Saudi Arabia Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The Saudi Arabia health insurance market reached a value of US$ 6.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.4 Billion by 2027, exhibiting a CAGR of 6.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Health insurance is a type of insurance coverage that periodically charges a sum from the policyholder and pays for medical and surgical expenses incurred by the individual in case of a medical emergency. An efficient health insurance plan includes services such as diagnosis and treatment for chronic illnesses and conditions, psychiatric care, emergency evacuation and transportation, in-patient and out-patient treatment, maternity, dental care, etc. The key health insurance providers in Saudi Arabia are Bupa Saudi Arabia, Tawuniya, MedGulf Arabia, etc.
The increasing population and diversification of the nation’s economy are among the key factors driving the Saudi Arabia health insurance market. Resulting from the growing industrialization and increasing job opportunities, expatriates from all around the globe are migrating to the country, catalyzing the growth of the healthcare and health insurance sector. Health insurance in Saudi Arabia is oriented towards easing the financial stress that comes with having to pay exorbitant medical bills due to unexpected illness or injury. Additionally, the Saudi Arabian government mandates health coverage for all nationals and non-nationals. The country began implementing the mandatory unified health insurance scheme in July 2016, with the system completely in place since 2017. It is compulsory for all private sector organisations to provide health insurance to their employees as well as their dependants – this includes spouse, unmarried daughters and male children below 25 years of age. Furthermore, factors such as rising population, increasing healthcare expenditures, growing prevalence of various life style diseases, improving healthcare infrastructure, etc. are also catalyzing the growth of the health insurance market in Saudi Arabia.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia health insurance market, along with forecasts for the period 2022-2027. Our report has categorized the market based on type and service provider.
Breakup by Type:
Breakup by Service Provider:
Value Chain Analysis
Key Drivers and Challenges
Porters Five Forces Analysis
Key Player Profiles
Key Questions Answered in This Report:
How has the Saudi Arabia health insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Saudi Arabia health insurance market?
What is the breakup of the market based on the type?
What is the breakup of the market based on the service provider?
What are the various stages in the value chain of the Saudi Arabia health insurance industry?
What are the key driving factors and challenges in the Saudi Arabia health insurance industry?
What is the structure of the Saudi Arabia health insurance industry and who are the key players?
What is the degree of competition in the Saudi Arabia health insurance industry?
What are the profit margins in the Saudi Arabia health insurance industry?
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook