Italy Healthcare Insurance Market Report 2022 to 2030

Italy Healthcare Insurance Market Analysis

$ 3999

The Italy healthcare insurance market is projected to grow from $48.63 Bn in 2022 to $84.18 Bn by 2030, registering a CAGR of 7.1% during the forecast period of 2022 - 2030. The main factors driving the growth would be increasing chronic disease prevalence, regulatory changes, private insurance market growth and technological advances. The market is segmented by the component, provider, coverage, by health insurance plans and end-user. Some of the major players include Generali, Intesa Sanpaolo Vita, Poste Vita, Unipol and Cattolica.

ID: IN10ITHS008 CATEGORY: Healthcare Services GEOGRAPHY: Italy AUTHOR: Neha Davda

Buy Now

Italy Healthcare Insurance Market Executive Summary

The Italy healthcare insurance market is projected to grow from $48.63 Bn in 2022 to $84.18 Bn by 2030, registering a CAGR of 7.1% during the forecast period of 2022 - 2030. In 2019, Italy spent $2,906 per person on healthcare or 8.67% of its GDP. Health spending falls well short of the EU norm in terms of per capita spending and as a percentage of GDP. In 2019, the government paid for about 74% of healthcare expenses, which is less than the average of 80% across the EU.

Italy, which views access to healthcare as a fundamental right, provides universal healthcare as part of its public healthcare system to all citizens and permanent residents. The government organisation in charge of providing high-quality care is the Servicio Sanitaris Nazionale (SSN), and all individuals qualified for public healthcare must register with the SSN. Although the quality of public healthcare in Italy is generally high, bureaucracy and lengthy wait times are a fact of life. Nonetheless, the perks that Italian employees enjoy have made it easier for many Italian citizens to ignore the dual problems of overcrowding and prolonged wait times for medical attention.

About 10% of people have some type of volunteer health insurance, which provides coverage for services not included in SSN core benefits, a higher level of comfort and privacy in hospital settings, and a larger range of options between public and private providers. Some private health insurance plans additionally reimburse co-payments for services rendered privately or a daily rate of pay while a patient is in the hospital.

Italy Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

The Italy healthcare Insurance market is expected to be driven by factors such as:

Increasing chronic disease prevalence- Italy is seeing an increase in chronic diseases like diabetes, heart disease, and cancer, similar to many affluent nations. The demand for healthcare services and insurance coverage is anticipated to rise as a result of this trend
Regulatory changes- The Italian government has recently implemented a number of reforms aimed at enhancing the healthcare system, including adjustments to the payment procedures and financial incentives for preventative care. The need for healthcare insurance coverage is projected to rise as a result of these changes
Private insurance market growth- Although Italy has a comprehensive public healthcare system, many people choose to add private insurance to their coverage. Due to consumer desire for more extensive coverage and quicker access to healthcare services, the private insurance sector is anticipated to continue expanding
Technological advances- New technology, like telemedicine and electronic health data, are being quickly incorporated into the Italian healthcare sector. The effectiveness and quality of healthcare services are projected to expand as a result of these developments, raising demand for insurance coverage

Market Restraints

The following factors are expected to limit the growth of the healthcare insurance market in Italy:

Low disposable income- The citizens of Italy may have less money available to spend on health insurance because their per capita income is lower than that of many other European countries. As a result, there might be less of a demand for private health insurance
High taxes- Due to their high tax burden, Italians have less money available to spend on health insurance. Private health insurance providers find it increasingly challenging to compete with the publicly financed SSN due to high taxes which restrict market expansion
Ageing population- One of Europe's oldest populations is found in Italy. Because ageing is linked to greater healthcare expenditures, it may be more challenging for private health insurance providers to provide reasonably priced coverage

Competitive Landscape

Key Players

Generali (ITA)- One of the biggest providers of asset management and insurance worldwide is Generali. With a strong foothold in the direct Life and P&C channels through Genertel and Genertellife, recently renewed and the country's first native digital insurance provider, the business remains largely agent-centric. With a total share of 17.6%, up from the previous year, Generali affirms its dominance in the Italian insurance industry
Intesa Sanpaolo Vita (ITA)- The Insurance Division is a collection of insurance providers owned by Intesa Sanpaolo. It is a wealth management and protection company that provides both P&C (such as Health, Home etc.), and Life insurance (such as unit-linked, pension products, etc.) tailored for the Group's clients through Intesa banking salesforce, operating both in Italy and in the global market
Poste Vita (ITA)- Italian life insurance market size and prestige are currently led by Poste Vita, which was founded in 1999. It ranks first among individual insurers in the Italian life insurance market, third among insurance groups in the country's total market for life and casualty insurance, and first among insurance groups overall
Unipol (ITA)- Unipol is the country's second-largest insurance firm and the largest non-life insurance provider in Italy. The company offers a wide range of insurance and financial goods and services, including pension plans, health insurance, long-term rentals, and NPL recovery, in addition to real estate, agricultural, and other fields
Cattolica- Italian insurance provider Cattolica Assicurazioni is set up as a cooperative. It is an organisation that specialises in distributing life insurance premiums via a network of bank branches. The company also offers bank insurance, insurance portfolio management, home and family insurance, travel and leisure insurance, healthcare insurance, etc.

Notable Deals

December 2019- The acquisition of a controlling interest in the share capital of RBM Assicurazione Salute was approved by the boards of directors of Intesa Sanpaolo and Intesa Sanpaolo Vita. Intesa Sanpaolo Vita will purchase 50% + 1 of the shares in cash by July 2020 after receiving the required authorizations from IVASS and AGCM. From 2026 to 2029, it will gradually raise its shareholding to 100% of the share capital at a purchase price that will be decided using a formula that combines equity and income, based on the success of previously set growth targets.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

Public
Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

Individuals
?Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.