UAE Healthcare Insurance Market Analysis 2022 to 2030

UAE Healthcare Insurance Market Analysis

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The UAE healthcare insurance market is projected to grow from $10.131 Bn in 2022 to $19.6 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, technological advancements and government support. The market is segmented by the component, provider, coverage, health insurance plans and end-user. Some of the major players include Dubai Islamic Insurance & Reinsurance, MetLife, Abu Dhabi National Insurance, Orient Health, Adamjee, Oman Insurance Company, Ras Al Khaimah National Insurance, Daman, Emirates Insurance and AXA Gulf.

ID: IN10AEHS008 CATEGORY: Healthcare Services GEOGRAPHY: UAE AUTHOR: Neha Davda

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UAE Healthcare Insurance Market Executive Summary

The UAE healthcare insurance market is projected to grow from $10.131 Bn in 2022 to $19.6 Bn by 2030, registering a CAGR of 8.6% during the forecast period of 2022-2030. National healthcare spending in the UAE increased from 4.15% in 2018 to 4.28% in 2019 as a proportion of GDP. The UAE government has made it a priority to build a state-of-the-art healthcare infrastructure, and as a result, over the past several years, the sector has significantly grown and prospered.

The UAE's population receives high-quality healthcare through a diverse, government-funded, and quickly developing private healthcare industry. Since they pay for the policyholders' medical and surgical costs, health insurance policies are a crucial component of the healthcare system. Depending on previously agreed-upon terms and circumstances, the insurance provider will either pay the patient's treatment costs in full upfront or indirectly through reimbursement. Services including psychiatric care, rehabilitation, therapy, emergency transportation, in-patient management, maternity care, dental care, and others are all covered by an efficient health insurance plan.

The UAE, which has a population of about 9.6 million, has one of the fastest-growing economies in the GCC. Also, the government is significantly increasing the region's adoption of health insurance. All residents in Abu Dhabi and Dubai have access to government-sponsored health insurance. Similarly to this, the government of Ajman offers health insurance to every employee. Additionally, Abu Dhabi and Dubai both require companies to offer their staff members health insurance coverage.

UAE Healthcare Insurance Market Analysis

Market Dynamics

Market Growth Drivers

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

Increasing population- The number of people living and working abroad is increasing quickly in the UAE. As a result, there is now more demand for insurance and healthcare services
Rising healthcare cost- As more advanced medical procedures and technologies become accessible, healthcare costs in the UAE are increasing. People are now more likely to want health insurance as a result because they want to safeguard themselves against expensive medical expenses
Technological advancements- The UAE's healthcare sector is embracing cutting-edge innovations and new technology like telemedicine and electronic health records. The effectiveness and quality of healthcare services have increased thanks to these developments, increasing consumer interest in healthcare insurance
Government support- The UAE government has put in place a number of initiatives to assist the expansion of the healthcare insurance market as part of its commitment to enhancing healthcare services in the nation. For instance, Dubai's government made health insurance for all inhabitants a requirement, which has assisted in raising the number of people with health insurance

Market Restraints

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

Regulations- The UAE's highly regulated health insurance market can make it challenging for new competitors to enter the market. This may restrict market innovation and competition, which may have an adverse effect on the expansion of the health insurance sector
Limited Coverage- Certain healthcare insurance plans in the UAE provide restricted coverage, which could not be sufficient for people who need specialist medical procedures or treatments. For some people, this may reduce the appeal of health insurance
Lack of awareness- Many UAE residents are unaware of the value of health insurance or are unsure of how it operates. While people could not understand the benefit of buying insurance, this lack of awareness could restrict the expansion of the market for healthcare insurance

Competitive Landscape

Key Players

Dubai Islamic Insurance & Reinsurance- Dubai Islamic Insurance & Reinsurance Company was established in 2002 and is based in the Middle East's UAE. In the second quarter of 2002, Dubai Islamic Insurance & Reinsurance Company (AMAN) was founded as a prospective national public stockholder
Abu Dhabi National Insurance- Abu Dhabi National Insurance Company PSC is a UAE-based insurance firm. In terms of size, it ranks third in the nation
Daman- One of the greatest insurance companies in the UAE is Daman Health Insurance Company providing a variety of services. It offers policies for both people and businesses throughout the UAE
Orient Health- The only business in the UAE to receive these excellent ratings is Orient Insurance. It is also certified for quality management according to ISO 9001
Other Top players- are Adamjee, MetLife, Oman Insurance Company, Ras Al Khaimah National Insurance, Emirates Insurance and AXA Gulf

Recent Developments

January 2020- Formerly solely available to Sharjah Government employees, their dependents, and Senior Emiratis, the Sharjah Department of Health Insurance, which manages health insurance coverage for UAE nationals in the emirate of Sharjah, has expanded its health care insurance to all Sharjah residents.

September 2021- In order to facilitate the easy sharing of patient data, the Ministry of Health and Prevention (MoHAP) has launched a new service that connects insurance providers and healthcare organisations. The service will be made available beginning in January 2022 as a component of MoHAP's "Riayati" platform, the nation's central hub for exchanging health information between public and private hospitals and clinics in the UAE.

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

UAE 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.