Dublin, July 18, 2023 (GLOBE NEWSWIRE) — The “India Health Insurance Market Size, Share & Trends Analysis Report, 2023 – 2030” report has been added to AnalysisAndMarkets.com’s providing.

The India medical insurance market is ready to develop considerably within the coming years, with a projected market measurement of USD 30,291.2 million by 2030. According to market evaluation, the sector is anticipated to develop at a compound annual development fee (CAGR) of 11.55% throughout the interval from 2023 to 2030. Several market dynamics are fueling this development, together with robust distribution channels, democratic elements, authorities packages, and a good regulatory surroundings.

India’s medical insurance sector is witnessing exceptional growth, contemplating its huge potential with roughly 1.3 billion potential beneficiaries. As one of many largest healthcare techniques on this planet, the Indian economic system presents immense alternatives for market gamers. However, the nation’s medical insurance penetration stays low. A current survey carried out by NITI Aayog revealed that solely 18% of people in city areas and 14% in rural areas have any type of medical insurance protection. This locations India among the many nations with the bottom medical insurance penetration charges globally, with a mere 0.4% in comparison with 4.1% within the U.S. and a couple of.7% in France.

To handle this hole, the Indian authorities has applied varied initiatives to extend adoption and penetration throughout all segments. Schemes like Ayushman Bharat Yojana, Pradhan Mantri Jan Aarogya Yojana (PM-JAY), Aam Aadmi Bima Yojana (AABY), and Pradhan Mantri Suraksha Bima Yojana have been launched to offer medical insurance to economically weaker sections of society. These authorities initiatives and monetary inclusion packages have performed an important position in propelling market development.

Furthermore, key gamers within the Indian medical insurance business are actively engaged in strategic initiatives comparable to partnerships, new insurance policies, and mergers & acquisitions to develop their attain and promote the adoption of their insurance coverage insurance policies. Notable examples embrace the partnership between Star Health and Allied Insurance with Common Services Centers to supply insurance coverage merchandise to over 5 lakh CSCs, aiming to broaden entry to medical insurance in rural India. Additionally, Abu Dhabi Investment Authority (ADIA) invested USD 80.5 million (Rs 665 cr) in Aditya Birla Health Insurance, buying a 9.99% stake, additional driving market development within the nation.

The report highlights varied features of the Indian medical insurance market, together with the dominant distribution channels, insurance coverage varieties, buyer segments, and key gamers. Brokers and particular person brokers accounted for the best income share in 2022, whereas personal sector insurers are projected to carry a major market share within the insurance coverage kind phase on account of their specialised healthcare protection and high-quality companies. Moreover, Maharashtra emerged because the main state out there, contributing to 29.00% of the full income in 2022.

With a complete forecast interval from 2022 to 2030, the India Health Insurance Market Report supplies worthwhile insights into the market’s methodology, scope, govt abstract, business outlook, aggressive panorama, and extra. The report provides a deep understanding of the market dynamics, SWOT evaluation, and main offers and alliances, enabling business stakeholders to make knowledgeable choices and capitalize available on the market’s potential.

Key gamers within the India medical insurance market embrace Star Health and Allied Insurance Co Ltd., Aditya Birla Group, Niva Bupa Health Insurance Company Limited, Bajaj Allianz Health Insurance, Bharti AXA Life Insurance, New India Insurance, and United India, amongst others.

The India Health Insurance Market Report supplies a complete evaluation of the market dynamics, key gamers, distribution channels, insurance coverage varieties, buyer segments, and state-level evaluation. With a forecast interval from 2022 to 2030, the report provides worthwhile insights to business stakeholders, enabling them to strategize and capitalize available on the market alternatives.

Key Attributes:

Key Topics Covered:

Chapter 1 India Health Insurance Market: Methodology And Scope

Chapter 2 India Health Insurance Market: Executive Summary
2.1 India Health Insurance: Market Outlook
2.1.1 Segment Outlook
2.1.2 Market Summary, 2022 (USD Million)

Chapter 3 India Health Insurance Market: Industry Outlook
3.1 Market Lineage Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market Drivers
3.3.1.1 Private organizations offering employer-sponsored medical insurance plans
3.3.1.2 Increase in value of healthcare
3.3.1.3 Demand improve with the COVID-19 pandemic
3.3.2 Market Restraint Analysis
3.3.2.1 Premiums worth improve with age
3.3.2.2 Some healthcare companies and medical bills usually are not coated
3.4 SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
3.5 Industry Analysis – Porter’s
3.7 Major Deals & Strategic Alliances

Chapter 4 India Health Insurance Market: Competitive Landscape
4.1 Recent developments & affect evaluation, by key market individuals
4.2 Company Categorization
4.3 Vendor Landscape
4.4 Public Companies
4.5 Private Companies
4.6 Regional Network Map

Chapter 5 India Health Insurance Market: Duration Business Analysis
5.1 India Health Insurance Market: Duration Movement Analysis
5.2 Life-Time Coverage
5.3 Term Insurance

Chapter 6 India Health Insurance Market: Distribution Channels Business Analysis
6.1 India Health Insurance Market: Distribution Channels Movement Analysis
6.2 Direct gross sales
6.3 Brokers and Agents
6.4 Bankers
6.5 Others

Chapter 7 India Health Insurance Market: Type of Insurance Provider Business Analysis
7.1 India Health Insurance Market: Type of Insurance Provider Movement Analysis
7.2 Public Sector Insurers
7.3 Private Sector Insurers
7.4 Standalone Health Insurance Companies

Chapter 8 India Health Insurance Market: Customer Type Business Analysis
8.1 India Health Insurance Market: Customer Type Movement Analysis
8.2 Individuals
8.3 Corporate Houses/Business Units
8.4 Others

Chapter 9 India Health Insurance Market: State Business Analysis
10.1 India Health Insurance Market: State Movement Analysis
10.2 Maharastra
10.3 Tamil Nadu
10.4 Karnataka
10.5 Delhi
10.6 Gujrat
10.7 Rest of state

Chapter 10 India Health Insurance Market: Company Profiling
11.1 Company Profiles
11.1.1 Star Health and Allied Insurance Co Ltd
11.1.2 Aditya Birla Group
11.1.3 Niva Bupa Health Insurance Company Limited
11.1.4 Bajaj Allianz Health Insurance
11.1.5 Bharti AXA Life Insurance
11.1.6 New India Insurance
11.1.7 United India
11.1.8 ICICI Lombard
11.1.9 National Insurance Company
11.1.10 Tata AIG General Insurance Company Limited
11.2 List of Other Key Players

For extra details about this report go to https://www.researchandmarkets.com/r/6qipva

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• Indian Health Insurance Market