Turkey Health and Medical Insurance Market Size (2024 - 2029)

The Turkey Health and Medical Insurance Market is experiencing growth, driven by the development of the private health insurance sector to support the Universal Health Insurance initiative. The sector has gained prominence during the COVID-19 pandemic, with increased demand for health insurance plans that cater to pandemic-related needs. While a significant portion of the population relies on public health insurance, private insurers are entering the market to offer reduced waiting times and diverse packages. This expansion reflects the evolving landscape of health insurance in Turkey, highlighting the increasing market size and the role of private players in enhancing service delivery.

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Market Size of Turkey Health and Medical Insurance Industry

Turkey Health and Medical Insurance Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.50 %
Market Concentration High

Major Players

Turkey Health and Medical Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

Turkey Health and Medical Insurance Market Analysis

Turkey's Health and Medical Insurance Market has generated gross revenue of USD 1.5 Billion in the current year and is poised to achieve a CAGR of more than 2.5% for the forecast period. To support the Universal Health Insurance (UHI) initiative, Turkey is developing its private health insurance sector, which presently accounts for only 2% of the overall health insurance coverage. 

During the COVID-19 pandemic, healthcare systems are under extreme pressure. While the global pandemic had an impact on many industries, COVID-19 has surged growth in the Turkey Health and Medical Insurance sector. The health and medical insurance industry of Turkey has demonstrated its importance by offering COVID-19-specific health insurance plans and providing assistance to policyholders. Health insurance plan sales increased benefiting both customers and insurers. Health insurance providers with exclusive facilities and benefits observed a continuous rise in demand during the period.

More than 99% of Turkey's population have access to public health insurance which covers around 70% of the healthcare expense of the population. Private players are entering the market to provide a shorter waiting time for the people combined with different packages including travel health insurance, Children and family healthcare, and other medical services.

Turkey Health and Medical Insurance Industry Segmentation

Health insurance with its greater flexibility provides extensive coverage for various health conditions while medical insurance provides limited coverage for specific health emergencies and is pre-defined, limited to specific injuries, accidents, and illnesses. Turkey's Health and Medical Insurance market is segmented by Product Type (Private Health Insurance and Social Security Schemes), Term of Coverage (Short-term and Long-term), and Channel of Distribution (Brokers/Agents, Banks, Companies, Direct Purchases, and Other Channels of Distribution). The report offers the market sizes and forecasts in value (USD million) for all the above segments.

By Product type
Private Health Insurance (PMI)
Public/Social Security Schemes
By Term of Coverage
Short-term
Long-term
By Channel of Distribution
Brokers/Agents
Banks
Direct
Companies
Other Channels of Distribution
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Turkey Health and Medical Insurance Market Size Summary

The Turkey Health and Medical Insurance Market is experiencing a notable transformation, driven by the government's Universal Health Insurance initiative and the growing role of private health insurance. Despite public health insurance covering a significant portion of the population, private insurance is gaining traction as it offers quicker access to services and diverse packages, including travel and family healthcare. The market has seen a surge in demand for health insurance plans, particularly during the COVID-19 pandemic, which highlighted the sector's importance and led to the introduction of COVID-19-specific plans. This has resulted in increased sales and a rise in the popularity of top-up and supplementary health insurance, which provide additional coverage at more economical premiums.

The market landscape is characterized by the significant role of insurance agencies and third-party payers, which account for a substantial share of the distribution. Bancassurance has emerged as a key trend, with banking institutions and insurance companies leveraging their existing networks to offer insurance products, thereby expanding their customer base. Major players in the market, such as Allianz Sigorta AS and Acıbadem Saglık ve Hayat Sigorta AS, dominate the sector, contributing significantly to its overall value. Recent developments, such as the acquisition of Oman Insurance Company's operations by VHV Reasürans and Cigna Healthcare's launch of a new health benefits plan, underscore the dynamic nature of the market and the ongoing efforts to cater to diverse consumer needs.

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Turkey Health and Medical Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rising Demand For Healthcare Services with ageing population

      2. 1.2.2 Government Healthcare Initiative increasing access to healthcare

    3. 1.3 Market Restraints

      1. 1.3.1 Economic fluctuations in turkey affecting the market.

      2. 1.3.2 Existing Regional differences in healthcare facilities affecting the market.

    4. 1.4 Market Opportunities

      1. 1.4.1 Technological innovation driving insurance penetration in the market.

      2. 1.4.2 Affordable Private insurance products raising demand for insurance

    5. 1.5 Industry Attractiveness - Porters' Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitutes

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Technological Innovations in Turkey Health And Medical Insurance Market

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. Market Segmentation

    1. 2.1 By Product type

      1. 2.1.1 Private Health Insurance (PMI)

      2. 2.1.2 Public/Social Security Schemes

    2. 2.2 By Term of Coverage

      1. 2.2.1 Short-term

      2. 2.2.2 Long-term

    3. 2.3 By Channel of Distribution

      1. 2.3.1 Brokers/Agents

      2. 2.3.2 Banks

      3. 2.3.3 Direct

      4. 2.3.4 Companies

      5. 2.3.5 Other Channels of Distribution

Turkey Health and Medical Insurance Market Size FAQs

The Turkey Health and Medical Insurance Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

Aksigorta AŞ, Allianz Sigorta, Anadolu Sigrota, MAPFRE Sigrota and Acibadem Sigrota are the major companies operating in the Turkey Health and Medical Insurance Market.

Turkey Health and Medical Insurance Market Report Snapshots

Turkey Health and Medical Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)