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Health insurance - Western Asia

Western Asia

The Health insurance market market in Western Asia is expected to witness a significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$14.38bn.
This indicates a promising trend in the region's healthcare sector.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$64.59 in 2024.
This figure highlights the level of individual investment in healthcare coverage, demonstrating the importance placed on health and well-being in Western Asia.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 4.64% between 2024 and 2028 (CAGR 2024-2028).
This positive growth trajectory is expected to result in a market volume of US$17.24bn by 2028, underscoring the increasing demand for Health insurance market in the region.
In a global context, it is worth noting that the United States is projected to generate the highest gross written premium in 2024, amounting to US$1,607.0bn.
This indicates the significant size and influence of the American Health insurance market on a global scale.
Overall, the Health insurance market market in Western Asia is poised for substantial growth, driven by increasing awareness of the importance of health coverage and a rising demand for quality healthcare services in the region.
In Western Asia, the health insurance market is experiencing a surge in demand due to the increasing awareness of the importance of healthcare and the rising healthcare costs.

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Analyst Opinion

The Health insurance market in Western Asia is experiencing significant growth and development.

Customer preferences: Customers in Western Asia are increasingly valuing health insurance as a means to secure access to quality healthcare services. With rising awareness about the importance of health and well-being, individuals are seeking comprehensive insurance coverage that can provide financial protection in case of medical emergencies.

Trends in the market: In Western Asia, there is a noticeable trend towards the adoption of digital health insurance platforms. Customers are looking for convenience and efficiency in managing their health insurance policies, leading to an increase in the use of online portals and mobile applications for policy management and claims processing. Additionally, there is a growing demand for specialized health insurance products tailored to specific needs such as chronic disease management or maternity coverage.

Local special circumstances: One of the key factors influencing the health insurance market in Western Asia is the increasing government focus on healthcare infrastructure and services. Governments in the region are investing in healthcare reforms and initiatives to enhance the overall quality of healthcare delivery. This proactive approach is driving awareness about the importance of health insurance and encouraging more individuals to invest in comprehensive coverage.

Underlying macroeconomic factors: The economic stability and growth in Western Asia are also contributing to the development of the health insurance market. As disposable incomes rise and living standards improve, more individuals have the financial means to afford health insurance premiums. Moreover, the presence of a young and growing population in the region is creating a favorable demographic dividend for the health insurance industry, with a larger customer base seeking insurance protection.

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.