Maternity health insurance market to reach $269.3b by 2032

Its growth is fuelled by an increased adoption of life insurance services and strategic developments.

The global maternity health insurance market is projected to reach $269.3b by 2032 at a compound annual growth rate of 7.9%, said Allied Market Research.

The sector is driven by the increased adoption of life insurance services amongst individuals and strategic developments by public and private companies. 

Based on mode, the online segment had the largest market share in 2023. This was attributed to the rising use of digital channels, the convenience of online platforms, and the ease of comparing insurance plans.

Meanwhile, the banks segment led the market in terms of distribution channels due to their extensive reach, established customer trust, and strong distribution networks.

“However, enforcement of strong rules by banks and financial institutions for providing insurance services can hinder the market growth,” the report said.