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Saudi Arabia Health Insurance Market

Saudi Arabia Health Insurance Market Size, Trends: By Type: Individual, Group; By Service Provider: Public, Private; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Government Regulations; Strategic Recommendations; Competitive Landscape; 2024-2032

Saudi Arabia Health Insurance Market Outlook

The Saudi Arabia health insurance market size was around USD 6.78 billion in 2023. The industry is further expected to attain a value of around USD 10.98 billion by 2032, growing at a CAGR of 5.5% over the forecast period of 2024-2032.

 

Saudi Arabia Health Insurance Market

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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.

 

Saudi Arabia Health Insurance Market Properties and Applications

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.

 

Saudi Arabia Health Insurance Market By Type

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The market segmentation, based on type, is as follows:

  • Individual
  • Group

On the basis of service provider, the industry has been categorised into:

  • Public 
  • Private

 

Saudi Arabia Health Insurance Market By Region

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Saudi Arabia Health Insurance Market Analysis

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 market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Service Provider
Breakup by Type
  • Individual
  • Group
Breakup by Service Provider
  • Public
  • Private
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

Saudi Arabia Health Insurance Market Report Snapshots

Saudi Arabia Health Insurance Market Size

Saudi Arabia Health Insurance Market Analysis

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
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

    5.1    Overview
    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    Opportunities and Challenges in the Market
8    Saudi Arabia Health Insurance Market Analysis

    8.1    Key Industry Highlights
    8.2    Saudi Arabia Health Insurance Historical Market (2018-2023) 
    8.3    Saudi Arabia Health Insurance Market Forecast (2024-2032)
    8.4    Saudi Arabia Health Insurance Market by Type
        8.4.1    Individual 
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Group
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Saudi Arabia Health Insurance Market by Service Provider
        8.5.1    Public
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Private
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    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    Key Indicators for Demand
    9.4    Key Indicators for Price
10    Value Chain Analysis
11    Government Regulations
12    Strategic Recommendations 
13    Competitive Landscape

    13.1    Market Structure
    13.2    Company Profiles
14    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Saudi Arabia Health Insurance Market: Key Industry Highlights, 2018 and 2032
2.    Saudi Arabia Health Insurance Historical Market: Breakup by Type (USD Million), 2018-2023
3.    Saudi Arabia Health Insurance Market Forecast: Breakup by Type (USD Million), 2024-2032
4.    Saudi Arabia Health Insurance Historical Market: Breakup by Service Provider (USD Million), 2018-2023
5.    Saudi Arabia Health Insurance Market Forecast: Breakup by Service Provider (USD Million), 2024-2032
6.    Saudi Arabia Health Insurance Market Structure

Key Questions Answered in the Report

In 2023, the health insurance market in Saudi Arabia attained a value of USD 6.78 billion.

In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 5.5%.

By 2032, the market is estimated to attain a value of about USD 10.98 billion.

The major market drivers include rising disposable incomes, the growing health awareness amid increasing prevalence of various diseases, and the introduction of government initiatives to improve the healthcare infrastructure and policies.

The introduction of mandatory unified health insurance schemes and policies to enhance the healthcare infrastructure is a significant trend guiding the market development.

The major types of the product in the market are individual and group.

The various service providers of health insurance considered in the market report are public and private.

Analyst Review

The Saudi Arabia health insurance market attained a value of USD 6.78 billion in 2023 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 2024-2032, growing at a CAGR of 5.5%. The market is projected to reach USD 10.98 billion by 2032.

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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