According to the latest report by IMARC Group “India Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The India health insurance market size reached US$ 120.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 219.1 Billion by 2028, exhibiting a growth rate (CAGR) of 10.64% during 2023-2028.
What is Health Insurance?
Health insurance refers to a service that covers the medical and surgical expenses of the insured individual. It indemnifies the costs incurred, owing to illness and injury, or pays the care provider directly. Health insurance provides considerable flexibility regarding diagnosis, disease coverage, and treatment for emergency transportation, in-patient, and daycare management, chronic ailments, maternity, dental care, psychiatric care, etc. They are available in various consumer arrangements, such as public, private, government-managed care plans, indemnity, Point-of-Service (POS) plans, etc. Individuals can opt for the most suitable health insurance plan depending on their needs and requirements.
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What are the growth prospects and trends in the India Health Insurance industry?
The launch of several policies by the government bodies to restructure the healthcare system by privatizing public hospitals and introducing personal medical schemes, on account of the high concerns toward the quality of care in general facilities and the increased healthcare costs, is among the primary factors driving the India health insurance market. Besides this, the rising geriatric population is propelling the need for medical programs or schemes offered at low premium rates, which is further augmenting the market growth. Moreover, the elevating requirement for health insurance to cover the growing medical expenses, owing to the increasing cases of obesity and diabetes in the country, is also catalyzing the market across India. Apart from 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. Furthermore, the development of healthcare programs by the policymakers that fit the exact necessity of the consumer is expected to bolster the India health insurance market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Provider:
- Private Providers
- Public Providers
Breakup by Type:
- Life-Time Coverage
- Term Insurance
Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
- Others
Breakup by Demographics:
- Minor
- Adults
- Senior Citizen
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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