GCC Health Insurance Market by Type (Individual and Group) by Service Provider (Public and Private): Industry Analysis, Trends, Growth and Forecast 2023-2028

GCC Health Insurance Market Overview:

The GCC health insurance market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Health insurance provides a compensation in exchange for a monthly, semi-annual or annual premium or a payroll tax to provide healthcare benefits. It covers medical expenses incurred during the treatment of any disease, injury, or other mental and physical impairment. During the special enrollment period, the expenses are covered under the health policy if the insured person is diagnosed with a serious health problem or is met with an accident. The insurer covers medical costs for the policyholder up till the tenure and coverage of the policy. This offers financial support to the policyholder as it covers all the medical costs when the policyholder is hospitalized for treatment. It also covers pre as well as post-hospitalization costs. Depending on the health insurance policy, the coverage can vary for diverse factors, including diseases, age groups, government policies, and others. Health insurance policy offers numerous advantages, including cashless hospitalization, reimbursement, and various add-ons.

The GCC market is primarily driven by the inflating income levels of the masses and a high amount of expatriate population. Furthermore, the increasing awareness among the population about the benefits of health insurance is catalyzing the market. Apart from this, the rising medical services costs for surgeries and hospital stays are generating numerous growth opportunities in the market. Moreover, the mandatory provisions of healthcare insurance in the public and private sectors are creating a positive outlook for the market. Besides, the increasing healthcare expenditure is offering opportunities for the GCC health insurance market. Additionally, the availability of various health insurance plans, such as point of service (POS), indemnity health insurance, preferred provider organization (PPO), health savings account (HSA), exclusive provider organization (EPOS), qualified small employer health reimbursement arrangements (QSEHRAS), and health maintenance organization (HMO), is strengthening the market. Other factors, including the growing geriatric population, a considerable rise in the offerings with evolved healthcare policies, and the launch of new schemes by governments across the GCC countries, are further providing a boost to the market.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC health insurance market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC health insurance market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC health insurance market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC health insurance market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC health insurance market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC health insurance market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC health insurance market industry. Furthermore, the value chain analysis of the GCC health insurance market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Health Insurance Market Segment Insights:

The GCC health insurance market has been analysed as followed:

By Type:

  • Individual
  • Group

By Service Provider:

  • Public 
  • Private

By Country:

  • Saudi Arabia
  • United Arab Emirates
  • Qatar
  • Kuwait
  • Oman
  • Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Health Insurance Market Report:

  • Historical and current scenario
  • Trends and developments
  • Impact of COVID-19
  • Market forecast
  • Price analysis and forecast
  • Porter’s five forces analysis
  • SWOT analysis
  • Value chain analysis

Report Customisation:

The GCC health insurance market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs

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