Saudi Arabia Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The Saudi Arabia health insurance market size reached US$ 7.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
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 report, along with forecasts for the period 2023-2028. 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
Report Coverage:
Base Year Considered: 2022
Historical Data Coverage: 2017-2022
Market Forecast: 2023-2028
Currency: US$
Geography Covered: Saudi Arabia
Segments Covered: Type and Service Provider
Key Questions Answered in This Report
1. What was the size of the Saudi Arabia health insurance market in 2022?
2. What is the expected growth rate of the Saudi Arabia health insurance market during 2023-2028?
3. What are the key factors driving the Saudi Arabia health insurance market?
4. What has been the impact of COVID-19 on the Saudi Arabia health insurance market?
5. What is the breakup of the Saudi Arabia health insurance market based on the type?
6. What is the breakup of the Saudi Arabia health insurance market based on the service provider?
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 report, along with forecasts for the period 2023-2028. 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
Report Coverage:
Base Year Considered: 2022
Historical Data Coverage: 2017-2022
Market Forecast: 2023-2028
Currency: US$
Geography Covered: Saudi Arabia
Segments Covered: Type and Service Provider
Key Questions Answered in This Report
1. What was the size of the Saudi Arabia health insurance market in 2022?
2. What is the expected growth rate of the Saudi Arabia health insurance market during 2023-2028?
3. What are the key factors driving the Saudi Arabia health insurance market?
4. What has been the impact of COVID-19 on the Saudi Arabia health insurance market?
5. What is the breakup of the Saudi Arabia health insurance market based on the type?
6. What is the breakup of the Saudi Arabia health insurance market based on the service provider?
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 HEALTH INSURANCE MARKET
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Type
5.5 Market Breakup by Service Provider
5.6 Market Forecast
5.7 SWOT Analysis
5.7.1 Overview
5.7.2 Strengths
5.7.3 Weaknesses
5.7.4 Opportunities
5.7.5 Threats
5.8 Value Chain Analysis
5.9 Porters Five Forces Analysis
5.9.1 Overview
5.9.2 Bargaining Power of Buyers
5.9.3 Bargaining Power of Suppliers
5.9.4 Degree of Competition
5.9.5 Threat of New Entrants
5.9.6 Threat of Substitutes
5.10 PESTEL Analysis
5.10.1 Political
5.10.2 Economic
5.10.3 Social
5.10.4 Legal
5.10.5 Environmental
5.10.6 Technological
5.11 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
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 HEALTH INSURANCE MARKET
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Type
5.5 Market Breakup by Service Provider
5.6 Market Forecast
5.7 SWOT Analysis
5.7.1 Overview
5.7.2 Strengths
5.7.3 Weaknesses
5.7.4 Opportunities
5.7.5 Threats
5.8 Value Chain Analysis
5.9 Porters Five Forces Analysis
5.9.1 Overview
5.9.2 Bargaining Power of Buyers
5.9.3 Bargaining Power of Suppliers
5.9.4 Degree of Competition
5.9.5 Threat of New Entrants
5.9.6 Threat of Substitutes
5.10 PESTEL Analysis
5.10.1 Political
5.10.2 Economic
5.10.3 Social
5.10.4 Legal
5.10.5 Environmental
5.10.6 Technological
5.11 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 TABLES
Table 1: Saudi Arabia: Health Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Saudi Arabia: Health Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Saudi Arabia: Health Insurance Market Forecast: Breakup by Service Provider (in Million US$), 2023-2028
Table 4: Saudi Arabia: Health Insurance Market: Competitive Structure
Table 5: Saudi Arabia: Health Insurance Market: Key Players
Table 1: Saudi Arabia: Health Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Saudi Arabia: Health Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Saudi Arabia: Health Insurance Market Forecast: Breakup by Service Provider (in Million US$), 2023-2028
Table 4: Saudi Arabia: Health Insurance Market: Competitive Structure
Table 5: Saudi Arabia: Health Insurance Market: 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 Billion US$), 2017-2022
Figure 3: Saudi Arabia: Health Insurance Market: Breakup by Type (in %), 2022
Figure 4: Saudi Arabia: Health Insurance Market: Breakup by Service Provider (in %), 2022
Figure 5: Saudi Arabia: Health Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
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$), 2017 & 2022
Figure 11: Saudi Arabia: Health Insurance (Individual) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Saudi Arabia: Health Insurance (Group) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Saudi Arabia: Health Insurance (Group) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Saudi Arabia: Health Insurance (Public) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Saudi Arabia: Health Insurance (Public) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Saudi Arabia: Health Insurance (Private) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Saudi Arabia: Health Insurance (Private) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 1: Saudi Arabia: Health Insurance Market: Major Drivers and Challenges
Figure 2: Saudi Arabia: Health Insurance Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Saudi Arabia: Health Insurance Market: Breakup by Type (in %), 2022
Figure 4: Saudi Arabia: Health Insurance Market: Breakup by Service Provider (in %), 2022
Figure 5: Saudi Arabia: Health Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
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$), 2017 & 2022
Figure 11: Saudi Arabia: Health Insurance (Individual) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Saudi Arabia: Health Insurance (Group) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Saudi Arabia: Health Insurance (Group) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Saudi Arabia: Health Insurance (Public) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Saudi Arabia: Health Insurance (Public) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Saudi Arabia: Health Insurance (Private) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Saudi Arabia: Health Insurance (Private) Market Forecast: Sales Value (in Million US$), 2023-2028
