Market Insights Financial Insurances Non-life insurances

Health insurance - Mexico

Mexico

The Health insurance market market in Mexico is expected to experience significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is projected to reach US$18.07bn in 2024.
This indicates a steady increase in demand for Health insurance market coverage in the country.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$139.60 in 2024.
This suggests that individuals in Mexico are willing to invest in their health and well-being through insurance plans.
Looking ahead, the market is anticipated to continue its upward trajectory.
With an annual growth rate (CAGR 2024-2028) of 6.05%, the gross written premium is projected to reach US$22.86bn by 2028.
This indicates a positive outlook for the Health insurance market sector in Mexico, as it is expected to expand further in the coming years.
In a global context, it is worth noting that the United States will continue to dominate the Health insurance market market.
In 2024, the United States is projected to generate a significant gross written premium of US$1,607.0bn.
This highlights the substantial market presence and economic influence of the United States in the global Health insurance market industry.
In summary, the Health insurance market market in Mexico is expected to grow steadily in the coming years.
With increasing market size and average spending per capita, in Mexico is poised to become a key player in the global Health insurance market market, albeit still trailing behind the United States in terms of gross written premium.
Mexico's health insurance market is experiencing growth due to increasing awareness of the importance of healthcare coverage among the population.

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Analyst Opinion

Over the past few years, the Health insurance market in Mexico has been experiencing significant growth and development.

Customer preferences: Customers in Mexico are increasingly seeking comprehensive health insurance coverage that includes a wide range of medical services. They are looking for plans that offer not only basic medical coverage but also additional benefits such as dental, vision, and wellness programs. Additionally, there is a growing demand for health insurance plans that provide coverage for pre-existing conditions and chronic illnesses.

Trends in the market: One noticeable trend in the Mexican health insurance market is the rise of digital health insurance platforms. These platforms offer customers the convenience of comparing different insurance plans online, submitting claims digitally, and accessing virtual healthcare services. Another trend is the increasing popularity of employer-sponsored health insurance plans, as more companies in Mexico are recognizing the importance of providing health benefits to their employees.

Local special circumstances: In Mexico, the government plays a significant role in the healthcare sector through public health insurance programs. However, the public health system often faces challenges such as long waiting times and limited coverage, leading individuals to seek private health insurance options. Additionally, the rising healthcare costs in the country are driving more people towards purchasing health insurance to ensure financial protection against unexpected medical expenses.

Underlying macroeconomic factors: The growing middle-class population in Mexico, coupled with rising disposable incomes, has contributed to the expansion of the health insurance market. As people have more financial stability, they are more willing to invest in health insurance to secure their well-being. Moreover, the increasing awareness about the importance of preventive healthcare measures has led to a higher demand for health insurance products that focus on wellness and disease prevention.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.