Saudi Arabia Health Insurance Market to Reach US$ 9.4 Billion by 2027, Bolstered by Various Favorable Government Initiatives

February 24, 2020

According to the latest report by IMARC Group, titled "Saudi Arabia Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Saudi Arabia health insurance market size reached US$ 6.5 Billion in 2021. Health insurance refers to a type of insurance coverage that wholly or partially covers the medical and surgical expenses of an insured individual. It reimburses the medical and surgical expenses incurred for the treatment of injuries or illness to the insurer or pays for the same to the care provider directly. The insurer must develop a routine premium structure to pay for the opted insurance plan to avail numerous benefits at an affordable price point. Health insurance can also include additional services like diagnosis, medical check-ups, dental care, psychiatric care, treatment for chronic ailments, emergency transportation, and in-patient and daycare management.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Saudi Arabia Health Insurance Market Trends:

The market is primarily driven by the favorable initiatives undertaken by the Ministry of Health (MOH), Kingdom of Saudi Arabia. On account of high healthcare costs in the country and the rising concerns about the quality of care in public facilities, the government is restructuring the healthcare system by privatizing public hospitals and introducing private health insurance schemes. Furthermore, it has not only mandated health insurance for citizens and foreign workers but also for students and individuals who often stay in the country for a short span. Additionally, the ministry has made it compulsory for private sector organizations to provide health insurance to the employees and their dependents. The advent of affordable insurance plans with customized features that fit the exact need for the consumers is also driving the market growth. Several insurance providers in Saudi Arabia are continually engaged in the designing of novel programs that are aimed at providing a safeguard against exorbitant medical bills. Apart from this, the dominance of sedentary lifestyles has led to the increasing incidences of obesity and diabetes in the country. This has consequently created an imminent need for health insurance to cover the growing medical expenses. In line with this, growing health consciousness among individuals has further facilitated the market growth. Rising population, including the expatriates and increasing employment opportunities, along with the growing consumer expenditure capacities, are some of the other factors creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 9.4 Billion by 2027, growing at a CAGR of 6.4% during the forecast period (2022-2027).

Market Summary:

  • On the basis of the type, the market has been bifurcated into individual and group.
  • Based on the service provider, the market has been categorized into public and private.
  • The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the report.


About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

IMARC Group

USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal

Saudi Arabia Health Insurance Market to Reach US$ 9.4 Billion by 2027, Bolstered by Various Favorable Government Initiatives
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More