Health insurance - Portugal | Statista Market Forecast

The Health insurance market market in Portugal is expected to reach a projected market size (gross written premium) of US$1.43bn in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$139.80 in 2024.
The gross written premium is anticipated to grow at an annual rate of 5.35% from 2024 to 2029, resulting in a market volume of US$1.85bn by 2029.
When compared globally, the United States is predicted to generate the highest gross written premium of US$1.7tn in 2024.
Portugal's health insurance market is experiencing a growing demand for comprehensive coverage plans to meet the needs of its aging population.

Definition:

Health insurance is a financial arrangement in which individuals or groups pay regular premiums to a provider, typically an insurance company. In exchange for these premiums, the insurer offers coverage and financial assistance for various healthcare-related costs, including but not limited to medical consultations, hospitalization, prescription medications, and other medical services. According to our current definition, the health insurance market includes voluntary health insurances.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Voluntary health insurance contributions

Compulsory health insurance contributions
Government schemes
Out-of-pocket payments
Reinsurance

Over the past few years, the Health insurance market in Portugal has shown significant growth and development.

Customer preferences: Customers in Portugal are increasingly valuing the peace of mind and security that health insurance provides, especially in times of economic uncertainty. They are seeking comprehensive coverage that includes a wide range of medical services and treatments, as well as fast and efficient customer support.

Trends in the market: One noticeable trend in the Portuguese health insurance market is the rise of digital health solutions. Insurers are incorporating telemedicine services, online consultations, and health tracking apps into their offerings to meet the growing demand for convenient and accessible healthcare. Additionally, there is a shift towards personalized insurance plans that cater to the unique needs and preferences of individual policyholders.

Local special circumstances: Portugal's aging population is a significant factor driving the growth of the health insurance market. As the elderly population increases, there is a greater need for healthcare services, leading to higher demand for health insurance products. Moreover, the public healthcare system in Portugal faces challenges such as long waiting times and limited coverage, prompting individuals to turn to private health insurance for more timely and comprehensive care.

Underlying macroeconomic factors: The improving economic conditions in Portugal have contributed to the expansion of the health insurance market. With rising disposable incomes and a growing middle class, more individuals and families are able to afford health insurance premiums. Additionally, government initiatives to promote private sector involvement in healthcare have created a favorable environment for insurance companies to offer innovative products and services.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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