Egypt Healthcare Insurance Market Report 2022 to 2030

Egypt Healthcare Insurance Market Analysis

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Egypt's healthcare insurance market is projected to grow from $5.67 Bn in 2022 to $11.39 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-2030. The main factors driving the growth would be increasing population, government initiatives, technological advancements and rising awareness. The market is segmented by the component, provider, coverage, health insurance plans and end-user. Some of the major players include Misr Insurance, Suez Canal Life Insurance, Mohandes Insurance, Allianz and BUPA.

ID: IN10EGHS008 CATEGORY: Healthcare Services GEOGRAPHY: Egypt AUTHOR: Neha Davda

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Egypt Healthcare Insurance Market Executive Summary

Egypt's healthcare insurance market is projected to grow from $5.67 Bn in 2022 to $11.39 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-30. In 2019, the healthcare expenditure in Egypt was 4.74% of the GDP or $150 per person. In accordance with the UN's Sustainable Development Goals (SDGs), the Egyptian government has made improvements to healthcare and population health a primary goal.

All Egyptians have access to a publicly funded healthcare system that offers essential medical treatments. The level of care provided, however, varies greatly depending on the area and type of facility. As a result, a lot of Egyptians decide to supplement their government-provided healthcare by buying private health insurance.

Several domestic and foreign insurance companies provide private health insurance in Egypt. A variety of medical costs, including hospitalisation, outpatient care, prescription medications, and diagnostic tests, may be covered by these policies. Also, certain insurance plans could provide extra benefits like vision and dental coverage. In Egypt, employers may also include health insurance in their list of perks for staff members. In this situation, the company normally pays a portion of the premium, with the employee being responsible for the remaining amount.

Egypt Healthcare Insurance Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

The Egypt healthcare Insurance market is expected to be driven by factors such as:

Increasing population- Egypt's population is predicted to increase quickly and reach 150 million people by 2050. As a result, the market for healthcare insurance will see opportunities for expansion and the need for healthcare services would rise
Government initiatives- The Egyptian government has put in place a number of steps to enhance the healthcare industry, including raising funding for public hospitals and opening up primary care services to more people. This has improved the operating climate for private healthcare insurance providers
Technological advancements- Egypt's healthcare industry is using cutting-edge technologies like telemedicine and electronic medical records. These developments are giving healthcare insurance firms the chance to provide cutting-edge goods and services
Rising awareness- More people are becoming aware of the advantages of health insurance as Egypt's healthcare system develops. Due to this, demand for healthcare insurance products has increased, particularly among younger, wealthier parts of the population

Market Restraints

The following factors are expected to limit the growth of the healthcare insurance market in Egypt:

Uneven healthcare infrastructure- Egypt's healthcare infrastructure is dispersed unevenly across the nation, with certain regions having just limited access to medical facilities. The potential market for healthcare insurance providers in particular regions may be constrained as a result
Limited regulatory framework- The legislative framework for healthcare insurance in Egypt is still being developed, which could lead to uncertainty and restrain the market's expansion
Limited competition- In Egypt, the market for health insurance is still quite small, and a select few companies dominate it. This may restrict innovation and competition, which might impede market expansion

Competitive Landscape

Key Players

Misr Insurance (EGY)- The oldest insurance business in Egypt, it is regarded as a leader in the insurance market due to its many years of experience, making it a significant contribution to the Egyptian economy since its inception in 1934. A TPA that offers a vast network of medical providers in Egypt, Misr insurance offers medical insurance coverage to both people and corporations against all medical expenses that may arise during the policy time
Suez Canal Life Insurance (EGY)- The company was formed in compliance with Supervision and Control Law No. 118 of 2008 after it actually separated from its parent company (Suez Canal Insurance) in the middle of 2012. Due to its strategies for luring customers and achieving growth overall with the effectiveness of performance of services to customers through its branches dispersed throughout the nation, working to provide all the insurance coverage required by the market and accessibility of efficiency principles, Suez Canal Life Insurance Company occupies a distinguished position in the Egyptian insurance market
Mohandes Insurance (EGY)- Products for insurance and reinsurance are offered by Mohandes Insurance. The business offers liability, property, and personal insurance. Life and health, fire, marine transport and hull, accident and liabilities, and engineering insurance are among its offerings
Allianz- A leading provider of financial services worldwide, Allianz Group includes Allianz Egypt. It is one of Egypt's top healthcare insurance companies. It offers high-quality medical care services through its carefully chosen extensive network of private hospitals and qualified specialists through Health Plus, a program it created
BUPA- Bupa's mission is to improve people's lives and the globe by promoting longer, healthier, and happier lives. They provide healthcare services to more than 38 Mn people worldwide. Without shareholders, they use their income to expand and improve healthcare services for both present and future patients

Recent Developments

August 2020- The Public Health Care Authority created a telemedicine services application to offer online medical services in the Egyptian health insurance system, according to a ministry of health announcement from August 2020. The 'Al-Balto' application offers medical services in both Arabic and English in fields such as paediatrics, dermatology, obstetrics, gynaecology, nutrition, psychiatry, and venereology illnesses.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Egypt Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

Public
Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

Individuals
Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.