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Saudi Arabia Health Insurance Market Size, Trends: By Type: Individual, Group; By Service Provider: Public, Private; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Government Regulations; Strategic Recommendations; Competitive Landscape; 2024-2032
Saudi Arabia Health Insurance Market Size
The Saudi Arabia health insurance market was around USD 6.78 billion in 2023. The industry is further expected to attain a value of around USD 10.98 billion by 2032, growing at a CAGR of 5.5% over the forecast period of 2024-2032.
The health insurance industry in Saudi Arabia is being driven by the growing consumer awareness regarding health coupled with the increased government initiatives to improve the healthcare infrastructure and policies in the region.
In July 2016, the government started implementing the mandatory unified health insurance scheme across the country. The scheme has been completely in place since 2017, making it mandatory 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. Thus, with the Saudi Arabian government mandating health coverage for all nationals and non-nationals, the industry is witnessing an increased growth in the region.
Saudi Arabia Health Insurance Market Report Snapshots
Saudi Arabia Health Insurance Market Size
Saudi Arabia Health Insurance Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Saudi Arabia Health Insurance Market Snapshot
7 Opportunities and Challenges in the Market
8 Saudi Arabia Health Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Saudi Arabia Health Insurance Historical Market (2018-2023)
8.3 Saudi Arabia Health Insurance Market Forecast (2024-2032)
8.4 Saudi Arabia Health Insurance Market by Type
8.4.1 Individual
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Group
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Saudi Arabia Health Insurance Market by Service Provider
8.5.1 Public
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Private
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyers Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Government Regulations
12 Strategic Recommendations
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Saudi Arabia Health Insurance Market: Key Industry Highlights, 2018 and 2032
2. Saudi Arabia Health Insurance Historical Market: Breakup by Type (USD Million), 2018-2023
3. Saudi Arabia Health Insurance Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Saudi Arabia Health Insurance Historical Market: Breakup by Service Provider (USD Million), 2018-2023
5. Saudi Arabia Health Insurance Market Forecast: Breakup by Service Provider (USD Million), 2024-2032
6. Saudi Arabia Health Insurance Market Structure
Key Questions Answered in the Report
In 2023, the health insurance market in Saudi Arabia attained a value of USD 6.78 billion.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 5.5%.
By 2032, the market is estimated to attain a value of about USD 10.98 billion.
The major market drivers include rising disposable incomes, the growing health awareness amid increasing prevalence of various diseases, and the introduction of government initiatives to improve the healthcare infrastructure and policies.
The introduction of mandatory unified health insurance schemes and policies to enhance the healthcare infrastructure is a significant trend guiding the market development.
The major types of the product in the market are individual and group.
The various service providers of health insurance considered in the market report are public and private.
Analyst Review
The Saudi Arabia health insurance market attained a value of USD 6.78 billion in 2023 driven by the health insurance policies of the government. Aided by the increasing spend on healthcare infrastructure, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 5.5%. The market is projected to reach USD 10.98 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the market can be segmented into individual and group. On the basis of service provider, the market is divided into public and private.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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