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India Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The India health insurance market is expected to exhibit a CAGR of 10.30% during 2022-2027.

Health insurance refers to a policy that covers the medical expenses of a policyholder that arise due to an illness. It pays for expenses related to hospitalization, prescription drugs, surgical procedures, dental procedures, ambulance charges, daycare, and doctor’s consultation fees. The insurance company pays for the treatment of the patients in advance or indirectly through reimbursements, depending upon the pre-decided terms and conditions. It offers several benefits, including protection of financial interests against rising medical costs, covering huge expenses associated with critical illness, convenient cashless claims, tax savings, and free healthcare check-ups. 

India Health Insurance Market Trends:

The India health insurance market is primarily being driven by the implementation of favorable policies and significant investments by the Government of India (GoI). For instance, the Pradhan Mantri Jan Aarogya Yojana (PM-JAY) scheme provides health insurance to the economically weaker section of society. Additionally, the integration of application programming interface (API) infrastructure to bring healthcare service providers, standalone clinics, labs, pharmacies, and health insurance companies on one platform towards easing the burden on customers is providing an impetus to market growth. Furthermore, increasing foreign direct investment (FDI) in the health insurance sector due to the involvement of foreign private players as a result of economic liberalization is providing a considerable boost to market growth. Moreover, the popularization of health insurance due to the incorporation of specific products for children and the geriatric population with varied health cover options is creating a positive outlook for the market. Other factors, including increasing insurance penetration due to digital literacy, the widespread product adoption during the COVID-19 pandemic, the rising incidences of lifestyle diseases, and significant growth in the healthcare industry, are anticipated to drive the market toward growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India health insurance market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on provider, type, plan type, demographics and provider type.

Breakup by Provider:

  • Private Providers
  • Public Providers
     

Breakup by Type:

  • Life-Time Coverage
  • Term Insurance
     

Breakup by Plan Type:

  • Medical Insurance
  • Critical Illness Insurance
  • Family Floater Health Insurance
  • Others
     

Breakup by Demographics:

  • Minor
  • Adults
  • Senior Citizen
     

Breakup by Provider Type:

  • Preferred Provider Organizations (PPOs)
  • Point of Service (POS)
  • Health Maintenance Organizations (HMOs)
  • Exclusive Provider Organizations (EPOs)
     

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
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
Report Price and Purchase Option Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the India health insurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the India health insurance market?
  • What are the key regional markets?
  • What is the breakup of the market based on the provider?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the plan type?
  • What is the breakup of the market based on the demographics?
  • What is the breakup of the market based on the provider type?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the India health insurance market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    India Health Insurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Provider
    6.1    Private Providers
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Public Providers
        6.2.1 Market Trends
        6.2.2 Market Forecast
7   Market Breakup by Type
    7.1    Life-Time Coverage
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Term Insurance
        7.2.1 Market Trends
        7.2.2 Market Forecast
8   Market Breakup by Plan Type
    8.1    Medical Insurance
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Critical Illness Insurance
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Family Floater Health Insurance
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Others
        8.4.1 Market Trends
        8.4.2 Market Forecast
9   Market Breakup by Demographics
    9.1    Minor
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Adults
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Senior Citizen
        9.3.1 Market Trends
        9.3.2 Market Forecast
10   Market Breakup by Provider Type
    10.1    Preferred Provider Organizations (PPOs)
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Point of Service (POS)
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Health Maintenance Organizations (HMOs)
        10.3.1 Market Trends
        10.3.2 Market Forecast
    10.4    Exclusive Provider Organizations (EPOs)
        10.4.1 Market Trends
        10.4.2 Market Forecast
11    Market Breakup by Region
    11.1    North India
        11.1.1 Market Trends
        11.1.2 Market Breakup by State
        11.1.3 Market Forecast
    11.2    West and Central India
        11.2.1 Market Trends
        11.2.2 Market Breakup by State
        11.2.3 Market Forecast
    11.3    South India
        11.3.1 Market Trends
        11.3.2 Market Breakup by State
        11.3.3 Market Forecast
    11.4    East India 
        11.4.1 Market Trends
        11.4.2 Market Breakup by State
        11.4.3 Market Forecast
12    SWOT Analysis
    12.1    Overview
    12.2    Strengths
    12.3    Weaknesses
    12.4    Opportunities
    12.5    Threats
13    Value Chain Analysis
14    Porters Five Forces Analysis

    14.1    Overview
    14.2    Bargaining Power of Buyers
    14.3    Bargaining Power of Suppliers
    14.4    Degree of Competition
    14.5    Threat of New Entrants
    14.6    Threat of Substitutes
15    Price Analysis
16    Policy and Regulatory Landscape
17    Competitive Landscape

    17.1    Market Structure
    17.2    Key Players
    17.3    Profiles of Key Players

List of Figures

Figure 1: India: Health Insurance Market: Major Drivers and Challenges
Figure 2: India: Health Insurance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: India: Health Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: India: Health Insurance Market: Breakup by Provider (in %), 2021
Figure 5: India: Health Insurance Market: Breakup by Type (in %), 2021
Figure 6: India: Health Insurance Market: Breakup by Plan Type (in %), 2021
Figure 7: India: Health Insurance Market: Breakup by Demographics (in %), 2021
Figure 8: India: Health Insurance Market: Breakup by Provider Type (in %), 2021
Figure 9: India: Health Insurance Market: Breakup by Region (in %), 2021
Figure 10: India: Health Insurance (Private Providers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: India: Health Insurance (Private Providers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: India: Health Insurance (Public Providers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: India: Health Insurance (Public Providers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: India: Health Insurance (Life-Time Coverage) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: India: Health Insurance (Life-Time Coverage) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: India: Health Insurance (Term Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: India: Health Insurance (Term Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: India: Health Insurance (Medical Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: India: Health Insurance (Medical Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: India: Health Insurance (Critical Illness Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: India: Health Insurance (Critical Illness Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: India: Health Insurance (Family Floater Health Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: India: Health Insurance (Family Floater Health Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: India: Health Insurance (Other Plan Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: India: Health Insurance (Other Plan Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: India: Health Insurance (Minor) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: India: Health Insurance (Minor) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: India: Health Insurance (Adults) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: India: Health Insurance (Adults) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: India: Health Insurance (Senior Citizen) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: India: Health Insurance (Senior Citizen) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: India: Health Insurance (Preferred Provider Organizations- PPOs) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: India: Health Insurance (Preferred Provider Organizations- PPOs) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: India: Health Insurance (Point of Service- POS) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: India: Health Insurance (Point of Service- POS) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: India: Health Insurance (Health Maintenance Organizations- HMOs) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: India: Health Insurance (Health Maintenance Organizations- HMOs) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: India: Health Insurance (Exclusive Provider Organizations- EPOs) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: India: Health Insurance (Exclusive Provider Organizations- EPOs) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: North India: Health Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: North India: Health Insurance Market: Breakup by State (in %), 2021
Figure 42: North India: Health Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: West and Central India: Health Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: West and Central India: Health Insurance Market: Breakup by State (in %), 2021
Figure 45: West and Central India: Health Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: South India: Health Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: South India: Health Insurance Market: Breakup by State (in %), 2021
Figure 48: South India: Health Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: East India: Health Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: East India: Health Insurance Market: Breakup by State (in %), 2021
Figure 51: East India: Health Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: India: Health Insurance Industry: SWOT Analysis
Figure 53: India: Health Insurance Industry: Value Chain Analysis
Figure 54: India: Health Insurance Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: India: Health Insurance Market: Key Industry Highlights, 2021 and 2027
Table 2: India: Health Insurance Market Forecast: Breakup by Provider (in Million US$), 2022-2027
Table 3: India: Health Insurance Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 4: India: Health Insurance Market Forecast: Breakup by Plan Type (in Million US$), 2022-2027
Table 5: India: Health Insurance Market Forecast: Breakup by Demographics (in Million US$), 2022-2027
Table 6: India: Health Insurance Market Forecast: Breakup by Provider Type (in Million US$), 2022-2027
Table 7: India: Health Insurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 8: India: Health Insurance Market: Competitive Structure
Table 9: India: Health Insurance Market: Key Players


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