UAE Healthcare Insurance Market Analysis

UAE Healthcare Insurance Market Analysis


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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.

ID: IN10AEHS008 CATEGORY: Healthcare Services GEOGRAPHY: UAE AUTHOR: Neha Davda

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UAE Healthcare Insurance Market Executive Summary

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.

UAE Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

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

  1. Increasing population- The number of people living and working abroad is increasing quickly in the UAE. As a result, there is now more demand for insurance and healthcare services
  2. Rising healthcare cost- As more advanced medical procedures and technologies become accessible, healthcare costs in the UAE are increasing. People are now more likely to want health insurance as a result because they want to safeguard themselves against expensive medical expenses
  3. Technological advancements- The UAE's healthcare sector is embracing cutting-edge innovations and new technology like telemedicine and electronic health records. The effectiveness and quality of healthcare services have increased thanks to these developments, increasing consumer interest in healthcare insurance
  4. Government support- The UAE government has put in place a number of initiatives to assist the expansion of the healthcare insurance market as part of its commitment to enhancing healthcare services in the nation. For instance, Dubai's government made health insurance for all inhabitants a requirement, which has assisted in raising the number of people with health insurance

Market Restraints

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

  1. Regulations- The UAE's highly regulated health insurance market can make it challenging for new competitors to enter the market. This may restrict market innovation and competition, which may have an adverse effect on the expansion of the health insurance sector
  2. Limited Coverage- Certain healthcare insurance plans in the UAE provide restricted coverage, which could not be sufficient for people who need specialist medical procedures or treatments. For some people, this may reduce the appeal of health insurance
  3. Lack of awareness- Many UAE residents are unaware of the value of health insurance or are unsure of how it operates. While people could not understand the benefit of buying insurance, this lack of awareness could restrict the expansion of the market for healthcare insurance

Competitive Landscape

Key Players

  • Dubai Islamic Insurance & Reinsurance- Dubai Islamic Insurance & Reinsurance Company was established in 2002 and is based in the Middle East's UAE. In the second quarter of 2002, Dubai Islamic Insurance & Reinsurance Company (AMAN) was founded as a prospective national public stockholder
  • Abu Dhabi National Insurance- Abu Dhabi National Insurance Company PSC is a UAE-based insurance firm. In terms of size, it ranks third in the nation
  • Daman- One of the greatest insurance companies in the UAE is Daman Health Insurance Company providing a variety of services. It offers policies for both people and businesses throughout the UAE
  • Orient Health- The only business in the UAE to receive these excellent ratings is Orient Insurance. It is also certified for quality management according to ISO 9001
  • Other Top players- are Adamjee, MetLife, Oman Insurance Company, Ras Al Khaimah National Insurance, Emirates Insurance and AXA Gulf

Recent Developments

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

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”.

 

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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.

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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.

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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
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Last updated on: 30 May 2023
Updated by: Dhruv Joshi

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