India Health Insurance Market to Grow at 9.1% During 2024-2032, Impelled by the Increasing Prevalence of Chronic Diseases

November 25, 2022 | BFSI

The latest report by IMARC Group, titled “India Health Insurance Market Report by Provider (Private Providers, Public Providers), Type (Life-Time Coverage, Term Insurance), Plan Type (Medical Insurance, Critical Illness Insurance, Family Floater Health Insurance, and Others), Demographics (Minor, Adults, Senior Citizen), Provider Type (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs)), and Region 2024-2032,” finds that the India health insurance market is expected to grow at a CAGR of 9.1% during 2024-2032. 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 life-time 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Provider, Type, Plan Type, Demographics, Provider Type, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
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India Health Insurance Market to Grow at 9.1% During 2024-2032, Impelled by the Increasing Prevalence of Chronic Diseases
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