According to the latest report by IMARC Group, titled "GCC Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the GCC health insurance market size reached US$ 15.3 Billion in 2021. Health insurance refers to the insurance coverage that wholly or partially reimburses the expenses incurred for the treatment of injuries or illness by the insured individual. The insurance company can also pay for the medical and surgical expenses to the care provider directly. The individual requires to develop a routine premium structure to pay for the insurance, which varies in accordance with the terms and conditions of the insurance agreement. Other factors, such as disease coverage, diagnosis, maternity, dental care, psychiatric care, emergency transportation, treatment for chronic ailments, and in-patient and daycare management, also offer flexibility with regards to the insurance provided, which is usually considered while opting for a suitable plan.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
GCC Health Insurance Market Trends:
The market is primarily driven by the favorable initiatives taken by the governments of the GCC countries. Some countries, including the UAE, Bahrain, Abu Dhabi and Saudi Arabia, have mandated health insurance in their respective countries which have catalyzed the growth of the market. For instance, in 2021, the Government of the Kingdom of Bahrain introduced the National Social Health Insurance Program that mandates health insurance coverage for every resident, visitor and citizen in the country. As a part of the program, the government covers the medical expenses of the citizens and domestic workers, while the employers are expected to cover the insurance of the expatriates. Similarly, Oman and Kuwait have also initiated the process of mandating health insurance in their respective countries. Moreover, growing health consciousness among individuals is acting as another major growth-inducing factor. There has been an increasing prevalence of obesity and diabetes, owing to the sedentary lifestyle led by the majority of the working population in the region. Other factors, such as affordable premium rates offered by the insurance provider and growing expatriate population, are further creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 23.6 Billion by 2027, expanding at a CAGR of 7.2% during the forecast period (2022-2027).
- Based on the type, the market has been bifurcated into individual and group insurance.
- On the basis of the service provider, the market has been divided into public and private players.
- On the geographical front, the market has been categorized into Saudi Arabia, the UAE, Oman, Kuwait, Bahrain and Qatar.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market.
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