India’s health insurance market is expected to reach $23.8 billion by 2028, growing at a compound annual growth rate (CAGR) of 12.8% from $15.1 billion in 2024. According to GlobalData, the sector will expand by 15% in 2024, driven by regulatory changes, high medical inflation, and greater health awareness. The growth is also attributed to the rising demand for private healthcare, which has driven up health insurance premiums, as well as technological advancements that have contributed to higher premium rates. The Indian health insurance market has grown significantly since the COVID-19 pandemic began, with a growth rate of 17.8% in 2023.
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