India's Health Insurance Market is estimated to be USD 133.95 Bn in 2023 and is expected to reach USD 216.96 Bn by 2028, growing at a CAGR of 10.12%.Large number of small and medium companies are starting new ventures in the automatic hand sanitizer dispenser market
Market Dynamics
Market dynamics are forces that impact the prices and behaviors of the stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.
Market Segmentations
India’s Health Insurance Market is segmented based on Plan Type, Duration, Coverage, Service Providers, and Age Group, and Applications.- By Plan Type, the market is classified into. Medical Insurance, Critical Illness Insurance, Family Floater Health Insurance, and Others.
- By Type, the market is classified into Group, and Individual.
- By Duration, the market is classified into Life-Time Coverage, and Term Insurance.
- By Coverage, the market is classified into Lifetime Coverage and Term Coverage.
- By Service Providers, the market is classified into Private Health Insurance Providers and Public Health Insurance Providers.
- By Age Group, the market is classified into Senior Citizen, Adult, and Children.
- By Applications, the market is classified into Direct Sales, Brokers and Agents, Bankers, and Others..
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Life Insurance Corp. of India, Magma HDI General Insurance Co., Manipal Cigna Health Insurance Co., Max Life Insurance Co. Ltd, Navi General Insurance Ltd, etc.Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Ansoff Analysis
The report presents a detailed Ansoff matrix analysis for the India’s Health Insurance Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.The analyst analyses the India’s Health Insurance Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the India’s Health Insurance Market . The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
- The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report also contains the competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.
Report Highlights:
- A complete analysis of the market, including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Stakeholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Models
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
3.1 Introduction
3.2 Market Size, Segmentations and Outlook
4 Market Dynamics
4.1 Drivers
4.1.1 Increasing Costs for Medical Services
4.1.2 Growing Number of Daycare Procedures
4.1.3 Private Organizations Providing Employer-Sponsored Health Insurance Plans
4.2 Restraints
4.2.1 High Cost of Insurance Premiums
4.3 Opportunities
4.3.1 Rising Advantages of Health Insurance Policies
4.3.2 Increased Demand for Quality Private Care
4.4 Challenges
4.4.1 Lack of Awareness Regarding the Benefits of Health Insurance
4.4.2 Some Healthcare Services and Medical Expense Not Covered
5 Market Analysis
5.1 Regulatory Scenario
5.2 Porter's Five Forces Analysis
5.3 PESTLE Analysis
5.4 SWOT Analysis
5.5 Impact of COVID-19
5.6 Impact of Economic Slowdown & Impending Recession
5.7 Ansoff Matrix Analysis
6 India’s Health Insurance Market, By Plan Type
6.1 Introduction
6.2 Medical Insurance
6.3 Critical Illness Insurance
6.4 Family Floater Health Insurance
6.5 Others
7 India’s Health Insurance Market, By Type
7.1 Introduction
7.2 Group
7.3 Individual
8 India’s Health Insurance Market, By Duration
8.1 Introduction
8.2 Life-Time Coverage
8.3 Term Insurance
9 India’s Health Insurance Market, By Coverage
9.1 Introduction
9.2 Lifetime Coverage
9.3 Term Coverage
10 India’s Health Insurance Market, By Service Providers
10.1 Introduction
10.2 Private Health Insurance Providers
10.3 Public Health Insurance Providers
11 India’s Health Insurance Market, By Age Group
11.1 Introduction
11.2 Senior Citizen
11.3 Adult
11.4 Children
12 India’s Health Insurance Market, By Applications
12.1 Introduction
12.2 Direct Sales
12.3 Brokers & Agents
12.4 Bankers
12.5 Others
13 Competitive Landscape
13.1 Competitive Quadrant
13.2 Market Share Analysis
13.3 Strategic Initiatives
13.3.1 M&A and Investments
13.3.2 Partnerships and Collaborations
13.3.3 Product Developments and Improvements
14 Company Profiles
14.1 Aditya Birla Health Insurance Co. Ltd.
14.2 Bajaj Allianz General Insurance
14.3 Care Health Insurance
14.4 Cholamandalam MS General Insurance Co. Ltd.
14.5 Edelweiss General Insurance Co.
14.6 Go Digit General Insurance Ltd.
14.7 HDFC ERGO
14.8 ICICI Lombard General Insurance Co.
14.9 Kotak Mahindra General Insurance Co. Ltd..
14.10 Life Insurance Corp. of India
14.11 Magma HDI General Insurance Co.
14.12 Manipal Cigna Health Insurance Co.
14.13 Max Life Insurance Co. Ltd
14.14 Navi General Insurance Ltd
14.15 Niva Bupa Health Insurance Ltd
14.16 Reliance General Insurance Co. Ltd
14.17 SBI General Insurance
14.18 Star Health and Allied Insurance Co. Ltd
14.19 Tata AIG General Insurance Co. Ltd
14.20 The Oriental Insurance Co. Ltd
15 Appendix
15.1 Questionnaire
Companies Mentioned
- Aditya Birla Health Insurance Co. Ltd.
- Bajaj Allianz General Insurance
- Care Health Insurance
- Cholamandalam MS General Insurance Co. Ltd.
- Edelweiss General Insurance Co.
- Go Digit General Insurance Ltd.
- HDFC ERGO
- ICICI Lombard General Insurance Co.
- Kotak Mahindra General Insurance Co. Ltd..
- Life Insurance Corp. of India
- Magma HDI General Insurance Co.
- Manipal Cigna Health Insurance Co.
- Max Life Insurance Co. Ltd
- Navi General Insurance Ltd
- Niva Bupa Health Insurance Ltd
- Reliance General Insurance Co. Ltd
- SBI General Insurance
- Star Health and Allied Insurance Co. Ltd
- Tata AIG General Insurance Co. Ltd
- The Oriental Insurance Co. Ltd
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 143 |
| Published | January 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 133.95 Billion |
| Forecasted Market Value ( USD | $ 216.96 Billion |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | India |
| No. of Companies Mentioned | 20 |
