Saudi Arabia's healthcare insurance market is projected to grow from $34.45 Bn in 2022 to $69.14 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-30. The main factors driving the growth would be mandatory health insurance schemes, growing healthcare infrastructure, increasing prevalence of non-communicable diseases, and government support. The market is segmented by component, provider, coverage, by health insurance plans and end-user. Some of the major players include Tawuniya, MedGulf, Saudi Arabian Cooperative Insurance Company (SAICO), Al Rajhi Takaful and Bupa Arabia.
Saudi Arabia's healthcare insurance market is projected to grow from $34.45 Bn in 2022 to $69.14 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-30. Saudi Arabia spent $1,316.26, or 5.69% of its GDP, on public healthcare in 2019. The Saudi government continues to place a strong priority on healthcare, and there are numerous prospects for expansion in this high-potential area.
The healthcare system in Saudi Arabia is well-developed and includes both governmental and private healthcare providers. Yet, a growing population, shifting demographics, and an increase in the burden of non-communicable diseases are all contributing to an increase in the need for high-quality healthcare services.
In Saudi Arabia, health insurance is designed to lessen the financial strain that comes with having to pay high medical expenditures as a result of an unplanned illness or injury. The Saudi Arabian government also requires that all citizens and foreigners have access to health care. The government began adopting the required unified health insurance policy in July 2016, with the system totally in place since 2017. All private sector businesses are required to offer health insurance to their employees and their dependents, which includes their spouses, male children below the age of 25 and unmarried daughters.
Market Growth Drivers
The Saudi Arabia healthcare Insurance market is expected to be driven by factors such as:
Market Restraints
The following factors are expected to limit the growth of the healthcare insurance market in Saudi Arabia:
Key Players
April 2019- Tawuniya has struck the first deal of its kind in the Saudi insurance sector with Vitality Group, the worldwide leader in integrating wellness benefits with insurance products. With the help of this partnership, Tawuniya will pioneer Shared-Value Insurance across the Middle East and North Africa.
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
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.
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
By Health Insurance Plans (Revenue, USD Billion):
By Demographics (Revenue, USD Billion):
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):
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.
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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:
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:
2. Primary Research
To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:
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:
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.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.