Middle East and Africa Health Insurance Market
The Health Insurance Market business report contains top to bottom analysis and estimation of various market related factors that are incredibly crucial for better decision making. Competitive analysis has been carried out in this industry analysis report for the major players in the market which supports businesses take better moves for enhancing their product and sales. Besides, this Health Insurance market research report takes into consideration several industry verticals such as company profile, contact details of manufacturer, product specifications, geographical scope, production value, market structures, recent developments, revenue analysis, market shares & possible sales volume of the company.
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Market Analysis and Insights: Middle East and Africa Health Insurance Market
Middle East and Africa health insurance market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.5% in the forecast period of 2020 to 2027 and expected to reach USD 220,616.63 million by 2027. Emerging countries and nations focusing on improvement of healthcare infrastructure are taking initiatives to promote health insurances and undertaking strategic partnerships to achieve the same.
The major players covered in the Middle East and Africa Health Insurance Market report are Unitedhealth Group, Anthem Insurance Companies, Inc. (A Subsidiary Of Anthem, Inc.), Aetna Inc. (A Subsidiary of CVS Health), Centene Corporation, Cigna, Allianz Care (A Subsidiary of Allianz), Axa, Assicurazioni Generali S.P.A., Bupa, AIA Group Limited, Aviva, BMI Healthcare, Broadstone Corporate Benefits Limited, HBF Health Limited, Healthcare International Global Network Ltd., International Medical Group, Inc. (A Subsidiary Of Sirius International Insurance Group Ltd.), Mapfre, Now Health International, Oracle, VHI Group, Vitality Corporate Services Limited (A Subsidiary Of Discovery Limited) among other players domestic and global. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Over the past decade, the Middle East & Africa health insurance market has seen rapid development with a large number of home-grown and foreign insures operating in the market. The increasing numbers of SMEs in the region are interested in buying health insurance not just for expatriate workers but also for their local managers and employees. Although the large corporates are the primary end users and hold significant shares, the SME trend offers lucrative opportunities to market participants.
This Health Insurance Market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Middle East and Africa Health Insurance Market Scope and Market Size :
Middle East and Africa health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Based on type, the market is segmented into products and solutions. Products are dominating in the market with a large number of expats from all around the world employed in the regional economies linked to oil, tourism and the financial industry. The countries also exhibit state-of-the-art healthcare facilities, and well-qualified staff making the services expensive for out-of-pocket payments. This factor is fuelling the health insurance market in the region.
Based on services, the market is segmented into inpatient treatment, outpatient treatment, medical assistance and others. Inpatient treatment is dominating the market as with the high cost of inpatient treatment in the region as compared to outpatient services.
Based on level of coverage, the market is segmented into bronze, silver, gold and platinum. Insurance policies with bronze level of coverage are dominating the market as they offer coverage to major illnesses that render high costs at lower monthly and annual premiums.
Based on service providers, the market is segmented into public health insurance providers and private health insurance providers. Private health insurance providers are dominating the market as in several countries of the region, provision of health insurance to employees is mandatory. For instance, in the emirate of Abu Dhabi, employers and sponsors are required to provide health insurance coverage for their employees and their families including one spouse and three children under the age of 18 years.
Based on health insurance plans, the market is segmented into point of service (POS), exclusive provider organization (EPOS), indemnity health insurance, health savings account (HSA), qualified small employer health reimbursement arrangements (QSEHRAS), preferred provider organization (PPO), health maintenance organization (HMO) and others. Point of service (POS) plans are dominating the Middle East and Africa health insurance market as these plans include the policies that offer the flexibility of choosing a physician as well as services in the network coverage.
Based on demographics, the market is segmented into adults, minors and senior citizens. Adults are dominating the market as they are primarily the working class in any country and as part of health coverage by employers; they are entitled to health coverage policies.
Based on coverage type, the market is segmented into lifetime coverage and term coverage. Lifetime coverage is dominating the market as most health insurances policies are entitled to lifetime renewal.
Based on end user, the market is segmented into corporates, individuals and others. Corporates are dominating the market due to regulations in several countries mandating employers to provide health insurance to all salaried employees. For instance, in the emirate of Dubai, employers are required to provide health insurance coverage for their employees.
Based on distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics and others. Direct sales are dominating the market as it includes insurance companies. The employer-based insurance is mandatory in large parts of the region; direct sales are the most valuable option for buying bulk health coverage.
Strong Spending Capacity of Gulf Region Consumers and Wide Range of Luxurious Health Insurances:
Middle East and Africa health insurance market also provides you with detailed market analysis for every country growth in health insurance industry with health insurance sales, strategic outlook for market participants, impact of technological development and changes in regulatory scenarios with their support for the Health Insurance market. The data is available for historic period 2010 to 2018.
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