Saudi Arabia Health Insurance Market 2020 With Top Countries Data: Industry Trends, Share, Size, Top Key Players Analysis and Forecast 2025

21/nov/2020 12:35:33 IMARC Group Contatta l'autore

According to the latest research report by IMARC Group, the Saudi Arabia health insurance market was worth US $ 5.68 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years.

A health insurance policy covers the medical and surgical expenses of an insured individual. These expenses generally include the consultation fees of the doctor and the cost of hospitalization and medicines. The health insurance policy comprises premium, deductible, copays, coinsurance, exclusions, coverage limits, out-of-pocket maximums, preauthorization and explanation of benefits (EOB). At present, it includes the diagnosis of chronic illnesses and conditions, rehabilitation, maternity, dental and psychiatric care, emergency evacuation and transportation, and in-patient and day-case management in Saudi Arabia.

Saudi Arabia Health Insurance Market Trends:

The increasing prevalence of chronic diseases represents one of the key factors impelling the market growth in Saudi Arabia. Apart from this, due to the rising healthcare costs, the Saudi Arabia Government has restructured the healthcare system by privatizing public hospitals and introducing insurance coverage for both foreign workers and citizens. It has also mandated the private sector to provide health insurance coverage for employees, which is creating a positive outlook for the market. Furthermore, the spread of the coronavirus disease (COVID-19) is expected to escalate the demand for health insurance coverage of critical and communicable illnesses in the country.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Saudi Arabia Health Insurance Market Segmentation:

Market Breakup by Type

Individual
Group

Market Breakup by Service Provider

Public
Private

View Report TOC, Figures and Tables:  https://www.imarcgroup.com/saudi-arabia-health-insurance-market

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