India Health Insurance Market

India Health Insurance Market Size, Share, Growth Analysis, By Type(Individual Health Insurance and Group Health Insurance.), By Application(Hospitalisation Insurance, Critical Illness Insurance, Maternity Insurance, Personal Accident Insurance and Others.), By Region - Industry Forecast 2024-2031


Report ID: SQMIC40D2020 | Region: Country | Published Date: February, 2024
Pages: 157 |Tables: 62 |Figures: 75

India Health Insurance Market Insights

The India Health Insurance Market size was valued at USD 12.85 billion in 2021 and is poised to grow from USD 14.33 billion in 2022 to USD 34.37 billion by 2030, growing at a CAGR of 11.55% in the forecast period (2023-2030).

The health insurance market in India has witnessed significant growth in recent years, driven by various factors such as increasing healthcare costs, rising awareness about the importance of health insurance, and a growing middle-class population. This market analysis provides an overview of the India health insurance market, highlighting its key trends, challenges, and opportunities. One of the key drivers of the India health insurance market is the increasing healthcare expenditure. As medical costs continue to rise, individuals and families are recognizing the need for financial protection against unforeseen medical expenses. Health insurance provides a crucial safety net by covering hospitalisation expenses, outpatient care, and other medical services.

The rising healthcare expenditure acts as a catalyst for the growth of the health insurance market in India. With the rise in healthcare awareness campaigns and educational initiatives, people are becoming more conscious of the financial risks associated with medical emergencies. As a result, there has been a surge in the demand for health insurance policies across various segments of the population. The rapid expansion of the middle-class population in India has also been instrumental in driving the health insurance market. As disposable incomes increase, individuals are seeking comprehensive health insurance plans to safeguard their families' health and financial well-being. This expanding middle-class segment presents a vast market opportunity for health insurance providers to cater to the growing demand for affordable and customised insurance products.

Market Snapshot - 2023-2030

Global Market Size

USD 12.85 billion

Largest Segment

Group Health Insurance

Fastest Growth

Group Health Insurance

Growth Rate

11.55% CAGR

India Health Insurance Market By Country ($ Bn)
Country Share for Asia - Pacific Region (%)

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India Health Insurance Market Segmental Analysis

The India Health Insurance Market is segmented on the basis of type, application, and region. Based on type, the market can be segmented into Individual Health Insurance and Group Health Insurance. Based on application, the market is segmented into Hospitalisation Insurance, Critical Illness Insurance, Maternity Insurance, Personal Accident Insurance and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

India Health Insurance Market Analysis by Type

The dominant type in the India health insurance market is Group Health Insurance. Group health insurance policies are typically provided by employers to cover a group of individuals, such as employees and their dependents. This type of insurance offers coverage to a larger pool of individuals, resulting in cost-sharing benefits and lower premiums compared to individual health insurance plans. Group health insurance is often considered an essential employee benefit and is widely adopted by companies across various industries in India.

On the other hand, the fastest-growing type in the India health insurance market is Individual Health Insurance. As the awareness of the importance of personal health coverage increases among the population, more individuals are seeking individual health insurance policies. Individual health insurance plans provide coverage to an individual and their family members, offering personalised benefits and flexibility in choosing coverage options. The growing middle class, rising healthcare costs, and the need for comprehensive health coverage are driving the demand for individual health insurance in India.

India Health Insurance Market Analysis by Application

In the India health insurance market, among the mentioned types - Hospitalisation Insurance, Critical Illness Insurance, Maternity Insurance, Personal Accident Insurance, and Others - the dominant type is Hospitalisation Insurance. This type of insurance provides coverage for expenses incurred during hospitalisation, including room charges, doctor's fees, surgical costs, and medication expenses. Hospitalisation insurance is widely adopted by individuals and families to safeguard against the financial burden of medical treatments and hospital stays.

On the other hand, the fastest-growing type in the India health insurance market is Critical Illness Insurance. Critical illness insurance provides coverage for specific life-threatening diseases or medical conditions such as cancer, heart disease, stroke, and organ transplantation. As the awareness of critical illnesses and their associated treatment costs increases, there has been a growing demand for critical illness insurance coverage in India. This type of insurance provides a lump sum benefit upon diagnosis of a covered critical illness, which can be used to cover medical expenses, loss of income, or other financial obligations.

India Health Insurance Market By Type, 2021 (%)

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India Health Insurance Market Regional Insights

The most dominant region in the India health insurance market is typically the National Capital Region (NCR), encompassing Delhi and its surrounding areas. NCR is a major economic hub with a significant population, including a large number of urban residents and corporate employees. This region exhibits robust demand for health insurance coverage, driven by factors such as higher income levels, better awareness about the importance of health insurance, and access to quality healthcare facilities. NCR's dominance is also supported by the presence of numerous insurance providers and their extensive distribution networks.

Regarding the fastest-growing region in the India health insurance market, Southern India often showcases strong growth trends. States such as Tamil Nadu, Karnataka, and Kerala have witnessed increasing demand for health insurance due to factors such as rising disposable incomes, higher literacy rates, and a relatively higher focus on healthcare infrastructure development. Additionally, southern India has a well-developed private healthcare sector, which contributes to the growing adoption of health insurance plans in the region. The southern states have shown a proactive approach towards health insurance, leading to accelerated growth rates in recent years.

India Health Insurance Market By Geography, 2023-2030
  • Largest
  • Fastest

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India Health Insurance Market Dynamics

India Health Insurance Market Drivers

Rising Healthcare Costs

  • The surge in medical treatment costs and healthcare services has resulted in an increased need for health insurance in India. Health insurance acts as a safeguard against exorbitant medical expenses, prompting individuals to seek coverage to alleviate the burden of healthcare costs.

India Health Insurance Market Restraints

Limited Coverage and Exclusions

  • Certain health insurance policies in India impose restrictions on coverage, including pre-existing conditions, waiting periods, and exclusions for specific treatments or procedures. These limitations and exclusions may discourage individuals from acquiring health insurance or cause dissatisfaction when claims are denied due to non-coverage.

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India Health Insurance Market Competitive Landscape

The health insurance market in India has witnessed significant growth and evolution in recent years. With an increasing focus on healthcare and rising medical costs, the demand for health insurance has grown substantially across the country. The market is characterised by a diverse range of insurance providers, including public and private sector companies, offering various health insurance plans to cater to the different needs of individuals and families. The key players in the Indian health insurance market include both standalone health insurance companies and general insurance companies that offer health insurance as part of their product portfolio. These insurers compete fiercely to capture a larger market share by providing innovative and comprehensive health insurance products and services.

India Health Insurance Market Top Player’s Company Profiles

  • Bajaj Allianz General Insurance (India)
  • Religare Health Insurance (India)
  • Star Health and Allied Insurance (India)
  • Aditya Birla Health Insurance (India)
  • ManipalCigna Health Insurance (India)
  • Apollo Munich Health Insurance (India)
  • Future Generali India Insurance (India)
  • Reliance General Insurance (India)
  • Oriental Insurance Company (India)
  • National Insurance Company (India)
  • United India Insurance Company (India)
  • New India Assurance Company (India)
  • SBI General Insurance (India)
  • Tata AIG General Insurance (India)
  • IFFCO Tokio General Insurance (India)
  • Universal Sompo General Insurance (India)
  • Liberty General Insurance (India)

India Health Insurance Market Recent Developments

  • In March 2023, Religare Health Insurance rebranded itself as Care Health Insurance. The rebranding was part of a larger strategic initiative by the company to reposition itself as a more customer-centric and innovative player in the Indian health insurance market.
  • In February 2023, Bharti AXA General Insurance has merged with ICICI Lombard General Insurance. The merger created the largest general insurance company in India by market capitalization. The merger is expected to create synergies and help the new entity to better compete in the Indian insurance market.
  • In January 2023, Insurance Regulatory and Development Authority of India (IRDAI) announced a set of notifications with regards to the underwriting of health insurance. The notifications are aimed at making health insurance more accessible and affordable for Indians. For example, the notifications have relaxed the norms for underwriting health insurance for senior citizens and people with pre-existing conditions.
  • In December 2022, Digit Insurance launched a new health insurance product called Digit Health Optima. The product offers comprehensive coverage for a wide range of medical expenses, including hospitalisation, surgery, and medical tests. Digit Health Optima is available online and through a network of agents across India.
  • In November 2022, Bajaj Allianz General Insurance launched a new health insurance product called Smart Health Plus. The product offers comprehensive coverage for a wide range of medical expenses, including hospitalisation, surgery, and medical tests. Smart Health Plus is available online and through a network of agents across India.

India Health Insurance Key Market Trends

  • Improved Healthcare Access: With the rapid expansion of digital infrastructure and the rise of smartphone penetration in India, insurance companies are leveraging technology to enhance customer experience, streamline processes, and improve access to healthcare services. Digital platforms are being used to facilitate online policy purchases, claims management, and customer support, making the entire insurance journey more convenient and efficient for policyholders. Additionally, telemedicine services and health apps are gaining popularity, allowing individuals to access virtual consultations, health records, and wellness programs.

India Health Insurance Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to the India Health Insurance market analysis, this industry is witnessing significant growth and transformation driven by various factors such as increasing healthcare costs, rising awareness about health insurance, and the need for comprehensive coverage. The steady growth trajectory of the India health insurance market, driven by the country's large population, rising disposable income, and the growing middle-class segment. With increasing healthcare expenses and the prevalence of lifestyle-related diseases, the demand for health insurance has surged, as individuals and families seek financial protection against unforeseen medical expenses. It also analyses the competitive landscape and highlights the strategies adopted by these players to gain a competitive edge in the market. The report emphasises the role of digitalization and technology-driven solutions in streamlining insurance processes, enhancing customer experience, and expanding market reach.

Report Metric Details
Market size value in 2021 USD 12.85 billion
Market size value in 2030 USD 34.37 billion
Growth Rate 11.55%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Individual Health Insurance and Group Health Insurance.
  • Application
    • Hospitalisation Insurance, Critical Illness Insurance, Maternity Insurance, Personal Accident Insurance and Others.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Bajaj Allianz General Insurance (India)
  • Religare Health Insurance (India)
  • Star Health and Allied Insurance (India)
  • Aditya Birla Health Insurance (India)
  • ManipalCigna Health Insurance (India)
  • Apollo Munich Health Insurance (India)
  • Future Generali India Insurance (India)
  • Reliance General Insurance (India)
  • Oriental Insurance Company (India)
  • National Insurance Company (India)
  • United India Insurance Company (India)
  • New India Assurance Company (India)
  • SBI General Insurance (India)
  • Tata AIG General Insurance (India)
  • IFFCO Tokio General Insurance (India)
  • Universal Sompo General Insurance (India)
  • Liberty General Insurance (India)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on India Health Insurance Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on India Health Insurance Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the India Health Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the India Health Insurance Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the India Health Insurance Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the India Health Insurance Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The India Health Insurance Market size was valued at USD 12.85 billion in 2021 and is poised to grow from USD 14.33 billion in 2022 to USD 34.37 billion by 2030, growing at a CAGR of 11.55% in the forecast period (2023-2030).

The health insurance market in India has witnessed significant growth and evolution in recent years. With an increasing focus on healthcare and rising medical costs, the demand for health insurance has grown substantially across the country. The market is characterised by a diverse range of insurance providers, including public and private sector companies, offering various health insurance plans to cater to the different needs of individuals and families. The key players in the Indian health insurance market include both standalone health insurance companies and general insurance companies that offer health insurance as part of their product portfolio. These insurers compete fiercely to capture a larger market share by providing innovative and comprehensive health insurance products and services. 'Max Bupa Health Insurance (India)', 'ICICI Lombard General Insurance (India)', 'HDFC ERGO General Insurance (India)', 'Bajaj Allianz General Insurance (India)', 'Religare Health Insurance (India)', 'Star Health and Allied Insurance (India)', 'Aditya Birla Health Insurance (India)', 'ManipalCigna Health Insurance (India)', 'Apollo Munich Health Insurance (India)', 'Future Generali India Insurance (India)', 'Reliance General Insurance (India)', 'Oriental Insurance Company (India)', 'National Insurance Company (India)', 'United India Insurance Company (India)', 'New India Assurance Company (India)', 'SBI General Insurance (India)', 'Tata AIG General Insurance (India)', 'IFFCO Tokio General Insurance (India)', 'Universal Sompo General Insurance (India)', 'Liberty General Insurance (India)'

The surge in medical treatment costs and healthcare services has resulted in an increased need for health insurance in India. Health insurance acts as a safeguard against exorbitant medical expenses, prompting individuals to seek coverage to alleviate the burden of healthcare costs.

Improved Healthcare Access: With the rapid expansion of digital infrastructure and the rise of smartphone penetration in India, insurance companies are leveraging technology to enhance customer experience, streamline processes, and improve access to healthcare services. Digital platforms are being used to facilitate online policy purchases, claims management, and customer support, making the entire insurance journey more convenient and efficient for policyholders. Additionally, telemedicine services and health apps are gaining popularity, allowing individuals to access virtual consultations, health records, and wellness programs.

The most dominant region in the India health insurance market is typically the National Capital Region (NCR), encompassing Delhi and its surrounding areas. NCR is a major economic hub with a significant population, including a large number of urban residents and corporate employees. This region exhibits robust demand for health insurance coverage, driven by factors such as higher income levels, better awareness about the importance of health insurance, and access to quality healthcare facilities. NCR's dominance is also supported by the presence of numerous insurance providers and their extensive distribution networks.

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