 2031 US$ XX million
Global CAGR (2023 - 2031) 11.2%
Historical Data 2021-2022
Forecast period 2023-2031
Segments Covered By Coverage
  • Lifetime Coverage and Term Coverage
By Service Provider
  • Public and Private
By Geography
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Allianz
  • Cigna Group
  • AIA Group Limited
  • AXA
  • Aviva
  • Aetna Inc.
  • HDFC ERGO General Insurance Company Limited
  • Munich Re
  • ICICI Lombard General Insurance Company Ltd.
  • Ethos Technologies Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    What is the estimated market CAGR for the global domiciliary insurance market in 2023?

    The global domiciliary insurance market is expected to grow at a CAGR of 11.2% during the period 2023 - 2031.

    What are the driving factors impacting the global domiciliary insurance market?

    The rising aging population and rising healthcare expenditure are the major factors that propel the global domiciliary insurance market growth.

    What are the future trends of the global domiciliary insurance market?

    Telehealth integration and customized policies are anticipated to play a significant role in the global domiciliary insurance market in the coming years.

    Which are the key players holding the major market share of the domiciliary insurance market?

    The key players holding majority shares in the global domiciliary insurance market are Allianz; Cigna Group; AIA Group Limited; AXA; Aviva.

    • Allianz
    • Cigna Group
    • AIA Group Limited
    • AXA
    • Aviva
    • Aetna Inc.
    • HDFC ERGO General Insurance Company Limited
    • Munich Re
    • ICICI Lombard General Insurance Company Ltd.
    • Ethos Technologies Inc.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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