Saudi Arabia Health Insurance Market

Market Overview:

The Saudi Arabia health insurance market reached a value of around US$ 6 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 6.6% 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 sector. These insights are included in the report as a major market contributor.

Health insurance is a type of insurance coverage that periodically charges a sum from the policyholder and pays for medical and surgical expenses incurred by the individual in case of a medical emergency. An efficient health insurance plan includes services such as diagnosis and treatment for chronic illnesses and conditions, psychiatric care, emergency evacuation and transportation, in-patient and out-patient treatment, maternity, dental care, etc. The key health insurance providers in Saudi Arabia are Bupa Saudi Arabia, Tawuniya, MedGulf Arabia, etc.

The increasing population and diversification of the nation’s economy are among the key factors driving the Saudi Arabia health insurance market. Resulting from the growing industrialization and increasing job opportunities, expatriates from all around the globe are migrating to the country, catalyzing the growth of the healthcare and health insurance sector. Health insurance in Saudi Arabia is oriented towards easing the financial stress that comes with having to pay exorbitant medical bills due to unexpected illness or injury. Additionally, the Saudi Arabian government mandates health coverage for all nationals and non-nationals. The country began implementing the mandatory unified health insurance scheme in July 2016, with the system completely in place since 2017. It is compulsory for all private sector organisations to provide health insurance to their employees as well as their dependants – this includes spouse, unmarried daughters and male children below 25 years of age. Furthermore, factors such as rising population, increasing healthcare expenditures, growing prevalence of various life style diseases, improving healthcare infrastructure, etc. are also catalyzing the growth of the health insurance market in Saudi Arabia.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia health insurance market, along with forecasts at the period 2021-2026. Our report has categorized the market based on type and service provider.

Breakup by Type:

• Individual
• Group
   

Breakup by Service Provider:

• Public 
• Private
   

Value Chain Analysis
Key Drivers and Challenges
Porters Five Forces Analysis
PESTEL Analysis
Government Regulations
Competitive Landscape

• Competitive Structure
• Key Player Profiles
   

Key Questions Answered in This Report:

• How has the Saudi Arabia 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 Saudi Arabia health insurance market?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the service provider?
• What are the various stages in the value chain of the Saudi Arabia health insurance industry?
• What are the key driving factors and challenges in the Saudi Arabia health insurance industry?
• What is the structure of the Saudi Arabia health insurance industry and who are the key players?
• What is the degree of competition in the Saudi Arabia health insurance industry?
• What are the profit margins in the Saudi Arabia health insurance industry?

Report Coverage:

• Base Year Considered: 2020
• Historical Data Coverage: 2015-2020
• Market Forecast: 2021-2026
• Currency: US$
• Geography Covered: Saudi Arabia
• Segments Covered: Type and Service Provider

 
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.