Saudi Arabia Health Insurance Market: By Type: Individual, Group; By Service Provider: Public, Private; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Value Chain Analysis; Government Regulations; Strategic Recommendations; Competitive Landscape; Industry Events and Developments

Saudi Arabia Health Insurance Market Outlook

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 2023-2028.

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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.

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.

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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

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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.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.