Saudi Arabia Health Insurance Market

The Saudi Arabia health insurance market was worth US$ 5.68 Billion in 2019. 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. Looking forward, IMARC Group expects the market to reach a value of US$ 7.65 Billion by 2025, registering a CAGR of 5.04% during 2020-2025.

Report Coverage:

• Historical, Current and Future Market Trends
   
• Market Breakup by Type:
  • Individual
  • Group
     

• Market 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 is the breakup of the market based on the product 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: 2019
• Historical Data Coverage: 2014-2019
• Market Forecast: 2020-2025
• 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.

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   Saudi Arabia Heath Insurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Market Breakup by Type
    5.4    Market Breakup by Service Provider 
    5.5    Market Forecast 
    5.6    SWOT Analysis
        5.6.1    Overview
        5.6.2    Strengths
        5.6.3    Weaknesses
        5.6.4    Opportunities
        5.6.5    Threats
    5.7    Value Chain Analysis
    5.8    Porters Five Forces Analysis
        5.8.1    Overview
        5.8.2    Bargaining Power of Buyers
        5.8.3    Bargaining Power of Suppliers
        5.8.4    Degree of Competition
        5.8.5    Threat of New Entrants
        5.8.6    Threat of Substitutes
    5.9    PESTEL Analysis
        5.9.1    Political
        5.9.2    Economic
        5.9.3    Social
        5.9.4    Legal
        5.9.5    Environmental
        5.9.6    Technological
    5.10    Price Analysis
6   Market Breakup by Type
    6.1    Individual 
            6.1.1    Market Trends
            6.1.2    Market Forecast
    6.2    Group  
            6.2.1    Market Trends
            6.2.2    Market Forecast
7   Market Breakup by Service Provider
    7.1    Public 
            7.1.1    Market Trends
            7.1.2    Market Forecast
    7.2    Private  
            7.2.1    Market Trends
            7.2.2    Market Forecast
8   Government Regulations
9   Strategic Recommendations
10  Competitive Landscape
    10.1    Market Structure
    10.2    Key Players
    10.3    Profiles of Key Players

List of Figures

Figure 1: Saudi Arabia: Health Insurance Market: Major Drivers and Challenges
Figure 2: Saudi Arabia: Health Insurance Market: Sales Value (in Million US$), 2014-2019
Figure 3: Saudi Arabia: Health Insurance Market: Breakup by Type (in %), 2019
Figure 4: Saudi Arabia: Health Insurance Market: Breakup by Service Provider (in %), 2019
Figure 5: Saudi Arabia: Health Insurance Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 6: Saudi Arabia: Health Insurance Industry: SWOT Analysis
Figure 7: Saudi Arabia: Health Insurance Industry: Value Chain Analysis
Figure 8: Saudi Arabia: Health Insurance Industry: Porter’s Five Forces Analysis
Figure 9: Saudi Arabia: Health Insurance Industry: PESTEL Analysis
Figure 10: Saudi Arabia: Health Insurance (Individual) Market: Sales Value (in Million US$), 2014 & 2019
Figure 11: Saudi Arabia: Health Insurance (Individual) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 12: Saudi Arabia: Health Insurance (Group) Market: Sales Value (in Million US$), 2014 & 2019
Figure 13: Saudi Arabia: Health Insurance (Group) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 14: Saudi Arabia: Health Insurance (Public) Market: Sales Value (in Million US$), 2014 & 2019
Figure 15: Saudi Arabia: Health Insurance (Public) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 16: Saudi Arabia: Health Insurance (Private) Market: Sales Value (in Million US$), 2014 & 2019
Figure 17: Saudi Arabia: Health Insurance (Private) Market Forecast: Sales Value (in Million US$), 2020-2025
 

List of Tables

Table 1: Saudi Arabia: Health Insurance Market: Key Industry Highlights, 2019 and 2025
Table 2: Saudi Arabia: Health Insurance Market Forecast: Breakup by Type (in Million US$), 2020-2025
Table 3: Saudi Arabia: Health Insurance Market Forecast: Breakup by Service Provider (in Million US$), 2020-2025
Table 4: Saudi Arabia: Health Insurance Market Structure
Table 5: Saudi Arabia: Health Insurance Market: Key Players