Wilmington, Delaware, Sept. 17, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Maternity Health Insurance Market by Mode (Online and Offline), and Distribution Channel (Direct from Insurer, Insurance Brokers and Agencies, Banks and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the maternity health insurance market was valued at $135.3 billion in 2023, and is estimated to reach $269.3 billion by 2032, growing at a CAGR of 7.9% from 2024 to 2032. 

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Prime determinants of growth   

The notable factors positively affecting the maternity health insurance market include a rise in the adoption of insurance services among individuals and an increase in development strategies by public and private companies which propel the market growth. However, enforcement of strong rules by banks and financial institutions for providing insurance services can hinder the market growth. Furthermore, technological advancements in insurance services offer lucrative market opportunities for the market players.   

Report coverage & details:  

Report Coverage	Details
Forecast Period	2024–2032
Base Year	2023
Market Size in 2023	$135.3 billion
Market Size in 2032	$269.2 billion
CAGR	7.9%
No. of Pages in Report	350
Segments Covered	Mode, Distribution Channel, and Region.
Drivers	Rise in adoption of insurance services among individuals   Increase in development strategies by public and private companies
Opportunities	Technological advancements in insurance services
Restraint	Enforcement of strong rules by banks and financial institutions for providing insurance services

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The online segment held the highest market share in 2023 

Based on the mode, the online segment held the highest market share in 2023. This growth is attributed to several factors, including the increasing adoption of digital channels by consumers, the convenience of online platforms, and the ability to compare different insurance plans easily. The COVID-19 pandemic accelerated digital transformation, pushing more customers to utilize online services for purchasing insurance products.  

The banks segment held the highest market share in 2023 

Based on the distribution channel, the banks segment held the highest market share in 2023. This dominance is due to the extensive reach and trust that banks have established with their customers over the years. Banks are able to leverage their existing customer base, robust distribution networks, and established financial advisory services to effectively market and sell insurance plans.   

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North America held the highest market share in 2023 

Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed infrastructure is accelerating the adoption of the most recent technologies, including maternity health insurance in North America.  

Players: –  

• Progressive Corporation  

The report provides a detailed analysis of these key players in the global maternity health insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.   

Recent Industry Development:  

• On May 2024, Transcarent launched an AI-driven solution, to simplify healthcare navigation. The newly introduced AI chatbot, developed on the ChatGPT framework, is designed to address common health maternity health insurance inquiries, including cost estimates for medical services, deductible queries, and provider recommendations.  

• On May 2024, Everest Insurance unveiled its Australian insurance operations following approval from the Australian Prudential Regulation Authority.  

• On May 2023, the Insurance Regulatory and Development Authority of India (IRDAI) launched a bundled product that will provide life, health, casualty, and property cover in a single policy at an affordable price.  

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Key Benefits for Stakeholders  

• This report provides a quantitative analysis of the maternity health insurance market forecast segments, current trends, estimations, and dynamics of the maternity health insurance market analysis from 2023 to 2032 to identify the prevailing maternity health insurance market opportunity.  

• Market research is offered along with information related to key drivers, restraints, and opportunities.  

• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.  

• In-depth analysis of the maternity health insurance market segmentation assists to determine the prevailing market opportunities.  

• Major countries in each region are mapped according to their revenue contribution to the global maternity health insurance market outlook.  

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.  

• The report includes the analysis of the regional and global maternity health insurance market trends, key players, market segments, application areas, and market growth strategies.  

Student Loan Market Key Segments: 

By Mode 

By Distribution Channel 

• Insurance Brokers and Agencies 
• Banks 

By Region 

• North America (U.S., Canada) 

• Europe (France, Germany, Italy, Spain, UK, Rest of Europe) 

• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) 

• Latin America (Brazil, Colombia, Argentina, Rest of Latin America) 

• MEA (Saudi Arabia, South Africa, UAE, Rest of MEA) 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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