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India’s Health Insurance Market 2023-2030: Expanding

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Dublin, July 18, 2023 (GLOBE NEWSWIRE) — The “India Health Insurance Market Size, Share & Trends Analysis Report, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offers.

The India health insurance market is set to expand significantly in the coming years, with a projected market size of USD 30,291.2 million by 2030. According to market analysis, the sector is expected to grow at a compound annual growth rate (CAGR) of 11.55% during the period from 2023 to 2030. Several market dynamics are fueling this growth, including strong distribution channels, democratic factors, government programs, and a favorable regulatory environment.

India’s health insurance sector is witnessing remarkable expansion, considering its vast potential with approximately 1.3 billion potential beneficiaries. As one of the largest healthcare systems in the world, the Indian economy presents immense opportunities for market players. However, the country’s health insurance penetration remains low. A recent survey conducted by NITI Aayog revealed that only 18% of individuals in urban areas and 14% in rural areas have any form of health insurance coverage. This places India among the countries with the lowest health insurance penetration rates globally, with a mere 0.4% compared to 4.1% in the US and 2.7% in France.

To address this gap, the Indian government has implemented various initiatives to increase adoption and penetration across all segments. Schemes like Ayushman Bharat Yojana, Pradhan Mantri Jan Aarogya Yojana (PM-JAY), Aam Aadmi Bima Yojana (AABY), and Pradhan Mantri Suraksha Bima Yojana have been introduced to provide health insurance to economically weaker sections of society. These government initiatives and financial inclusion programs have played a crucial role in propelling market growth.

Furthermore, key players in the Indian health insurance industry are actively involved in strategic initiatives such as partnerships, new policies, and mergers & acquisitions to expand their reach and promote the adoption of their insurance policies. Notable examples include the partnership between Star Health and Allied Insurance with Common Services Centers to offer insurance products to over 5 lakh CSCs, aiming to broaden access to health insurance in rural India. Additionally, Abu Dhabi Investment Authority (ADIA) invested USD 80.5 million (Rs 665 cr) in Aditya Birla Health Insurance, acquiring a 9.99% stake, further driving market growth in the country.

The report highlights various aspects of the Indian health insurance market, including the dominant distribution channels, insurance types, customer segments, and key players. Brokers and individual agents account for the highest revenue share in 2022, while private sector insurers are projected to hold a significant market share in the insurance type segment due to their specialized healthcare coverage and high-quality services. Moreover, Maharashtra has emerged as the leading state in the market, contributing to 29.00% of the total revenue in 2022.

With a comprehensive forecast period from 2022 to 2030, the India Health Insurance Market Report provides valuable insights into the market’s methodology, scope, executive summary, industry outlook, competitive landscape, and more. The report offers a deep understanding of the market dynamics, SWOT analysis, and major deals and alliances, enabling industry stakeholders to make informed decisions and capitalize on the market’s potential.

Key players in the India health insurance market include Star Health and Allied Insurance Co Ltd., Aditya Birla Group, Niva Bupa Health Insurance Company Limited, Bajaj Allianz Health Insurance, Bharti AXA Life Insurance, New India Insurance, and United India, among others.

The India Health Insurance Market Report provides a comprehensive analysis of the market dynamics, key players, distribution channels, insurance types, customer segments, and state-level analysis. With a forecast period from 2022 to 2030, the report offers valuable insights to industry stakeholders, enabling them to strategize and capitalize on market opportunities.

Key Attributes:

Report Attributes Details
No. of Pages 90
Forecast Period 2022 – 2030
Estimated Market Value (USD) in 2022 $12860 Millions
Forecasted Market Value (USD) by 2030 $30291.2 Millions
Compound Annual Growth Rate 11.6%
Regions Covered India

Key Topics Covered:

Chapter 1 India Health Insurance Market: Methodology And Scope

Chapter 2 India Health Insurance Market: Executive Summary
2.1 India Health Insurance: Market Outlook
2.1.1 Segment Outlook
2.1.2 Market Summary, 2022 (USD Millions)

Chapter 3 India Health Insurance Market: Industry Outlook
3.1 Market Lineage Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market Drivers
3.3.1.1 Private organizations providing employer-sponsored health insurance plans
3.3.1.2 Increase in the cost of healthcare
3.3.1.3 Demand increases with the COVID-19 pandemic
3.3.2 Market Restraint Analysis
3.3.2.1 Premiums price increases with age
3.3.2.2 Some healthcare services and medical expenses are not covered
3.4 SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
3.5 Industry Analysis – Porter’s
3.7 Major Deals & Strategic Alliances

Chapter 4 India Health Insurance Market: Competitive Landscape
4.1 Recent developments & impact analysis, by key market participants
4.2 Company Category
4.3 Vendor Landscapes
4.4 Public Companies
4.5 Private Companies
4.6 Regional Network Map

Chapter 5 India Health Insurance Market: Duration Business Analysis
5.1 Indian Health Insurance Market: Duration Movement Analysis
5.2 Life-Time Coverage
5.3 Term Insurance

Chapter 6 India Health Insurance Market: Distribution Channels Business Analysis
6.1 India Health Insurance Market: Distribution Channels Movement Analysis
6.2 Direct sales
6.3 Brokers and Agents
6.4 Bankers
6.5 Others

Chapter 7 India Health Insurance Market: Type of Insurance Provider Business Analysis
7.1 India Health Insurance Market: Type of Insurance Provider Movement Analysis
7.2 Public Sector Insurers
7.3 Private Sector Insurers
7.4 Standalone Health Insurance Companies

Chapter 8 India Health Insurance Market: Customer Type Business Analysis
8.1 India Health Insurance Market: Customer Type Movement Analysis
8.2 Individuals
8.3 Corporate Houses/Business Units
8.4 Others

Chapter 9 India Health Insurance Market: State Business Analysis
10.1 Indian Health Insurance Market: State Movement Analysis
10.2 Maharastra
10.3 Tamil Nadu
10.4 Karnataka
10.5 Delhi
10.6 Gujrats
10.7 Rest of state

Chapter 10 India Health Insurance Market: Company Profiling
11.1 Company Profiles
11.1.1 Star Health and Allied Insurance Co Ltd
11.1.2 Aditya Birla Group
11.1.3 Niva Bupa Health Insurance Company Limited
11.1.4 Bajaj Allianz Health Insurance
11.1.5 Bharti AXA Life Insurance
11.1.6 New India Insurance
11.1.7 United India
11.1.8 ICICI Lombard
11.1.9 National Insurance Company
11.1.10 Tata AIG General Insurance Company Limited
11.2 List of Other Key Players

For more information about this report visit https://www.researchandmarkets.com/r/6qipva

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  • Indian Health Insurance Market