Change Language

Select Language

India Health Insurance Market to Grow at 10.30% During 2022-2027, Impelled by the Increasing Prevalence of Chronic Diseases

Published on Nov 25, 2022

The latest report by IMARC Group, titled India Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India health insurance market is expected to exhibit a CAGR of 10.30% during the forecast period (2022-2027). Health insurance refers to a policy that covers the medical expenses of the policyholder during an illness. It includes hospitalization, prescription drugs, surgical procedures, dental procedures, ambulance charges, doctor consultation fees, and daycare expenses. Some commonly adopted health insurance policies are indemnity plans consisting of individual, family floater, senior citizen, Mediclaim, and unit-linked health plans, and defined-benefit plans including critical illness, personal accident, and maternity plans. These policies pay for the treatment of the patients in advance or indirectly through reimbursements, relying upon the pre-decided terms and conditions. They also offer numerous benefits, including protection of financial interests against rising medical costs, covering huge expenses associated with critical illness, convenient cashless claims, and free annual healthcare check-ups. As a result, health insurance policies are gaining immense traction across India.

India Health Insurance Market Trends:

The market is primarily driven by the increasing prevalence of chronic diseases among individuals across India. In addition, the growing incorporation of application programming interface (API) infrastructure to bring healthcare service providers, pharmacies, standalone clinics, labs, and health insurance companies on one platform for easing the burden on customers is contributing to market growth. Moreover, the rising integration of advanced technologies, including artificial intelligence (AI), cloud computing, and the Internet of things (IoT) for improving user experience and overall customer engagement by health insurance providers is accelerating market growth. For instance, in August 2021, ICICI Prudential Life Insurance tied up with the National Payments Corporation of India (NPCI) to offer a unified payments interface autopay. Besides this, the implementation of favorable policies and significant investments made by the Government of India (GoI) is also contributing to the market growth. For example, the Pradhan Mantri Jan Aarogya Yojana (PM-JAY) scheme provided health insurance to the economically weaker section of society. Along with this, the increasing foreign direct investment (FDI) in the health insurance industry by foreign private players due to economic liberalization is catalyzing market growth. Furthermore, the growing popularity of health insurance products for children and the geriatric population, the increasing insurance penetration due to digital literacy, and the expanding healthcare industry are some of the other factors anticipated to propel market growth in the upcoming years.

Market Summary:

  • Based on the provider, the market has been bifurcated into private and public providers.
  • On the basis of the type, the market has been divided into lifetime coverage and term insurance.
  • Based on the plan type, the market has been classified into medical, critical illness, family floater health, and other insurances.
  • On the basis of the demographics, the market has been segregated into minors, adults, and senior citizens.
  • Based on the provider type, the market has been segmented into preferred provider organizations (PPOs), point of service (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOs).
  • Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
  • The competitive landscape of the industry has also been examined, along with the profiles of the key players.
     

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N Gould St, Ste 
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

REACH OUT TO US

Call us on

( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91-120-433-0800 )


Drop us an email at

sales@imarcgroup.com

4