The Indian health insurance market is slated to experience a rapid growth of ~20% for the forecast period 2014-2020. This market has a huge potential for growth, as less than 15% of its population is registered to have health insurance coverage. Furthermore, the spending on healthcare is expected to grow multifold in the coming years. The expected multifold increase in healthcare spending in the coming years is also anticipated to propel the health insurance market.
The other major drivers for the health insurance market are the rising affluence in India, nuclear family structure, increasing prevalence of lifestyle diseases, and rising healthcare costs. The vibrant and growing middle class segment in India is educated and has an increased purchasing power. According to the Indian Census data (2011) nuclear families comprise of an estimated 70.11% of all families in the country. As increasing number of households are detached from their extended family, they opt for insurance for security purposes. With over 25 million heart diseases cases and 50+ million diabetics, the trend of increasing lifestyle diseases is on the rise in India. Finally, the trend of steadily rising healthcare costs in India will prompt many citizens to opt for health insurance in the coming years.
In this report, the Indian Health Insurance Market is segmented by policy type, by policy price, by age group, and by region.