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The Saudi Arabia health insurance market size was around USD 5.81 billion in 2020. The industry is further expected to attain a value of around USD 7.60 billion by 2026, growing at a CAGR of 5.2% over the forecast period of 2021-2026.
The health insurance industry in Saudi Arabia is being driven by the growing consumer awareness regarding health coupled with the increased government initiatives to improve the healthcare infrastructure and policies in the region.
In July 2016, the government started implementing the mandatory unified health insurance scheme across the country. The scheme has been completely in place since 2017, making it mandatory 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. Thus, with the Saudi Arabian government mandating health coverage for all nationals and non-nationals, the industry is witnessing an increased growth in the region.
Health insurance is a form of insurance coverage that wholly or partially reimburses the medical needs and expenses of its customer, that is, an insured individual. By covering the medical expenses of the insurer, such schemes aid an individual during a time of medical emergency, providing numerous benefits at an affordable price point.
The market segmentation, based on type, is as follows:
On the basis of service provider, the industry has been categorised into:
The Saudi Arabia health insurance market is being driven by the implementation of favourable government initiatives and rising health concerns in the region. Further, factors like rising disposable incomes, increased living standards, and rapid urbanisation in the region are supporting the growth of the industry in Saudi Arabia. To fulfill the demand for improved healthcare facilities at affordable cost, the government is investing heavily in restructuring the healthcare system by privatising public hospitals and introducing private health insurance schemes. This is creating various opportunities for the industry growth in the region.
Moreover, the growing prevalence of busy and sedentary lifestyles is leading to the growth in incidences of obesity and diabetes in the region. This is creating a need for health insurance, which can cover the growing medical expenses. The growing patient pool and rising population in the region are expected to provide a further push to the industry. The launch of affordable insurance plans, which can further be customised to fit the exact customers' needs, is contributing to the industry growth. The development of novel programmes by the leading players in the industry, aimed at providing a safeguard against exorbitant medical bills to the consumers in Saudi Arabia, is expected to aid the market growth in Saudi Arabia over the forecast period.
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Saudi Arabia Health Insurance Market Snapshot
7 Industry Opportunities and Challenges
8 Saudi Arabia Health Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Saudi Arabia Health Insurance Historical Market (2016-2020)
8.3 Saudi Arabia Health Insurance Market Forecast (2021-2026)
8.4 Saudi Arabia Health Insurance Market by Type
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2016-2020)
22.214.171.124 Forecast Trend (2021-2026)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2016-2020)
184.108.40.206 Forecast Trend (2021-2026)
8.5 Saudi Arabia Health Insurance Market by Service Provider
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2016-2020)
22.214.171.124 Forecast Trend (2021-2026)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2016-2020)
184.108.40.206 Forecast Trend (2021-2026)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyers Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 EMR’s Key Indicators for Demand
9.4 EMR’s Key Indicators for Price
10 Value Chain Analysis
11 Government Regulations
12 Strategic Recommendations
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players Market Share
13.3 Company Profiles
14 Industry Events and Developments
List of Figures and Tables
1. Saudi Arabia Health Insurance Market: Key Industry Highlights, 2016 and 2026
2. Saudi Arabia Health Insurance Historical Market: Breakup by Type (USD Million), 2016-2020
3. Saudi Arabia Health Insurance Market Forecast: Breakup by Type (USD Million), 2021-2026
4. Saudi Arabia Health Insurance Historical Market: Breakup by Service Provider (USD Million), 2016-2020
5. Saudi Arabia Health Insurance Market Forecast: Breakup by Service Provider (USD Million), 2021-2026
6. Saudi Arabia Health Insurance Market Structure
In 2020, the health insurance market in Saudi Arabia attained a value of USD 5.81 billion.
In the forecast period of 2021-2026, the market is projected to grow at a CAGR of 5.2%.
By 2026, the market is estimated to attain a value of about USD 7.60 billion.
The major drivers of the market such as rising disposable incomes, increasing population, the growing consumer awareness regarding health, increased government initiatives to improve the healthcare infrastructure and policies, growing prevalence of busy and sedentary lifestyle, and increased living standards are expected to aid the market growth.
The introduction of mandatory unified health insurance scheme and policies to enhance the healthcare infrastructure are the key trends which have been driving the growth of the industry.
The major types of the product in the industry are individual and group.
The major service providers in the market are public and private.
The Saudi Arabia health insurance market attained a value of USD 5.81 billion in 2020 driven by the health insurance policies of the government. Aided by the increasing spend on healthcare infrastructure, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 5.2%. The market is projected to reach USD 7.60 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the market can be segmented into individual and group. On the basis of service provider, the market is divided into public and private.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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