Canada Health and Medical Insurance Market Size

Canadian Health Insurance Market Analysis

Canada Health and Medical Insurance Market has generated a revenue of USD 112.29 Billion in the current year and is poised to achieve a CAGR of 5.83% for the forecast period. Canada has a universal health care system funded through taxes. This means that any Canadian citizen or permanent resident can apply for public health insurance. While Medicare provides all the required health services free of charge to all residents, some employers offer private supplemental health insurance as a benefit to attract quality employees. Each province and territory has a different health plan that covers different services and products. Packaged insurance plans are gaining popularity in Canada and include one plan for medical, death, accident, disability, death, and dismemberment. Each province holds the responsibility to raise revenue, plan, regulate, and ensure the rightful delivery of healthcare services, although the federal government regulates certain aspects of prescription drugs and subsidizes the province's coverage of services to vulnerable populations. Coverage under the plan changes from province to province, but it generally includes all the coverage mentioned above. The demand for supplementary health insurance plans has also gained momentum, as these cover healthcare costs that are not covered by public health plans, such as prescription drugs, dental, vision, hospitalization, and other services.

The COVID-19 outbreak has impacted the lives and businesses of all individuals in Canada. The pandemic has increased the need for customers to purchase health insurance in order to perceive better medical facilities and healthcare treatments, and the COVID-19 outbreak has resulted in a rapid increase in hospitalizations. Health insurance claims have increased tremendously. The health insurance sector is also coming up with products to meet the requirements for COVID-19-specific policies. The pandemic augmented the market for digital health products, and hence, health insurance providers focused on the process of modernizing and digitizing.