Japan Healthcare Insurance Market Report 2022 to 2030

Japan Healthcare Insurance Market Analysis

$ 3999

The Japan healthcare insurance market is projected to grow from $125.95 Bn in 2022 to $234.85 Bn by 2030, registering a CAGR of 8.1% during the forecast period of 2022 - 2030. The main factors driving the growth would be the ageing population, technological advancements, rising healthcare costs and government initiatives. The market is segmented by component, provider, coverage, by health insurance plans and end-user. Some of the major players include Nippon Life Insurance, Daiichi Life Insurance, Tokio Marine Insurance and Sompo Japan Insurance.

ID: IN10JPHS008 CATEGORY: Healthcare Services GEOGRAPHY: Japan AUTHOR: Neha Davda

Buy Now

Japan Healthcare Insurance Market Executive Summary

The Japan healthcare insurance market is projected to grow from $125.95 Bn in 2022 to $234.85 Bn by 2030, registering a CAGR of 8.1% during the forecast period of 2022 - 2030. Healthcare spending in Japan increased in 2018, from $4,256 to $4,360 per person, but decreased in 2019, from 10.75% to 10.74% of GDP. Japan spends more on healthcare than all other industrialised nations combined.

The statutory health insurance system in Japan offers coverage to everyone. It is funded mostly by taxes and individual contributions. It is necessary to sign up for either a health insurance plan tied to the place of employment or the address. Prescription medications are covered in addition to hospital, primary, speciality, and mental health care. Citizens also pay some co-payments and a 30% coinsurance for the majority of services in addition to their premiums. For health care and long-term services, there is an annual household out-of-pocket maximum based on age and income, with lower coinsurance rates for young children and older persons with low incomes. Also, there are monthly out-of-pocket limits. The fee schedule is decided by the national government. The prefectures of Japan create regional delivery systems. The majority of locals have private health insurance; nonetheless, it is mostly utilised as an addition to life insurance, giving additional income in case of illness.

Japan Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

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

Ageing population- Japan has one of the oldest populations in the world, and its civilization is ageing quickly. The demand for healthcare insurance increases as people get older since they often need more medical treatments
Technological advancements- With a focus on research and development, Japan is a global leader in healthcare technology. With the development of new technologies like wearable technology, telemedicine, and artificial intelligence, healthcare insurance carriers now have more options to offer cutting-edge services
Rising healthcare costs- Due to reasons like an increase in chronic diseases and the demand for more expensive treatments, healthcare expenses in Japan have been rising. As a result, health insurance is more important than ever
Government initiatives- The implementation of a national healthcare system and steps to promote preventative healthcare are just a few of the actions the Japanese government has put in place to improve healthcare access and quality. These initiatives have resulted in a rise in the demand for healthcare insurance

Market Restraints

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

Limited competition- Several powerful companies dominate the Japanese healthcare insurance market, which can stifle competition and innovation. Consumers may pay higher prices as a result, and new goods and services may be less readily available
Regulatory environment- Japanese healthcare insurance is governed by rigorous laws, which might make it challenging for new competitors to enter the market. Finding cheap insurance solutions for consumers may become more challenging as a result, which may in turn impede innovation and competition
Cultural factors- In Japan, there is a strong cultural practice of relying on family and community, which may discourage people from purchasing health insurance. This may restrict the market's potential size and make it more challenging for companies that offer health insurance to increase their clientele

Competitive Landscape

Key Players

Nippon Life Insurance (JPN)- The largest life insurer in Japan, Nippon Life Insurance, is also a major player in the market for health insurance. The Company offers a wide range of products, including individual and group life and annuity policies, through various distribution channels, and primarily uses face-to-face sales channels for its traditional insurance products. The Corporation had 38 million policies in Japan (as of March 2022). In 2021, it was ranked 111th out of 500 global Fortune 500 companies
Daiichi Life Insurance (JPN)- Dai-ichi Life Insurance is a leading player in insurance services. The company provides a variety of services, including property insurance, health insurance, life insurance, health insurance, and pension insurance
Tokio Marine Insurance (JPN)- Founded in 1879 as the country of Japan's oldest insurance firm, TOKIO MARINE has developed through the years and today provides a wide range of General and Life insurance products and solutions. Tokio Marine is one of the most geographically diversified and financially stable insurance businesses in the world, with operations in 38 nations and plans for further expansion
Sompo Japan Insurance (JPN)- The word "Sompo" in the company's name, which is Japanese for "general insurance," really refers to a variety of financial services that Sompo Japan provides, including life insurance, securities, asset management, and venture capital firms

Recent News

February 2023- The Dai-ichi Life Insurance Company has received the Gold (Minister of the Environment Award), the highest available honour in the investor category of the Ministry of the Environment's 4th ESG Finance Awards in Japan. The Firm has now received a Gold Award twice; the first time was in fiscal 2019, the inaugural year for the awards.

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.