Nigeria Healthcare Insurance Market Report 2022 to 2030

Nigeria Healthcare Insurance Market Analysis

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The Nigeria healthcare insurance market is projected to grow from $1.83 Bn in 2022 to $3.53 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022 - 2030. The main factors driving the growth would be the increasing population, rising healthcare costs and government support. The market is segmented by component, the provider, coverage, by health insurance plans and end-user. Some of the major players include Leadway Health Insurance, Hygeia HMO, AIICO Health Insurance, Total Health Trust Limited and AXA Mansard.

ID: IN10NGHS008 CATEGORY: Healthcare Services GEOGRAPHY: Nigeria AUTHOR: Neha Davda

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Nigeria Healthcare Insurance Market Executive Summary

The Nigeria healthcare insurance market is projected to grow from $1.83 Bn in 2022 to $3.53 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022 - 2030. In 2019, Nigeria's national health expenditures as a percentage of GDP were 3.03% or $71 per person.

The Nigerian health insurance market is developing and has considerable potential for growth. The nation's healthcare system faces a number of challenges, including inadequate healthcare facilities, limited funding, and a shortage of skilled medical staff. Due to these issues in place, many Nigerians still lack access to high-quality healthcare, and those who do often have to incur out-of-pocket expenses for such services.

The Nigerian government has launched a number of healthcare measures, including the introduction of healthcare insurance programs, to address these challenges. The National Health Insurance System (NHIS) was founded in 1999 with the aim of providing greater access to quality healthcare services. Anyone can contribute to a fund that is used to pay for healthcare services through the social health insurance scheme run by the NHIS. In addition to the NHIS, Nigeria has a number of private healthcare insurance companies that offer both individual and family health insurance coverage.

Nigeria Healthcare Insurance Market Analysis

Market Dynamics

Market Growth Drivers

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

Increasing population- Nigeria has a sizable and growing population, which provides a sizable potential market for healthcare insurance companies. Further, over 90% of Nigerians still lack insurance, Nigeria offers health insurance providers a largely untapped market
Rising healthcare costs- The cost of medical technology and equipment, as well as the cost of healthcare personnel, are all contributing to rising healthcare expenditures in Nigeria. Healthcare insurance can help individuals and families manage these expenditures and receive appropriate healthcare services
Government support- Through initiatives like the NHIS, the Nigerian government has demonstrated its commitment to increasing access to healthcare services. This assistance fosters an environment that allows healthcare insurance companies to function and develop

Market Restraints

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

Inefficient healthcare sector- The healthcare industry in Nigeria is notably inefficient. Politicians and technocrats have been advocating for universal health coverage as a public good for years, but progress has been slow and stifled
High cost- Despite the fact that healthcare insurance can assist individuals and families in controlling healthcare costs, premium costs might be substantial. Around one-third of the population live in extreme poverty. Due to this, some Nigerians may find it difficult to buy health insurance, which places a cap on the potential market for health insurance companies

Competitive Landscape

Key Players

Leadway Health Insurance (NGA)- A number of healthcare service products have been introduced by Leadway Health a health maintenance organisation (HMO) founded by Leadway Assurance, with the goal of enhancing and nurturing Nigerians' access to high-quality health and wellbeing solutions
Hygeia HMO (NGA)- It provides complete health insurance services to individuals, families, small and medium-sized businesses, and big corporations. By implementing international best practices, Hygeia HMO continues to define and establish new benchmarks for health maintenance services in Nigeria and Africa. They are committed to enhancing healthcare in Nigeria by adjusting continually to the intricate and ever-changing needs of our members and clients
AIICO Health Insurance (NGA)- It provides complete health insurance services to individuals, families, small and medium-sized businesses, and big corporations. By implementing international best practices, Hygeia HMO continues to define and establish new benchmarks for health maintenance services in Nigeria and Africa. They are committed to enhancing healthcare in Nigeria by adjusting continually to the intricate and ever-changing needs of our members and clients
Total Health Trust Limited (NGA)- Healthcare management company Total Health Trust offers healthcare insurance services to private citizens and business entities. They provide a variety of plans, such as family, individual, and group plans
AXA Mansard- AXA Mansard Insurance was established in 1989 as a private limited liability company and is listed with the National Insurance Commission of Nigeria as a composite company (NAICOM). The Business provides health insurance, investment management services, and life and non-life insurance products and services to people and organisations throughout Nigeria

Notable Deals

August 2020- Through a business alliance with AXA Mansard and Turaco's Nigerian subsidiary, Turaco Inclusive Ltd., the East African company Turaco has announced its expansion into Nigeria. With this expansion, Turaco will join Octamile, Casava, and other rivals in powering insurance in Nigeria.

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

Nigeria 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.