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.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027
Health insurance represents a type of insurance coverage that pays for expenses incurred during a medical emergency in exchange for a premium amount charged periodically. They can be categorized into medical insurance and critical insurance categories. These health insurance policies cover all costs involved in the diagnosis and treatment of illnesses, accidents, and pregnancy and emergency evacuation and transportation. As a result, they are in extensive demand among consumers across Saudi Arabia.
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The expanding geriatric population, the escalating prevalence of various chronic ailments, and the inflating treatment costs are primarily driving the Saudi Arabia health insurance market. In addition to this, the implementation of several policies by the government bodies mandating compulsory health coverage for all nationals and non-nationals is acting as another significant growth-inducing factor. In line with this, the elevating focus among private sector organizations on providing health insurance to their employees and their dependents, which include unmarried daughters, spouse, and male children below 25 years of age, is also positively influencing the market growth. Apart from this, the introduction of new insurance products or schemes by the leading market players, such as single disease packages that provide coverage only for one disease, and the emerging trend of online sales of insurance policies are further stimulating the market across the country. Moreover, the growing improvements in healthcare infrastructure, the launch of innovative insurance apps by public and private companies, and the increasing flexibility provided to the customers allowing them to easily port from one insurance company to another are expected to propel the Saudi Arabia health insurance market over the forecasted period.
Saudi Arabia Health Insurance Market 2022-2027 Competitive Analysis and Segmentation:
Key Highlights of the Market Segmentation:
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