India Health Insurance Market 2023 | Demand, Trends, Growth and Forecast 2028

According to the latest report by IMARC Group “India Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The India health insurance market size reached US$ 120.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 219.1 Billion by 2028, exhibiting a growth rate (CAGR) of 10.64% during 2023-2028.

Health insurance is a financial agreement wherein an insurance company agrees to compensate the insured entity for the medical and surgical expenses incurred during health emergencies. It generally covers medical treatment expenditures, including ambulance charges, hospitalization, medicines, doctor consultation fees, and daycare procedure costs. It offers easy access to quality medical treatment with a cashless facility at the network hospitals of the insurer. It is commonly available in multiple arrangements for the consumers, such as private, public, and government health insurance, managed care plans, indemnity, and point-of-service (POS) plans. The insurer can select for the most appropriate insurance plan depending on their needs and requirements.

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Note: 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.

Market Trends:

There is an increase in the prevalence of chronic diseases and viral infections, including hypertension, cancer, diabetes, heart disorders, human immunodeficiency virus (HIV), an acquired immunodeficiency syndrome (AIDS), and cardiovascular disease (CVD). This, coupled with the rising aging population, which is more prone to complicated medical conditions, and the growing medical expenditure, represents one of the major factors positively influencing the demand for health insurance in India. Moreover, several initiatives are being undertaken by the Government of India (GoI) for mandating the health insurance of employees in private organizations. Along with this, the launch of customized corporate health insurance covers is contributing to the market growth. In addition, the expanding number of health insurance applications is favoring market growth.

Along with this,  the integration of artificial intelligence (AI), the internet of things (IoT), and big data analytics in these health insurance applications to digitize the claim process and policy management is providing a thrust to the market growth. The growing adoption of cloud-based services and the rising penetration of high-speed internet connectivity have enabled real-time consultations with experienced industry experts that can help provide insightful recommendations to the users. This, in turn, is propelling the growth of the market. Apart from this, the growing foreign direct investment (FDI) in the health insurance industry owing to the involvement of foreign private players due to economic liberalization is creating a positive outlook for the market. Furthermore, there is an increase in the preference for family floater health insurance among the masses. Along with this, the rising demand for health insurance in the rural areas of the country is bolstering the growth of the market. Besides this, key players are introducing health insurance policies that offer the benefit of free annual and bi-annual check-ups with additional customization at low premium rates, which is strengthening the growth of the market in the country.

Breakup by Provider:

• Private Providers
• Public Providers

Breakup by Type:

• Life-Time Coverage
• Term Insurance

Breakup by Plan Type:

• Medical Insurance
• Critical Illness Insurance
• Family Floater Health Insurance
• Others

Breakup by Demographics:

• Minor
• Adults
• Senior Citizen

Breakup by Provider Type:

• Preferred Provider Organizations (PPOs)
• Point of Service (POS)
• Health Maintenance Organizations (HMOs)
• Exclusive Provider Organizations (EPOs)

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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