Market Highlights
Global Critical Illness Insurance Market is expected to register a CAGR of 15.35% during the forecast period, with a market value of USD 67,960.81 Million by 2025.
Critical illness insurance is a type of insurance, where the insurer comes in a contract to make a lump sum cash payment if the policyholder is diagnosed with some specific critical disease as a part of the insurance policy. Critical illness insurance is also known as critical insurance cover or dread disease policy. The increasing cases of critical illness and increasing out of pocket expenditure for the insured and uninsured population are expected to drive the growth of the critical illness insurance market. However, lack of awareness about critical illness insurance is expected to hamper the market growth during the forecast period.
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Segment Analysis
The global critical illness insurance market has been divided based on application and region. The market, based on application, has been bifurcated into cancer, heart attack, stroke, and others. In 2018, the cancer segment held the largest market share owing to the rise in the number of cancer cases. For instance, an estimated 1,735,350 new cases of cancer were diagnosed in the US and 609,640 people died from the disease in 2018.
Regional Analysis
The global critical illness insurance market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas are likely to hold the largest share of the global critical illness insurance market during the assessment period. The rising prevalence of chronic diseases, including cancer and rising medical expenses, are expected to support the dominance of the Americas during the forecast period. Moreover, in the US, there has been a significant rise in the number of insured populations in the past few years. For instance, the percentage of the uninsured population in the US was about 14% in 2008, and this came down to nearly 8.5% in 2018.
Furthermore, about 99.1% of the population aged 65 and above were insured in 2018 in the US. The European market established substantial growth in the market due to the high prevalence of critical illnesses such as cancer, heart attack, and stroke, among others in this region. Asia-Pacific is estimated to be the fastest-growing region in the global market due to the increasing geriatric population, presence of expensive health facilities and an increase in the demand for health insurance policies in high populous countries such as India and China. The critical illness insurance market in the Middle East & Africa is expected to witness gradual growth due to the increasing life expectancy, enlarging middle class, and population growth. Moreover, the launch of the life insurance reform project in 2016 in the United Arab Emirates would support the market growth in this region.
Key Players
MRFR recognizes the following companies as the Key Players in the Global Critical Illness Insurance Market— China Life Insurance Company (China), Allianz (Germany), Ping An Insurance (China), Aviva (UK), Prudential (UK), Aegon (Netherlands), AXA (France), Sun Life Financial (Canada), Aflac Incorporated (US), Huaxia Life Insurance Co. (China), AIG (US), MetLife Services and Solutions, LLC (US), Zurich (Switzerland), Star Union Dai-ichi Life Insurance (India), United Healthcare Services Inc. (US), and Liberty Mutual (US), and Others.
Key Findings of the Study
The Global Critical Illness Insurance Market was valued at USD 24,935.75 Million in 2018 and is expected to register a CAGR of 15.35% during the assessment period of 2019 to 2025.
The Americas accounted for the largest share of the global market. The rise in the number of insured populations, increasing cases of chronic diseases, and increasing awareness and healthcare expenditure is attributed to the growth of critical illness insurance market in this region.
Based on the application, the cancer segment accounted for the largest market share of 57.01%in 2018
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AMA Research have added latest edition of survey study on Global Critical Illness Insurance Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis.
The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data.
The research study provides estimates for Global Critical Illness Insurance Forecast till 2025*.
The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for e.g., having a heart bypasses operation.
Market Growth DriversIncreasing Risk of Falling Prey to Life-Style DiseasesThe Rapidly Growing Medical ExpensesInfluencing TrendRapid Adoption of Machine Learning and AI TechnologyRestraintsAn Availability of Alternative Insurance CoverageTo comprehend Global Critical Illness Insurance market dynamics in the world mainly, the worldwide Critical Illness Insurance market is analyzed across major global regions.
AMA also provides customized specific regional and country-level reports for the following areas.
