Based on the historical data from 2013 to 2023 and forecasted values until 2028, the number of persons covered by health insurance in India shows a significant growth trend. In 2023, the number of insured persons stood at 514.33 million, with a year-on-year increase of 3.33%. The last five years' compound annual growth rate (CAGR) has been 3.74%, indicating a steady upward trend despite minor fluctuations.
Looking forward, from 2024 to 2028, the forecasted data suggests a continued rise, reaching 592.4 million persons covered by 2028. This represents a 2.23% CAGR over the next five years, highlighting a slightly slower yet consistent growth rate compared to the previous periods. Overall, the projected growth rate for the next five years is estimated to be around 11.65%.
Future trends to watch for include:
- Policy changes and government initiatives aimed at increasing health insurance penetration.
- Technological advancements in the healthcare and insurance sectors.
- Rising healthcare awareness and increasing demand for health coverage among the population.
- Economic factors and their impact on disposable income potentially affecting insurance affordability.
