India Healthcare Insurance Market Report 2022 to 2030

India Healthcare Insurance Market Analysis

$ 3999

The Indian healthcare insurance market is projected to grow from $36.85 Bn in 2022 to $82.5 Bn by 2030, registering a CAGR of 10.6% during the forecast period of 2022 - 2030. The main factors driving the growth would be growing awareness, technological advancements, increased competition and government Initiatives. The market is segmented by the component, provider, coverage, by health insurance plans and end-user. Some of the major players include HDFC ERGO, Star Health and Allied Insurance, Niva Bupa, ICICI Lombard and Care Health Insurance.

ID: IN10INHS008 CATEGORY: Healthcare Services GEOGRAPHY: India AUTHOR: Neha Davda

Buy Now

India Healthcare Insurance Market Executive Summary

The Indian healthcare insurance market is projected to grow from $36.85 Bn in 2022 to $82.5 Bn by 2030, registering a CAGR of 10.6% during the forecast period of 2022 - 2030. Over the past ten years, India has gradually increased its health spending in order to support its growing population. From 2.95% of GDP in 2018 to 3.01% of GDP in 2019, spending on health grew. India still spends less on healthcare than the majority of wealthy countries, notwithstanding recent gains. The government is making efforts to reform the healthcare system by increasing public funding and passing reform laws, but there are still numerous problems that need to be fixed.

A growing area of the Indian economy is health insurance. One of the biggest healthcare systems in the world, India's system has a potential beneficiary population of approximately 1.3 Bn people. When it comes to income and job generation, India's healthcare sector has quickly risen to the top of the list. In India, the growth of the general insurance sector is mostly attributed to health insurance. It makes up about 29% of India's overall general insurance premium income.

Innovative solutions like disease-specific insurance plans, cashless hospitalisation, and telemedicine services have begun to appear in the Indian healthcare insurance market. These goods are created to meet the particular requirements of various population groupings.

India Healthcare Insurance Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

The Indian Healthcare Insurance market is expected to be driven by factors such as:

Growing awareness- People are becoming more and more aware of the value of health insurance, which is increasing the demand for insurance products
Technological advancements- Technology developments have facilitated online access to healthcare insurance goods and services, enhancing ease and accessibility
Increased competition- With the admission of new businesses and the growth of established ones, the healthcare insurance industry in India has become more competitive, stimulating greater innovation and better goods and services for consumers
Government Initiatives- Ayushman Bharat Yojana, which offers health insurance coverage to more than 100 Mn families in the nation, is one of many programs the Indian government has launched to encourage health insurance

Market Restraints

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

High premium rates- As a result of the comparatively high premium rates for healthcare insurance products in India, many people, especially those from lower-income categories, may find them to be expensive
Poor infrastructure- There are not enough hospitals and other healthcare facilities in India, which results in excessive wait times and restricted access to high-quality medical care
Lack of trust in insurers- Due to concerns about hidden costs and tiny print, many consumers in India are dubious of insurance providers and reluctant to engage in healthcare insurance products

Competitive Landscape

Key Players

HDFC ERGO (IND)- Based in Mumbai, HDFC ERGO is a joint venture between Munich Re Group's main insurance company, ERGO International, and HDFC Ltd., India's foremost housing finance institution. The company provides a full variety of general insurance products, including tailored options like property, marine, and liability insurance for businesses as well as products like motor, health, travel, home, and personal accident insurance for consumers
Star Health and Allied Insurance (IND)- began operations in 2006 as India's first standalone health insurance provider. The company offers excellent services in health, personal accident, and overseas travel insurance, among other things. Star Health offers top-notch products for everyone, whether they are individuals, families, or businesses. We operate both directly and through a variety of channels, including agents, brokers, online, etc. Star Health is heavily involved in bancassurance and has a history of working with different banks
Niva Bupa (IND)- As a joint venture between Max India and Bupa, Niva Bupa Health Insurance was established in 2008 and began operations in 2010. By arming its clients with information, advising them with competence, and offering them a variety of services that inspire confidence and return control to them—exactly how they want every moment of their lives to be—it aspires to become India's most admired health insurance company
ICICI Lombard (IND)- One of the top private general insurance companies in India is ICICI Lombard General Insurance Company Limited. It provides various types of policies for different insurances including policies such as Health AdvantEdge, Health Booster and Arogya Sanjeevani policy for health insurance
Care Health Insurance (IND)- Indian health insurance provider Care Health Insurance was founded in July 2012. It is a direct subsidiary of Religare Enterprise and a member of the Religare Group. In addition to group health insurance and group personal accident insurance for corporations, microinsurance products for the rural market, and a comprehensive set of wellness services, Care Health Insurance currently offers products in the retail segment for health insurance, top-up coverage, personal accident, maternity, international travel insurance, and critical illness

Healthcare Policies and Regulatory Landscape

The Insurance Regulatory and Development Authority of India (IRDAI), which has established norms and regulations for insurance companies operating in the nation, oversees the healthcare insurance industry in India. Insurance providers must provide a selection of plans that pay for hospitalisation, critical illness, and other medical costs.

Notable Deals

August 2022- Aditya Birla Capital Ltd's and its subsidiary Aditya Birla Health Insurance Co. Ltd's boards authorised Abu Dhabi Investment Authority (ADIA)'s investment of Rs. 665 crores in the health insurer on Friday. The money will be utilised to support the health insurer's expansion.

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

India 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.