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India Health Insurance Market (2022-2027) by Plan Type, Duration, Application, Coverage, Type, Age Group, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis

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    Report

  • 180 Pages
  • March 2022
  • Region: India
  • Infogence Global Research
  • ID: 5566848
India's Health Insurance Market is estimated to be USD 122.11 Bn in 2022 and is expected to reach USD 198.45 Bn by 2027, growing at a CAGR of 10.2%.

Market Dynamics

Market dynamics are forces that impact the prices and behaviors of India's Health Insurance Market 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 Segmentation

India's Health Insurance Market is segmented based on Plan Type, Duration, Application, Coverage, Type, and Age Group.
  • By Plan Type, the market is classified into Medical Insurance, Critical Illness Insurance, Family Floater Health Insurance, and Others.
  • By Duration, the market is classified into Life-Time Coverage, and Term Insurance.
  • By Application, the market is classified into Direct Sales, Brokers and Agents, Bankers, and Others.
  • By Coverage, the market is classified into Preferred Provider Organizations, Point of Services, Health Maintenance Organization, and Exclusive Provider Organisation.
  • By Type, the market is classified into Group, and Individual.
  • By Age Group, the market is classified into Senior Citizen, Adult, and Children.

Report Highlights:

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 Aditya Birla Health Insurance Co. Ltd., HDFC ERGO, ICICI Lombard General Insurance Company, Life Insurance Corporation of India, Magma HDI General Insurance Company, Niva Bupa Health Insurance Limited, Reliance General Insurance Company Limited, etc.

Competitive Quadrant

The report includes 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 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 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 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 and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is 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 the 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
Frequently Asked Questions about the Indian Health Insurance Market

What is the estimated value of the Indian Health Insurance Market?

The Indian Health Insurance Market was estimated to be valued at $122.11 Billion in 2022.

What is the growth rate of the Indian Health Insurance Market?

The growth rate of the Indian Health Insurance Market is 10.2%, with an estimated value of $198.45 Billion by 2027.

What is the forecasted size of the Indian Health Insurance Market?

The Indian Health Insurance Market is estimated to be worth $198.45 Billion by 2027.

Who are the key companies in the Indian Health Insurance Market?

Key companies in the Indian Health Insurance Market include Aditya Birla Health Insurance Co. Ltd., Bajaj Allianz General Insurance, Care Health Insurance, Cholamandalam MS General Insurance Company Ltd, Edelweiss General Insurance Company, Go Digit General Insurance Limited, HDFC ERGO, ICICI Lombard General Insurance Company and Life Insurance Corporation of India.

Table of Contents

1 Report Description
1.1 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 Increased Cost of Healthcare
4.1.2 Demand Increase with Pandemic
4.1.3 Private Organisations Providing Employer-Sponsored Health Insurance Plans
4.2 Restraints
4.2.1 Eligibility Regulations
4.3 Opportunities
4.3.1 Rise of Insurtech
4.3.2 Increased Demand for Quality Private Care
4.4 Challenges
4.4.1 Costs are Exacerbated by the Aging Population
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 Impact of COVID-19
5.4 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 Duration
7.1 Introduction
7.2 Life-Time Coverage
7.3 Term Insurance
8 India's Health Insurance Market, By Application
8.1 Introduction
8.2 Direct Sales
8.3 Brokers and Agents
8.4 Bankers
8.5 Others
9 India's Health Insurance Market, By Coverage
9.1 Introduction
9.2 Preferred Provider Organizations
9.3 Point of Services
9.4 Health Maintenance Organization
9.5 Exclusive Provider Organisation
10 India's Health Insurance Market, By Type
10.1 Introduction
10.2 Group
10.3 Individual
11 India's Health Insurance Market, By Age Group
11.1 Introduction
11.2 Senior Citizen
11.3 Adult
11.4 Children
12 Competitive Landscape
12.1 Competitive Quadrant
12.2 Market Share Analysis
12.3 Strategic Initiatives
12.3.1 M&A and Investments
12.3.2 Partnerships and Collaborations
12.3.3 Product Developments and Improvements
13 Company Profiles
13.1 Aditya Birla Health Insurance Co. Ltd.
13.2 Bajaj Allianz General Insurance
13.3 Care Health Insurance
13.4 Cholamandalam MS General Insurance Company Ltd
13.5 Edelweiss General Insurance Company
13.6 Go Digit General Insurance Limited
13.7 HDFC ERGO
13.8 ICICI Lombard General Insurance Company
13.9 Kotak Mahindra General Insurance Company Ltd
13.10 Life Insurance Corporation of India
13.11 Magma HDI General Insurance Company
13.12 Manipal Cigna Health Insurance Company
13.13 Max Life Insurance Company Limited
13.14 Navi General Insurance Limited
13.15 Niva Bupa Health Insurance Limited
13.16 Reliance General Insurance Company Limited
13.17 SBI General Insurance
13.18 Star Health and Allied Insurance Co Ltd
13.19 Tata AIG General Insurance Company Limited
13.20 The Oriental Insurance Company Ltd
14 Appendix
14.1 Questionnaire

Companies Mentioned

  • Aditya Birla Health Insurance Co. Ltd.
  • Bajaj Allianz General Insurance
  • Care Health Insurance
  • Cholamandalam MS General Insurance Company Ltd
  • Edelweiss General Insurance Company
  • Go Digit General Insurance Limited
  • HDFC ERGO
  • ICICI Lombard General Insurance Company
  • Kotak Mahindra General Insurance Company Ltd
  • Life Insurance Corporation of India
  • Magma HDI General Insurance Company
  • Manipal Cigna Health Insurance Company
  • Max Life Insurance Company Limited
  • Navi General Insurance Limited
  • Niva Bupa Health Insurance Limited
  • Reliance General Insurance Company Limited
  • SBI General Insurance
  • Star Health and Allied Insurance Co Ltd
  • Tata AIG General Insurance Company Limited
  • The Oriental Insurance Company Ltd