The UAE health insurance market reached US$ 6.6 Billion in 2020, with a projected CAGR of 8% from 2021 to 2026, driven by government initiatives and rising health awareness.
According to the latest report by IMARC Group, titled “UAE Health Insurance Market Share: Industry Trends, 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 grow at a CAGR of around 8% 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 or medical insurance is a contract utilized for compensating various medical expenses incurred during treatment, such as consultation, medicines fee, hospitalization, and daycare procedure costs, to equip consumers with healthcare benefits. It acts as compensation in exchange for monthly, semi-annual, and annual premium plans. Currently, health insurances are commercially available in varying types, such as family, individual, senior citizen, critical illness, and employee health insurance plans.
The rising prevalence of several chronic diseases, such as diabetes and cancer, especially amongst the geriatric population, and the fueling incidences of road accidents are some of the key factors driving the United Arab Emirates (UAE) health insurance market toward growth. In line with this, numerous initiatives undertaken by the federal government of the UAE for implementing health insurance programs and schemes and mandating international health insurance for tourists are contributing to the market growth. Other than this, the rising health consciousness amongst consumers, increasing expenditure on healthcare infrastructure, and digitization of policy and claim management are creating a positive outlook for the market further.
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.
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:
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The article discusses the UAE health insurance market, its size, growth, and forecast from 2021 to 2026.
Key drivers include government initiatives, rising health consciousness, and increasing healthcare infrastructure investment.
The report considers both direct and indirect effects of COVID-19 on the UAE health insurance market.
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