(MENAFN - iCrowdNewsWire)According to the latest report by IMARC Group, titled“ UAE Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026 ”, the UAE health insurance market reached a value of US$ 6.6 Billion in 2020 . Looking forward, IMARC Group expects the market to exhibit strong growth during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Health insurance provides coverage for the medical or surgical expenses of an insured individual. As per the type of insurance, the person can either pay directly to the insurance provider or pay costs out of pocket and receive reimbursement. Over the past few years, medical routines and treatments have become costlier, leading to a rise in the number of health insurance providers. In the UAE, several emirates have introduced health insurance programs to secure their residents and government employees. For instance, the Department of Health in Abu Dhabi announced amendments to its health insurance programs for the benefit of its employees and residents. Moreover, in Dubai, the Dubai Health Insurance Corporation designs various new health insurance plans, protects the rights of policyholders, and ensures the provision of quality health insurance to the emirate’s citizens, residents and visitors.
UAE Health Insurance Market Trends:
In recent years, the UAE Government has made several efforts to establish Dubai as the most significant healthcare excellence center across the region. It implemented a mandatory insurance framework in the emirate through the Health Insurance Law No. 11, published in 2013. According to the framework, it is compulsory for all UAE Nationals, Dubai residents and expatriates to have basic health insurance. Other than this, numerous private players are entering the healthcare sector which is further providing a boost to the UAE health insurance industry. Moreover, with rising incidences of lifestyle diseases and the high cost of medical treatments, the health insurance market in the UAE is witnessing rapid growth. Looking forward, the market is expected to grow at a CAGR of around 6% during 2019-2024, reaching a value of US$ 7.1 Billion by 2024.
UAE Health Insurance Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the UAE health insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Competitive Landscape with Key Players:
Key Market Segmentation:
The report has segmented the UAE health insurance market on the basis of type and service provider.
Breakup by Type:
Breakup by Service Provider:
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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