India Health Insurance Market to Skyrocket at 29% CAGR through 2025
Growing awareness regarding advantages offered by health
insurance and increasing disposable income to drive India health insurance
market.
According
to TechSci Research report, “India
Health Insurance Market By Claim Type, By Insurance Type, By Type of
Insurance Provider, By Business Type, By Different Types of Health Insurance
Plans, By Type of Scheme, By Type of Coverage, By Term of Coverage, By Cash
Limit, By Mode of Purchase, By End User, By Region, Competition, Forecast &
Opportunities, 2025”, India health insurance market
is projected to register a CAGR of 29% during 2021 - 2025. Surging working
population, increasing disposable income and rising awareness about policies
offered by health insurance companies are the major factors driving the country’s
health insurance market. Additionally, the mandatory provision of providing health
insurance for both private and public sector employees is further anticipated
to fuel the growth of health insurance market in India through 2025.
Moreover, Government of India had launched National
Health Protection Scheme under ‘Ayushman Bharat’, which provides coverage of up
to USD7,723 to more than 100 million vulnerable families. This gave a boost to
the health insurance sector in the country. This has further driven insurance
penetration in the country and proliferation of insurance schemes, thereby
positively impacting the market growth.
Browse
46 market data Figures spread through 80 Pages and an
in-depth TOC on "India Health Insurance Market".
India
health insurance market is segmented based on claim type, type of insurance
provider, insurance type, business type, different types of health insurance
plans, type of scheme, type of coverage, term of coverage, cash limit, mode of
purchase, end user and region. Based on type of insurance provider, the market
is segmented into public, private and standalone health insurers. In 2019,
private insurance providers accounted for the largest share in India health
insurance market. Based on insurance type, the market is segmented into
disease, and income protection. In 2019, disease insurance type dominated the
health insurance market in India owing to increasing incidence of diseases
across the country.
Major players operating in India health
insurance market include Star Health Insurance, ICICI Lombard General Insurance
Company, Religare Health Insurance Company Limited, HDFC Ergo, Max Bupa Health
Insurance, TATA-AIG General Insurance Company Limited, SBI General Insurance,
Universal Sompo Health Insurance, Edelweiss Health Insurance, Digi Health
Insurance, and others. Various insurance providing companies are focusing on
developing a strong base in e-commerce market as a rising number of users
prefer to understand, compare and buy health insurance packages online.
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“The
private health insurance sector in India is anticipated to witness higher
growth rate due to increasing preference of population towards private
insurance policies as they tend to provide customized coverage budget or cover
needed. However, future looks promising for all types of healthcare insurance
providers as more and more Indians are taking interest towards securing
themselves and their loved ones against all odds by buying insurances ranging
from health to life. Additionally, rise in middle-class population, young
insurable population and growing awareness regarding the need for insurance protection
are anticipated to continue propelling the health insurance market in India
until 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Health Insurance
Market By Claim Type, By Insurance Type, By Type of Insurance Provider, By
Business Type, By Different Types of Health Insurance Plans, By Type of Scheme,
By Type of Coverage, By Term of Coverage, By Cash Limit, By Mode of Purchase,
By End User, By Region, Competition, Forecast & Opportunities, 2025” has
evaluated the future growth potential of India health insurance market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in India health insurance market.
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