Saudi Arabia's healthcare insurance market is projected to grow from $34.45 Bn in 2022 to $69.14 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-30. The main factors driving the growth would be mandatory health insurance schemes, growing healthcare infrastructure, increasing prevalence of non-communicable diseases, and government support. The market is segmented by component, provider, coverage, by health insurance plans and end-user. Some of the major players include Tawuniya, MedGulf, Saudi Arabian Cooperative Insurance Company (SAICO), Al Rajhi Takaful and Bupa Arabia.
Saudi Arabia's healthcare insurance market is projected to grow from $34.45 Bn in 2022 to $69.14 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-30. Saudi Arabia spent $1,316.26, or 5.69% of its GDP, on public healthcare in 2019. The Saudi government continues to place a strong priority on healthcare, and there are numerous prospects for expansion in this high-potential area.
The healthcare system in Saudi Arabia is well-developed and includes both governmental and private healthcare providers. Yet, a growing population, shifting demographics, and an increase in the burden of non-communicable diseases are all contributing to an increase in the need for high-quality healthcare services.
In Saudi Arabia, health insurance is designed to lessen the financial strain that comes with having to pay high medical expenditures as a result of an unplanned illness or injury. The Saudi Arabian government also requires that all citizens and foreigners have access to health care. The government began adopting the required unified health insurance policy in July 2016, with the system totally in place since 2017. All private sector businesses are required to offer health insurance to their employees and their dependents, which includes their spouses, male children below the age of 25 and unmarried daughters.
Market Growth Drivers
The Saudi Arabia healthcare Insurance market is expected to be driven by factors such as:
The following factors are expected to limit the growth of the healthcare insurance market in Saudi Arabia:
April 2019- Tawuniya has struck the first deal of its kind in the Saudi insurance sector with Vitality Group, the worldwide leader in integrating wellness benefits with insurance products. With the help of this partnership, Tawuniya will pioneer Shared-Value Insurance across the Middle East and North Africa.
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)
126.96.36.199 Product Applications and Services
188.8.131.52 Recent Developments
184.108.40.206 Partnerships Ecosystem
220.127.116.11 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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