UAE Health and Medical Insurance Market Overview
According to SPER Market Research, the UAE Health and Medical Insurance Market is estimated to reach USD 30.34 billion by 2033 with a CAGR of 12.60%.
Health and medical insurance, also known as health insurance or medical coverage, is a type of insurance that provides financial protection against medical expenses. It is designed to help individuals and families afford the costs associated with healthcare services, including doctor visits, hospitalization, prescription medications, surgeries, and other medical treatments. Health insurance typically operates on the principle of risk pooling, where a large group of individuals pays premiums into a common fund. When a covered individual requires medical care, the insurance company pays a portion or all of the medical expenses, depending on the terms of the policy.
Exploring the Growth Drivers of the UAE Health and Medical Insurance Industry.
The health and medical insurance market in the UAE is witnessing significant growth due to several key factors. One crucial driver is the implementation of mandatory health insurance schemes by the UAE government, requiring employers to provide coverage for their employees. This has led to increased demand for health insurance plans, expanding the market. Additionally, the UAE's expanding population, including expatriate residents and medical tourists, has contributed to the growing need for health insurance to cover healthcare expenses. Rising healthcare costs, a global trend, have also played a role in driving the demand for health insurance as individuals and employers seek financial protection against the escalating expenses. Overall, these factors have fostered the growth of the health and medical insurance market in the UAE.
What challenges does the UAE Health and Medical Insurance Market face?
While the health and medical insurance market is expanding in UAE, it is not without challenges. Rising healthcare costs place insurers under pressure to strike a balance between affordable premiums and comprehensive coverage. Besides, Fraud and abuse pose a significant threat, necessitating the implementation of stringent measures for detection and prevention. Additionally, limited provider networks in certain insurance plans restrict access to preferred healthcare professionals and facilities, potentially inconveniencing policyholders. Expanding and diversifying provider networks can enhance customer satisfaction and encourage greater participation in health insurance.
In what ways has the COVID-19 pandemic affected UAE Health and Medical Insurance Market?
The COVID-19 pandemic has had a significant impact on the health and medical insurance market in the UAE. The awareness of the importance of health insurance has increased, leading to a surge in demand for comprehensive coverage that includes COVID-19-related medical expenses. Insurance companies have adapted their policies to address pandemic risks, extending coverage to include testing, treatment, and hospitalization. The crisis has also accelerated the digital transformation of the insurance industry, with insurers adopting digital platforms for policy purchase, claims processing, and customer service. This digital shift has improved efficiency and customer experience. Overall, COVID-19 has brought about changes in insurance coverage and accelerated the adoption of digital technologies in the UAE's health and medical insurance market.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Product, By Application, By End-User
|
| Regions covered | Abu Dhabi, Dubai, Sharjah, Rest of UAE
|
| Companies Covered | Abu Dhabi National Insurance Company, Aetna International, AXA Gulf Insurance, Bupa Arabia for Cooperative Insurance, Daman Insurance, Dubai National, Insurance and Reinsurance, MetLife ALICO, National Health Insurance Company – Daman, Oman Insurance Company, Takaful Emarat Insurance, others
|
Key Target Audience:
- Individuals and Families
- Employers and businesses
- Senior Citizen
- Students
- Others
UAE Health and Medical Insurance Market Segmentation:
1. By Provider:
- UAE Health and Medical Insurance Market Value Share and Forecast, By Provider, 2023-2033
- Private Health Insurance
- Public/Social Health Insurance
2. By Product Type:
- UAE Health and Medical Insurance Market Value Share and Forecast, By Product Type, 2023-2033
- Individual Health Insurance
- Group Health Insurance
- Personal Accident
3. By Distribution Channel:
- UAE Health and Medical Insurance Market Value Share and Forecast, By Distribution Channel, 2023-2033
- Agents
- Banks
- Brokers
- Online Sales
4. By Region:
- Abu Dhabi
- Dubai
- Sharjah
- Rest of UAE
Key Topics Covered in the Report:
- UAE Health and Medical Insurance Market Size (FY’2023-FY’2033)
- Overview of UAE Health and Medical Insurance Market
- Segmentation of UAE Health and Medical Insurance Market By Provider (Private health insurance, Public/Social Health insurance)
- Segmentation of UAE Health and Medical Insurance Market By Product Type (Individual health insurance, Group health insurance, Personal Accident)
- Segmentation of UAE Health and Medical Insurance Market By Distribution Channel (Agents, Banks, Brokers, Online Sales, Others)
- Statistical Snap of UAE Health and Medical Insurance Market
- Growth Analysis of UAE Health and Medical Insurance Market
- Problems and Challenges in UAE Health and Medical Insurance Market
- Competitive Landscape in the UAE Health and Medical Insurance Market
- Impact of COVID-19 and Demonetization on UAE Health and Medical Insurance Market
- Details on Recent Investment in UAE Health and Medical Insurance Market
- Competitive Analysis of UAE Health and Medical Insurance Market
- Key Players in the UAE Health and Medical Insurance Market
- SWOT Analysis of UAE Health and Medical Insurance Market
- UAE Health and Medical Insurance Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the UAE Health and Medical Insurance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. UAE Health and Medical Insurance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in UAE Health and Medical Insurance Market
7. UAE Health and Medical Insurance Market, By Provider (USD Million)
7.1. UAE Health and Medical Insurance Market Value Share and Forecast, By Provider, 2023-2033
7.2. Private Health Insurance
7.3. Public/Social Health Insurance
8. UAE Health and Medical Insurance Market, By Product Type (USD Million)
8.1. UAE Health and Medical Insurance Market Value Share and Forecast, By Product Type, 2023-2033
8.2. Individual Health Insurance
8.3. Group Health Insurance
8.4. Personal Accident
9. UAE Health and Medical Insurance Market, By Distribution Channel (USD Million)
9.1. UAE Health and Medical Insurance Market Value Share and Forecast, By Distribution Channel, 2023-2033
9.2. Agents
9.3. Banks
9.4. Brokers
9.5. Online Sales
9.6. Others
10. UAE Health and Medical Insurance Market Forecast, 2019-2033 (USD Million)
10.1. UAE Health and Medical Insurance Market Size and Market Share
11. UAE Health and Medical Insurance Market, By Provider, 2019-2033 (USD Million)
11.1. UAE Health and Medical Insurance Market Size and Market Share by Provider (2019-2026)
11.2. UAE Health and Medical Insurance Market Size and Market Share by Provider (2027-2033)
12. UAE Health and Medical Insurance Market, By Product Type, 2019-2033 (USD Million)
12.1. UAE Health and Medical Insurance Market Size and Market Share by Product Type (2019-2026)
12.2. UAE Health and Medical Insurance Market Size and Market Share by Product Type (2027-2033)
13. UAE Health and Medical Insurance Market, By Distribution Channel, 2019-2033 (USD Million)
13.1. UAE Health and Medical Insurance Market Size and Market Share by Distribution Channel (2019-2026)
13.2. UAE Health and Medical Insurance Market Size and Market Share by Distribution Channel (2027-2033)
14. UAE Health and Medical Insurance Market, By Region, 2019-2033 (USD Million)
14.1. UAE Health and Medical Insurance Market Size and Market Share by Region (2019-2026)
14.2. UAE Health and Medical Insurance Market Size and Market Share by Region (2027-2033)
14.3. Abu Dhabi
14.4. Dubai
14.5. Sharjah
14.6. Rest of UAE
15. Company Profile
15.1. Abu Dhabi National Insurance Company
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Aetna International
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. AXA Gulf Insurance
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Bupa Arabia for Cooperative Insurance
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Daman Insurance
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Dubai National Insurance and Reinsurance
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. MetLife ALICO
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. National Health Insurance Company – Daman
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Oman Insurance Company
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Takaful Emarat Insurance
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
