India Health Insurance Market Size to Grow at 10.30% During 2022-2027

According to the latest report by IMARC Group "India Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The India health insurance market is expected to exhibit a CAGR of 10.30% during 2022-2027.

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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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.

India Health Insurance Market Trends and Drivers:

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 bolstering 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 medical programs by the policymakers that fit the exact need of the consumer is anticipated to propel the India health insurance market over the forecasted period.

Report 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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