Brazil Healthcare Insurance Market Analysis

Brazil Healthcare Insurance Market Analysis


$ 3999

Brazil's healthcare insurance market is projected to grow from $50.66 Bn in 2022 to $98.01 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022-2030. The main factors driving the growth would be increasing demand for private healthcare services, economic growth and rising income, regulatory reforms and technological advancements. The market is segmented by component, the provider, coverage, health insurance plans and end-user. Some of the major players include Bradesco Saude, Amil International Medical Assistance, Hapvida Sistema, Porto Seguro and Allianz.

ID: IN10BRHS008 CATEGORY: Healthcare Services GEOGRAPHY: Brazil AUTHOR: Neha Davda

Buy Now

Brazil Healthcare Insurance Market Executive Summary

Brazil's healthcare insurance market is projected to grow from $50.66 Bn in 2022 to $98.01 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022-2030. The cost of healthcare as a percentage of GDP in Brazil in 2019 was 9.59% or $853 per person. Brazil's health spending as a proportion of GDP tended to rise between 2000 and 2019 despite the significant recent variation.

Brazil has a robust healthcare system that provides care to everyone who is residing there legally. The Sistema Unico de Saude (SUS) is the national health system in the nation that provides universal health coverage and numerous free services, including maternity care, dental care, preventative care, primary care, outpatient care, and inpatient care. Although Brazil's public hospitals provide high-quality care, they frequently have significant wait periods and are overcrowded. Also, public hospitals do not have the infrastructure and amenities that private hospitals provide, such as air conditioning or medical supplies. Even though foreigners and expatriates are eligible for free care at public hospitals, many of them choose to go to private hospitals instead and pay for the treatments out of their own pockets.

The majority of Brazilians with private health insurance receive it from their employers as part of their employment benefits package. An ex-pat over 50 years old will typically pay $124 a month for medical insurance, which includes a free comprehensive physical exam, medication, hospitalisation in a private room, dental care, and vision care.

Brazil Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

The Brazil healthcare Insurance market is expected to be driven by factors such as:

  1. Increasing demand for private healthcare services- The country's expanding population and rising healthcare needs have made it difficult for Brazil's public healthcare system to keep up. Due to this, a lot of Brazilians are now utilising private healthcare options, such as private health insurance
  2. Economic growth and rising income- Brazilians' salaries have increased as a result of the country's recent considerable economic expansion. Wealthier people are more inclined to spend money on private healthcare options, such as health insurance
  3. Regulatory reforms- In order to increase competition in the market for healthcare insurance and to increase access to healthcare services, the Brazilian government has undertaken a number of regulatory measures. The industry has grown as a result of these reforms
  4. Technological advancements- Recent important technical developments have benefited the Brazilian healthcare sector, improving healthcare outcomes and raising demand for healthcare services. New products and services have also been created as a result of the market for health insurance

Market Restraints

The following factors are expected to limit the growth of the healthcare insurance market in Brazil:

  1. Unequal income distribution- One of the highest rates of income disparity in the world is known to exist in Brazil. Because of this, a sizable section of the populace could not be able to afford private treatment, including health insurance. As a result, only a small portion of the population may be able to purchase healthcare insurance
  2. Limited public funding- Brazil's public healthcare system has had difficulty providing for the country's population, yet the government has little money to promote the growth of private healthcare services, such as health insurance. This might restrain Brazil's market for health insurance from expanding further
  3. Political instability- The political unrest that has plagued Brazil in recent years may have an impact on the market for health insurance. Government laws or regulations could change as a result of instability, which could have an effect on how profitable healthcare insurance providers are

Competitive Landscape

Key Players

  • Bradesco Saude (BRA)- The Brazilian banking organisation Banco Bradesco S.A.'s insurance division, Bradesco, offers solutions for life, car, hospital and health insurance in Brazil. Pension programs and savings bonds are also available. The largest insurance and pension provider in the nation is Bradesco
  • Amil International Medical Assistance (BRA)- Amil provides a wide range of health insurance to meet the needs of every customer. A vast certified network with plans ranging from cost-effective to high-level, with regional or national coverage. Amil Facil offers regional programs with great cost-benefit ratios and was founded on the principles of simplicity, efficiency, and care
  • Hapvida Sistema (BRA)- The company, which was originally founded in 1979 as a clinic, focuses primarily on the sale of health insurance plans while also providing the majority of medical assistance through its own network of hospitals, clinics, imaging diagnostic centres, and laboratories, as well as the sale of dental insurance plans with the assistance of accredited networks
  • Porto Seguro (BRA)- Porto Seguro's headquarters are in Campos Elisios, in So Paulo's central region. With the firms Porto Seguro, Porto Seguro Saude, Porto Seguro Vida e Providencia, Porto Seguro Uruguay, Azul Seguros, and Ita Auto e Residencia, Porto Seguro provides insurance for various types of vehicles, businesses, heirlooms, life, and health
  • Allianz- Allianz is a multinational financial services firm with headquarters in Europe's Munich. Its main business activities are asset management and insurance

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

  • Public
  • Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

  • Life Insurance
  • Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

  • Health Maintenance Organization (HMO)
  • Preferred Provider Organization (PPO)
  • Exclusive Provider Organization (EPO)
  • Point of Service (POS)
  • High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

  • Minors
  • Adults
  • Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

  • Individuals
  • ?Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

To request a free sample copy of this report, please complete the form below.


We value your inquiry and offer free customization with every report to fulfil your exact research needs.


This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
  • Comprehensive Market Research Report in PDF and PPT formats

Need more?

  • Ask our analyst how this study was put together to learn more
  • Discuss additional requirements as part of the free customisation
  • Add more countries or regions to the scope 
  • Get answers to specific business questions 
  • Develop the business case to launch the product
  • Find out how this report may influence your business revenue
Last updated on: 08 June 2023
Updated by: Ritu Baliya

Related reports (by category)


Related reports (by geography)


subscribe to our newsletter
up