India Health Insurance Market Size to Hit US$ 219.1 Billion at 10.64% CAGR by 2028 | IMARC Group

IMARC Group's report titled "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.

Health insurance is a financial arrangement designed to provide coverage for medical expenses incurred by the insured. It acts as a safety net, mitigating the financial burden associated with healthcare needs such as hospitalization, surgery, and routine check-ups. Health insurance plans generally involve monthly or annual premiums in exchange for coverage that may either fully or partially offset the costs of various healthcare services. Typically, these plans come with a range of options, catering to individual or family needs, and may also offer additional benefits such as maternity and dental coverage. Health insurance has emerged as an instrument for financial planning and an essential tool that promotes timely medical care and well-being. As a result, health insurance is gaining immense popularity, especially in markets like India, where the cost of healthcare is high and is often utilized in both private and public healthcare systems.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/india-health-insurance-market/requestsample

India Health Insurance Market Trends and Drivers:

The India health insurance market is primarily driven by the rising awareness about the importance of having a financial safety net for health-related contingencies, particularly in the wake of public health crises. Additionally, the increasing cost of healthcare in India is propelling the demand for health insurance products. In line with this, favorable government initiatives to promote health insurance, such as Ayushman Bharat and tax incentives on premiums, are contributing to market growth. Moreover, technological advancements in the form of telemedicine and mobile health applications are making the distribution and management of health insurance policies more efficient. Along with this, the emergence of customized and specialized insurance products, like critical illness plans and preventive wellness features, is providing consumers with a wider range of options to suit their needs, thereby fostering market growth.

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.

Explore full report with table of contents: https://www.imarcgroup.com/india-health-insurance-market

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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This release was published on openPR.