Market Size of Saudi Arabia Health & Medical Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.12 Billion |
| Market Size (2029) | USD 9.59 Billion |
| CAGR (2024 - 2029) | 6.13 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Health & Medical Insurance Market Analysis
The Saudi Arabia Health & Medical Insurance Market size in terms of premium value is expected to grow from USD 7.12 billion in 2024 to USD 9.59 billion by 2029, at a CAGR of 6.13% during the forecast period (2024-2029).
Saudi Arabia's healthcare insurance market is growing significantly because of mandatory health insurance schemes, the development of healthcare infrastructure, the increasing prevalence of non-communicable diseases, and government support.
Saudi Arabia's private and governmental healthcare system is well-developed. The reason for high-quality healthcare services is due to the growing population, shifting demographics, and increasing burden of non-communicable diseases.
Health insurance in Saudi Arabia is designed to reduce the financial strain on people when high payments come during unplanned illnesses or injuries. All citizens and foreigners are also required to have access to healthcare by the Saudi government. According to government rules, all private sector businesses must offer health insurance to their employees and dependents, including their spouses, male children below 25, and unmarried daughters.
