The UAE healthcare insurance market is projected to grow from $10.131 Bn in 2022 to $19.6 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, technological advancements and government support. The market is segmented by the component, provider, coverage, health insurance plans and end-user. Some of the major players include Dubai Islamic Insurance & Reinsurance, MetLife, Abu Dhabi National Insurance, Orient Health, Adamjee, Oman Insurance Company, Ras Al Khaimah National Insurance, Daman, Emirates Insurance and AXA Gulf.
The UAE healthcare insurance market is projected to grow from $10.131 Bn in 2022 to $19.6 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022-2030. National healthcare spending in the UAE increased from 4.15% in 2018 to 4.28% in 2019 as a proportion of GDP. The UAE government has made it a priority to build a state-of-the-art healthcare infrastructure, and as a result, over the past several years, the sector has significantly grown and prospered.
The UAE's population receives high-quality healthcare through a diverse, government-funded, and quickly developing private healthcare industry. Since they pay for the policyholders' medical and surgical costs, health insurance policies are a crucial component of the healthcare system. Depending on previously agreed-upon terms and circumstances, the insurance provider will either pay the patient's treatment costs in full upfront or indirectly through reimbursement. Services including psychiatric care, rehabilitation, therapy, emergency transportation, in-patient management, maternity care, dental care, and others are all covered by an efficient health insurance plan.
The UAE, which has a population of about 9.6 million, has one of the fastest-growing economies in the GCC. Also, the government is significantly increasing the region's adoption of health insurance. All residents in Abu Dhabi and Dubai have access to government-sponsored health insurance. Similarly to this, the government of Ajman offers health insurance to every employee. Additionally, Abu Dhabi and Dubai both require companies to offer their staff members health insurance coverage.
Market Growth Drivers
The UAE 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 the UAE:
Key Players
January 2020- Formerly solely available to Sharjah Government employees, their dependents, and Senior Emiratis, the Sharjah Department of Health Insurance, which manages health insurance coverage for UAE nationals in the emirate of Sharjah, has expanded its health care insurance to all Sharjah residents.
September 2021- In order to facilitate the easy sharing of patient data, the Ministry of Health and Prevention (MoHAP) has launched a new service that connects insurance providers and healthcare organisations. The service will be made available beginning in January 2022 as a component of MoHAP's "Riayati" platform, the nation's central hub for exchanging health information between public and private hospitals and clinics in the UAE.
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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