Middle East and Africa Health Insurance Market By Type (Products, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, Others), Level of Coverage (Bronze, Silver, Gold, Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (Point of Service (POS), Exclusive Provider Organization (EPOS), Indemnity Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), Others), Demographics (Adults, Minors, Senior citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, Others), Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, Others), Country (Saudi Arabia, U.A.E, Egypt, Israel South Africa, Rest of Middle East and Africa and South America), Market Trends and Forecast to 2027
Market Analysis and Insights: Middle East and Africa Health Insurance Market
Middle East and Africa health insurance market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.5% in the forecast period of 2020 to 2027 and expected to reach USD 220,616.63 million by 2027. Emerging countries and nations focusing on improvement of healthcare infrastructure are taking initiatives to promote health insurances and undertaking strategic partnerships to achieve the same.
Over the past decade, the Middle East & Africa health insurance market has seen rapid development with a large number of home-grown and foreign insures operating in the market. The increasing numbers of SMEs in the region are interested in buying health insurance not just for expatriate workers but also for their local managers and employees. Although the large corporates are the primary end users and hold significant shares, the SME trend offers lucrative opportunities to market participants.
This Health Insurance Market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Middle East and Africa Health Insurance Market Scope and Market Size
Middle East and Africa health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Based on type, the market is segmented into products and solutions. Products are dominating in the market with a large number of expats from all around the world employed in the regional economies linked to oil, tourism and the financial industry. The countries also exhibit state-of-the-art healthcare facilities, and well-qualified staff making the services expensive for out-of-pocket payments. This factor is fuelling the health insurance market in the region.
- Based on services, the market is segmented into inpatient treatment, outpatient treatment, medical assistance and others. Inpatient treatment is dominating the market as with the high cost of inpatient treatment in the region as compared to outpatient services.
- Based on level of coverage, the market is segmented into bronze, silver, gold and platinum. Insurance policies with bronze level of coverage are dominating the market as they offer coverage to major illnesses that render high costs at lower monthly and annual premiums.
- Based on service providers, the market is segmented into public health insurance providers and private health insurance providers. Private health insurance providers are dominating the market as in several countries of the region, provision of health insurance to employees is mandatory. For instance, in the emirate of Abu Dhabi, employers and sponsors are required to provide health insurance coverage for their employees and their families including one spouse and three children under the age of 18 years.
- Based on health insurance plans, the market is segmented into point of service (POS), exclusive provider organization (EPOS), indemnity health insurance, health savings account (HSA), qualified small employer health reimbursement arrangements (QSEHRAS), preferred provider organization (PPO), health maintenance organization (HMO) and others. Point of service (POS) plans are dominating the Middle East and Africa health insurance market as these plans include the policies that offer the flexibility of choosing a physician as well as services in the network coverage.
- Based on demographics, the market is segmented into adults, minors and senior citizens. Adults are dominating the market as they are primarily the working class in any country and as part of health coverage by employers; they are entitled to health coverage policies.
- Based on coverage type, the market is segmented into lifetime coverage and term coverage. Lifetime coverage is dominating the market as most health insurances policies are entitled to lifetime renewal.
- Based on end user, the market is segmented into corporates, individuals and others. Corporates are dominating the market due to regulations in several countries mandating employers to provide health insurance to all salaried employees. For instance, in the emirate of Dubai, employers are required to provide health insurance coverage for their employees.
- Based on distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics and others. Direct sales are dominating the market as it includes insurance companies. The employer-based insurance is mandatory in large parts of the region; direct sales are the most valuable option for buying bulk health coverage.
Health Insurance Market Country Level Analysis
Middle East and Africa health insurance market is analysed and market size information is provided by country, type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user and distribution channel as referenced above.
The countries covered in the health insurance market report are Saudi Arabia, U.A.E, Egypt, Israel South Africa, Rest of Middle East and Africa and South America.
Saudi Arabia dominates the Middle East and Africa Health Insurance market due to strong health infrastructure base as well as increased demand of health insurance, while the U.A.E. is expected to grow with the highest growth rate in the forecast period of 2020 to 2027 because of risingnumber of regional and global health insurance companies entering the market.
The country section of the report also provides individual market impacting factors and changes and regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Strong Spending Capacity of Gulf Region Consumers and Wide Range of Luxurious Health Insurances
Middle East and Africa health insurance market also provides you with detailed market analysis for every country growth in health insurance industry with health insurance sales, strategic outlook for market participants, impact of technological development and changes in regulatory scenarios with their support for the Health Insurance market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Health Insurance Market Share Analysis
Middle East and Africa health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, company strengths and weaknesses, product launch, product width and breadth and growth. The above data points provided are only related to the companies’ focus related to Middle East and Africa Health Insurance market.
The major players covered in the report are Unitedhealth Group, Anthem Insurance Companies, Inc. (A Subsidiary Of Anthem, Inc.), Aetna Inc. (A Subsidiary of CVS Health), Centene Corporation, Cigna, Allianz Care (A Subsidiary of Allianz), Axa, Assicurazioni Generali S.P.A., Bupa, AIA Group Limited, Aviva, BMI Healthcare, Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., International Medical Group, Inc. (A Subsidiary Of Sirius International Insurance Group Ltd.), Mapfre, Now Health International, Oracle, VHI Group, Vitality Corporate Services Limited (A Subsidiary Of Discovery Limited) among other players domestic and global. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available: Middle East and Africa Health Insurance Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), product under development data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.