South African healthcare insurance market is projected to grow from $13.17 Bn in 2022 to $25.92 Bn by 2030, registering a CAGR of 8.83% during the forecast period of 2022-30. The main factors driving the growth would be increasing demand for private healthcare, rising healthcare costs, regulatory reforms and technological advancements. The market is segmented by the component, provider, coverage, health insurance plans and end-user. Some of the major players include Bonitas, Discovery Health, Momentum Health, Afrocentric Health and Bestmed Medical.
South African healthcare insurance market is projected to grow from $13.17 Bn in 2022 to $25.92 Bn by 2030, registering a CAGR of 8.83% during the forecast period of 2022-30. South Africa's national healthcare spending as a share of GDP in 2019 was 9.11% or $547 per person.
An integrated public and private healthcare system exists in South Africa. The bulk of the population receives healthcare services from the public sector, although it frequently struggles to keep up with demand due to understaffing and funding issues. Contrarily, the private sector serves a smaller proportion of the population but is better supported and has access to more resources.
The market for health insurance has expanded as a result of the rise in private healthcare demand in South Africa during the past few years. Several companies, including Momentum Health, Discovery Health, and Bonitas, provide private health insurance. These companies provide a variety of health insurance plans to meet the needs of different individuals and groups.
Market Growth Drivers
The South African 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 South Africa:
2019- In the field of Service Design, Momentum's Smart Underwriting solution took home a Silver Loerie Award. Customers can interact with the insurer in real time on common channels thanks to the solution, which reinvents the underwriting process.
2021- The South African Customer Satisfaction Index (SA-CSI) 2020 and 2021 gave Bestmed the greatest ratings for perceived quality, perceived value, customer service, and customer loyalty in the Medical Scheme Industry Category.
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)
18.104.22.168 Product Applications and Services
22.214.171.124 Recent Developments
126.96.36.199 Partnerships Ecosystem
188.8.131.52 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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