According to TechSci Research report, “Vietnam Health Insurance Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” Vietnam health insurance market was valued at USD10.34 Billion in 2022 and is anticipated to grow with a CAGR of
7.54% through 2028.
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The Vietnam health insurance market is poised for growth in the coming years, driven by several factors contributing to increased demand and market expansion.
One significant driver is the rising expenditure on medical examinations and treatments, which has created substantial opportunities within the health insurance industry. This trend is expected to persist throughout the forecast period, bolstering the demand for health insurance coverage across the country.
Additionally, as the population ages and individuals become more susceptible to health issues such as dental problems, cardiovascular diseases, cancer, and chronic illnesses, the demand for health insurance is likely to increase. This demographic shift underscores the importance of health insurance as a financial safety net against unexpected medical expenses.
Health insurance serves as a critical financial tool that covers medical costs arising from illnesses or injuries, including hospitalization, medications, and doctor's fees. Policyholders pay regular premiums to insurance providers in exchange for financial assistance during medical emergencies and planned treatments.
Consumers increasingly prefer health insurance policies that offer additional benefits and a wider range of coverage options, reflecting growing awareness of health-related concerns and the need for comprehensive healthcare protection.
Significant strides have been made in expanding health insurance coverage in Vietnam, with notable achievements in policy implementation and population coverage. Over the years, health insurance coverage has grown significantly, reaching approximately 91% of the population by the end of 2021. This widespread coverage has enabled over 100 million insured individuals to access essential medical services annually, underscoring the pivotal role of health insurance in ensuring healthcare affordability and accessibility.
The health insurance market has shown robust growth nationwide, serving as a crucial mechanism for cost-sharing in medical expenses due to illnesses and accidents affecting individuals and families alike. The flexibility of insurance policies, offering options for annual or monthly premium payments over specific periods or a lifetime, enhances accessibility and affordability for consumers.
In conclusion, the increasing awareness of health insurance benefits and the expanding coverage across Vietnam are expected to drive substantial market demand in the foreseeable future. Health insurance not only alleviates financial burdens but also promotes broader access to quality healthcare services, reinforcing its role as a fundamental component of the healthcare system in Vietnam.
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The Vietnam health insurance market is segmented on the basis of type of insurance provider, type of coverage, mode of purchase, premium types, end users, region, and competitional landscape.
Based on the type of insurance provider, the market is segmented into public and private sectors. The private segment is expected to see growth during the forecast period due to the increasing number of private health insurance providers entering the market.
Regarding the type of coverage, the market is categorized into individual and family health insurance policies. A family health insurance policy covers both major and minor medical expenses for the entire family under one plan. It typically has higher premiums and coverage limits compared to individual health insurance plans, which cover only one person.
Based on premium type, health insurance policies are classified into regular premium and single premium. Single premium policies require a one-time payment in full before coverage begins, whereas regular premium policies require periodic payments over the policy's duration, ranging from monthly to annually. Regular premium policies are preferred by most customers due to the convenience of automated payment options available through various apps.
In terms of the mode of purchase, health insurance policies can be purchased from insurance companies, insurance agents or brokers, and other channels such as insurtech companies or third-party platforms.
Based on end users, the market is segmented into minors (children), adults, and senior citizens (elderly population), each with specific health insurance needs and coverage preferences.
Geographically, the market is segmented into North Vietnam, South Vietnam, and Central Vietnam, reflecting regional variations in health insurance penetration, provider availability, and consumer preferences.
Key market players in the Vietnam health insurance market include:
- AIA Vietnam Life Insurance Company Limited
- Prudential Vietnam Life Insurance Co., Ltd
- Manulife Vietnam Co., Ltd.
- Chubb Group Holdings Inc.
- Tokio Marine Insurance Vietnam Co, Ltd.
- Pacific Cross Vietnam
- Assicurazioni Generali S.p.A
- BIDV Insurance Corporation (BIC)
- HSBC Group
- BaoMinh Insurance
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“Benefits of health insurance policies are a prominent trend that is expected to have a positive impact on the growth of the health insurance market over the forecast period, including the implementation of new government insurance policies aimed at Vietnamese people with the goal of health care, which is expected to play a significant role in increasing demand for health insurance in the coming years. Furthermore, the rising cost of medical services has led to an increase in the health insurance business, which is expected to boost industry growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Vietnam management consulting firm.
Vietnam Health Insurance Market, By Type of Insurance Provider (Public v/s Private), By Type of Coverage (Individual v/s Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies , Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of health insurance and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Vietnam health insurance market.
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