Saudi Arabia Health Insurance Market 2021: Industry Overview, Size, Share, Trends, Growth and Forecast Till 2026

According to the latest report by IMARC Group, titled “Saudi Arabia Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the market reached a value of around US$ 6 Billion in 2020. Health insurance or medical insurance is a contract that acts as compensation in exchange for monthly, semi-annual, and annual premium plans in order to equip consumers with healthcare benefits. It covers various medical expenses incurred during treatment, such as consultation, medicines fee, hospitalization, and daycare procedure costs. In addition to this, health insurance offers several benefits like cashless treatment, financial security, tax benefits and lifetime renewability. 

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The rising prevalence of various chronic diseases, such as diabetes, dengue and cancer, especially amongst the geriatric population, and the fueling incidences of road accidents are some of the key factors driving the Saudi Arabia health insurance market toward growth. In line with this, numerous initiatives undertaken by the Government of Saudi Arabia for implementing health insurance programs and schemes and mandating international health insurance for tourists are contributing to the market growth. Other than this, the rising health consciousness amongst consumers, enhancing healthcare infrastructure and digitizing of policy management and claim management are creating a positive outlook for the market. Looking forward, IMARC Group expects the market to grow at a CAGR of 6.6% during 2021-2026. 

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Competitive Landscape with Key Players:

The competitive landscape of the saudi arabia health insurance market has been studied in the report with the detailed profiles of the key players operating in the market.

Key Highlights of the Market Segmentation:

Breakup by Type:

• Individual
• Group

Breakup by Service Provider:

• Public
• Private

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Key highlights of the report:

• Market Performance (2015-2020)
• Market Outlook (2021-2026)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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