The Nigeria healthcare insurance market is projected to grow from $1.83 Bn in 2022 to $3.53 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022 - 2030. The main factors driving the growth would be the increasing population, rising healthcare costs and government support. The market is segmented by component, the provider, coverage, by health insurance plans and end-user. Some of the major players include Leadway Health Insurance, Hygeia HMO, AIICO Health Insurance, Total Health Trust Limited and AXA Mansard.
The Nigeria healthcare insurance market is projected to grow from $1.83 Bn in 2022 to $3.53 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022 - 2030. In 2019, Nigeria's national health expenditures as a percentage of GDP were 3.03% or $71 per person.
The Nigerian health insurance market is developing and has considerable potential for growth. The nation's healthcare system faces a number of challenges, including inadequate healthcare facilities, limited funding, and a shortage of skilled medical staff. Due to these issues in place, many Nigerians still lack access to high-quality healthcare, and those who do often have to incur out-of-pocket expenses for such services.
The Nigerian government has launched a number of healthcare measures, including the introduction of healthcare insurance programs, to address these challenges. The National Health Insurance System (NHIS) was founded in 1999 with the aim of providing greater access to quality healthcare services. Anyone can contribute to a fund that is used to pay for healthcare services through the social health insurance scheme run by the NHIS. In addition to the NHIS, Nigeria has a number of private healthcare insurance companies that offer both individual and family health insurance coverage.
Market Growth Drivers
The Nigeria healthcare Insurance market is expected to be driven by factors such as:
Market Restraints
The following factors are expected to limit the growth of the healthcare insurance market in Nigeria:
Key Players
August 2020- Through a business alliance with AXA Mansard and Turaco's Nigerian subsidiary, Turaco Inclusive Ltd., the East African company Turaco has announced its expansion into Nigeria. With this expansion, Turaco will join Octamile, Casava, and other rivals in powering insurance in Nigeria.
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
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.
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
By Health Insurance Plans (Revenue, USD Billion):
By Demographics (Revenue, USD Billion):
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):
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.
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