The GCC health insurance market size reached US$ 17.4 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 28.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2023-2032.
Health insurance is a service which covers medical and surgical expenses of the insured individual. It reimburses the expenses incurred due to illness and injury or pays the care provider directly. Health insurance offers considerable flexibility in terms of disease coverage, diagnosis and treatment for chronic ailments, emergency transportation, in-patient and day care management, maternity, dental care, psychiatric care, etc. They are available in multiple arrangements for the consumers such as private health insurance, public or government health insurance, managed care plans, indemnity, Point-of-Service (POS) plans, etc. The consumer can opt for the most suitable insurance plan depending upon their needs and requirements.
Historically, governments in the GCC region accounted for most of the healthcare requirements of their nationals. However, upon recognising that the “welfare state” approach is expensive and unsustainable in the long run, Saudi Arabia, Qatar, and Dubai and Abu Dhabi in the UAE have already introduced mandatory health insurance, while Bahrain, Oman and Kuwait are in the process of introducing it. Apart from the strong government support, the strong growth in the healthcare infrastructure and rising migration in the GCC region are also driving the GCC health insurance market. Additionally, rising healthcare costs and increasing awareness for health management has also catalyzed the demand for insurance policies in the region. In order to safeguard the consumers from exorbitant medical bills, insurance policymakers are designing programs that fit the exact need of the consumer.
Health insurance is a service which covers medical and surgical expenses of the insured individual. It reimburses the expenses incurred due to illness and injury or pays the care provider directly. Health insurance offers considerable flexibility in terms of disease coverage, diagnosis and treatment for chronic ailments, emergency transportation, in-patient and day care management, maternity, dental care, psychiatric care, etc. They are available in multiple arrangements for the consumers such as private health insurance, public or government health insurance, managed care plans, indemnity, Point-of-Service (POS) plans, etc. The consumer can opt for the most suitable insurance plan depending upon their needs and requirements.
Historically, governments in the GCC region accounted for most of the healthcare requirements of their nationals. However, upon recognising that the “welfare state” approach is expensive and unsustainable in the long run, Saudi Arabia, Qatar, and Dubai and Abu Dhabi in the UAE have already introduced mandatory health insurance, while Bahrain, Oman and Kuwait are in the process of introducing it. Apart from the strong government support, the strong growth in the healthcare infrastructure and rising migration in the GCC region are also driving the GCC health insurance market. Additionally, rising healthcare costs and increasing awareness for health management has also catalyzed the demand for insurance policies in the region. In order to safeguard the consumers from exorbitant medical bills, insurance policymakers are designing programs that fit the exact need of the consumer.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the GCC health insurance market report, along with forecasts at the regional and country level from 2024-2032. The report has categorized the market based on type and service provider.Breakup by Type:
- Individual
- Group
Breakup by Service Provider:
- Public
- Private
Breakup by Region:
- Saudi Arabia
- UAE
- Oman
- Kuwait
- Bahrain
Qatar
- Value Chain Analysis
- Key Drivers and Challenges
- Porters Five Forces Analysis
- PESTEL Analysis
- Government Regulations
Competitive Landscape
- Competitive Structure
- Key Player Profiles
Key Questions Answered in This Report:
- How has the GCC health insurance market performed so far and how will it perform in the coming years?
- What are the key regional markets in the GCC health insurance industry?
- What has been the impact of COVID-19 on the GCC health insurance market?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the service provider?
- What are the various stages in the value chain of the GCC health insurance industry?
- What are the key driving factors and challenges in the GCC health insurance industry?
- What is the structure of the GCC health insurance industry and who are the key players?
- What is the degree of competition in the GCC health insurance industry?
- What are the profit margins in the GCC health insurance industry?
Table of Contents
1 Preface3 Executive Summary9 Government Regulations10 Strategic Recommendations
2 Scope and Methodology
4 Introduction
5 GCC Health Insurance Market
6 Market Breakup by Type
7 Market Breakup by Service Provider
8 Market Breakup by Region
11 Competitive Landscape
List of Figures
List of Tables
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 133 |
| Published | March 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 17.4 Billion |
| Forecasted Market Value ( USD | $ 28.5 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Middle East |
