The GCC health insurance market reached a value of US$ 11.4 Billion in 2020. Looking forward, IMARC Group expects the market exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Health insurance is a service which covers medical and surgical expenses of the insured individual. It reimburses the expenses incurred due to illness and injury or pays the care provider directly. Health insurance offers considerable flexibility in terms of disease coverage, diagnosis and treatment for chronic ailments, emergency transportation, in-patient and day care management, maternity, dental care, psychiatric care, etc. They are available in multiple arrangements for the consumers such as private health insurance, public or government health insurance, managed care plans, indemnity, Point-of-Service (POS) plans, etc. The consumer can opt for the most suitable insurance plan depending upon their needs and requirements.
Historically, governments in the GCC region accounted for most of the healthcare requirements of their nationals. However, upon recognising that the “welfare state” approach is expensive and unsustainable in the long run, Saudi Arabia, Qatar, and Dubai and Abu Dhabi in the UAE have already introduced mandatory health insurance, while Bahrain, Oman and Kuwait are in the process of introducing it. Apart from the strong government support, the strong growth in the healthcare infrastructure and rising migration in the GCC region are also driving the GCC health insurance market. Additionally, rising healthcare costs and increasing awareness for health management has also catalyzed the demand for insurance policies in the region. In order to safeguard the consumers from exorbitant medical bills, insurance policymakers are designing programs that fit the exact need of the consumer.
IMARC Group’s latest report provides a deep insight into the GCC health insurance market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC health insurance market in any manner.
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Report Customization: Although IMARC has tried to cover everything in the health insurance market landscape, we believe that every stakeholder may have their own specific needs. In view of this, we provide up to 20 man hours of free customization for each report.
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