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The Saudi Arabia health insurance market reached a value of US$ 6.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.4 Billion by 2027, exhibiting a CAGR of 6.4% during 2022-2027. 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 sectors. 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.
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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.
IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia health insurance market, along with forecasts for the period 2022-2027. Our report has categorized the market based on type and service provider.
Breakup by Type:
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Breakup by Service Provider:
Value Chain Analysis
Key Drivers and Challenges
Porters Five Forces Analysis
PESTEL Analysis
Government Regulations
Competitive Landscape
The Saudi Arabia health insurance market was valued at US$ 6.5 Billion in 2021.
We expect the Saudi Arabia health insurance market to exhibit a CAGR of 6.4% during 2022-2027.
The increasing prevalence of chronic diseases that need hospitalization, coupled with rising focus on restructuring the healthcare systems by privatizing public hospitals and introducing private health insurance schemes, is primarily driving the Saudi Arabia health insurance market.
The sudden outbreak of the COVID-19 pandemic has led to the growing demand for online insurance consultations across the nation to remotely provide cover for medical expenses incurred during the treatment of the coronavirus disease.
Based on the type, the Saudi Arabia health insurance market can be segmented into individual and group. Currently, group holds the majority of the total market share.
Based on the service provider, the Saudi Arabia health insurance market has been divided into public and private, where private service provider exhibits a clear dominance in the market.
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