The global market for health and medical insurance providers not only topped $1 trillion in 2016, coming in at $1.1 trillion, but a new report predicts that it will continue to climb at a dizzying pace.

A BCC Research report estimates market growth—which came in at $1.2 trillion in 2017—to hit $1.6 trillion in 2020. That’s a compound annual growth rate of 8.6 percent for the period 2016–2020.

Categorizing health and medical insurance providers by type—agents and brokers’ direct writing, bancassurance and others—as well as by product and geographical region, the study sought to determine the global market and future demand growth for health and medical insurance providers over the five-year period from 2016 through 2020.

It finds that growth in the global market is being fueled by continued economic growth; an expanding health care market; positive demographic trends; reforms and initiatives by governments; policies inviting foreign investment; rising pollution; increasing income levels; and rising health awareness.

It also reports that the market is “currently in a very crucial phase of transformation,” thanks to a rise in disposable income, as well as to the increasing prevalence of chronic diseases spurring increased demand for health care services. But it is also “marginally consolidated,” with a few large players dominating the market. Among the big names at the top are UnitedHealth Group Inc., Anthem, Allianz, Aetna Inc., Humana, and Centene Corporation.

Projected growth by region varies widely, with expectations that the Asia-Pacific market will grow from 2016’s $98.9 billion to $193.8 billion in 2020, at a CAGR of 18.3 percent for the period 2016–2020, while in western Europe the market will grow from $136.3 billion in 2016 to $154.2 billion in 2020 at a CAGR of 3.1 percent for 2016–2020.

Other factors cited as contributors to these growth projections include increasing investments in public health insurance systems and a growing aging population, particularly in developing countries such as India, China and Brazil.