According to the latest report by IMARC Group, titled “UAE Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the UAE health insurance market reached a value of US$ 7.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.1 Billion by 2027, exhibiting a CAGR of 7.5% during 2022-2027.
Health insurance represents a risk management service that provides financial aid for medical and surgical expenses incurred from an illness or injury. It is usually offered by an employer, wherein premiums are partially paid by employees, and the rest is covered by the company. Several expenditures, including medicine, hospitalization, doctor consultation, ambulance, daycare costs, etc., are funded by health insurance companies. In addition to this, they offer arrangements to the insurance holders, such as managed care, indemnity, point-of-service (POS) plans, etc. Some of the common types of health insurance include individual, family, senior citizen, group, top-up, critical illness, etc.
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UAE Health Insurance Market Trends:
The rising prevalence of cancer, stroke, diabetes, kidney failure, etc., is primarily driving the UAE health insurance market. Additionally, the implementation of stringent regulations by government bodies in this country to provide compulsory health insurance to the citizens is catalyzing the market growth. Besides this, various companies are providing cover for medical expenses incurred, on account of the sudden outbreak of the COVID-19 pandemic, which is acting as another significant growth-inducing factor. Moreover, they are also focusing on digitizing claim processing and policy management. This, in turn, is propelling the demand for health insurance in UAE. Furthermore, numerous technological advancements, including the introduction of cloud-based services and big data analytics, to enable transparent communication between involved parties are anticipated to fuel the UAE health insurance market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape With Key Players:
The competitive landscape of the UAE health insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the UAE health insurance market on the basis of type and service provider.
Breakup by Type:
- Individual
- Group
On the basis of the type, the market has been segmented into individual and group insurance. Currently, individual health insurance represents the leading segment.
Breakup by Service Provider:
- Public
- Private
The market has been analyzed on the basis of the service provider which mainly includes public and private. At present, private health insurance providers exhibit a clear dominance in the market, representing the largest segment.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- 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.
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