Indonesia Healthcare Insurance Market Report 2022 to 2030

Indonesia Healthcare Insurance Market Analysis

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Indonesia's healthcare insurance market is projected to grow from $12.16 Bn in 2022 to $21.85 Bn by 2030, registering a CAGR of 7.6% during the forecast period of 2022-30. The main factors driving the growth would be government initiatives, increasing investment, technological advancements, and an aging population. The market is segmented by component, provider, coverage, health insurance plans, and by end-user. Some of the major players include Lippo Insurance Health Protection, BNI Life, AXA, Prixa, GotoSehat, Collective Life, CoverPlus, Aman, ATM Sehat, Bandingin, AELL, Garbage Clinical Insurance and Investor Medika.

ID: IN10IDHS008 CATEGORY: Healthcare Services GEOGRAPHY: Indonesia AUTHOR: Neha Davda

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Indonesia Healthcare Insurance Market Executive Summary

Indonesia's healthcare insurance market is projected to grow from $12.16 Bn in 2022 to $21.85 Bn by 2030, registering a CAGR of 7.6% during the forecast period of 2022-30. Indonesia spent 2.9% of its GDP, or $120.12 per person, on government healthcare in 2019. Indonesia spends significantly less on healthcare overall per person than nations with significantly lower national per capita GDPs, such as Laos, Cambodia, and Myanmar.

The market for health insurance in Indonesia has changed significantly in recent years. The government has put in place a number of initiatives to improve the citizens' access to and cost of healthcare, which has led to a growth of healthcare insurance coverage. The Jaminan Kesehatan Nasional (JKN) initiative, which seeks to provide all citizens and permitted foreign residents with universal health coverage, was introduced in Indonesia in 2014. The Social Security Agency for Health, also known as BPJS Kesehatan, oversees the administration of the program, which is supported by mandated contributions from both employees and employers. Preventive care, inpatient and outpatient care, emergency services, and prescription medications are all covered by JKN.

There are private health insurance businesses functioning in Indonesia in addition to the national health insurance program. These businesses provide a variety of insurance policies that address various economic and demographic groups. Other procedures and benefits not covered by JKN, such as elective surgeries, alternative therapies, and international medical care are often covered by private health insurance.

Indonesia Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

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

Government initiatives- The Indonesian government has made major investments in the healthcare industry, including the introduction of JKN, which has given millions of Indonesians greater access to healthcare services. In addition, the government has put measures in place, including tax breaks and loosened rules, to stimulate private sector investment in the healthcare sector
Increasing investment- The expansion of Indonesia's middle class and the implementation of universal healthcare have increased demand in nearly all areas of the industry, from hospitals to pharmaceuticals to medical devices, making Indonesia's healthcare sector a lucrative business investment opportunity for foreign investors. Swiss Re has joined forces with Indonesia Re, the organisation in charge of managing the National Insurance Data Centre Management Agency (BPPDAN), in order to provide its analytics solutions and risk advisory services to BPPDAN's members starting in 2022. The partnership will serve as a catalyst for Indonesia's insurance sector's digital transformation, which will help fuel rising demand over the course of the projection period
Technological advancements- The need for insurance plans that cover these services is increasing as a result of developments in healthcare technology, including telemedicine and digital health platforms, which are improving Indonesians' access to and convenience with healthcare
Ageing population- Indonesia's population is ageing, and it's expected that the proportion of persons over 60 will rise sharply in the years to come. Due to this, there is an increasing need for healthcare services and insurance options that are tailored to the unique requirements of senior people

Market Restraints

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

Limited awareness- Many Indonesians, especially those living in rural regions, do not comprehend the value of health insurance or how it operates. This may lower the demand for health insurance products and make it harder for people to get the care they require
High out-of-pocket costs- Even while the JKN has increased access to healthcare services, patients must still pay a sizable amount out of pocket, especially for expensive pharmaceuticals and specialist treatments. For some Indonesians, this may make healthcare unaffordable, reducing their capacity to get the care they require
Insufficient infrastructure- Indonesia's healthcare system may not be adequate to meet the demands of the population, especially in rural areas. With fewer healthcare services available, even those with insurance may find it more challenging to get the care they need

Competitive Landscape

Key Players

Lippo Insurance Health Protection (IDN)- Lippo General Insurance is a general insurance firm. The company offers a variety of insurance products, including health insurance, life and death insurance, marine cargo insurance, and fire insurance. Geographically, the group operates in Indonesia's Jabodetabek, Sumatera, Jawa Timur, Jawa Barat, Jawa Tengah, Makassar, Bali, and Balikpapan provinces
BNI Life (IDN)- BNI Life is a provider of a range of insurance products, including life insurance, health insurance, education insurance, investment insurance, pension insurance, and sharia insurance. BNI Life is currently available through four different distribution channels: agencies, bancassurance, employee benefits, and sharia
AXA- The AXA Group, one of the biggest insurance and asset management firms in the world, includes AXA in Indonesia. Via a number of distribution channels, including PT AXA Mandiri Financial Services, PT AXA Financial Indonesia, PT Mandiri AXA General Insurance, and PT Architas Asset Management Indonesia, AXA does business with an emphasis on life insurance, general insurance, and asset management
Major Indonesian health insurance startups- Prixa, GotoSehat, Collective Life, CoverPlus, Aman, ATM Sehat, Bandingin, AELL, Garbage Clinical Insurance and Investor Medika

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

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.