Global Critical Illness Insurance Market, By Product Type (Disease Insurance, Medical Insurance, and Income Protection Insurance), Application (Cancer, Heart Attack, and Stroke) – Industry Trends and Forecast to 2030
Critical Illness Insurance Market Analysis and Size
The critical illness insurance market is expected to witness lucrative growth. An increase in the number of critical illness cases such as stroke, cancer, renal failure, and heart attack has proved to be the main cause of awareness among people. The increasing cases of critical illness and more expenditure for the insurer and uninsured population are expected to drive the growth of the critical illness insurance market. Rising medical expenses are expected to drive the critical illness insurance market.
Data Bridge Market Research analyses that the critical illness insurance market, which was USD 216.5 Billion in 2022, would rocket up to USD 369.97 Billion by 2030 and is expected to undergo a CAGR of 10.40% during the forecast period. “Medical Insurance” dominates the product segment of the critical illness insurance market owing to the increasing awareness and understanding of critical illnesses. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Critical Illness Insurance Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Product Type (Disease Insurance, Medical Insurance, and Income Protection Insurance), Application (Cancer, Heart Attack, and Stroke),
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa)
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Market Players Covered
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AEGON Life Insurance Company Ltd( Netherlands), AXA Hong Kong(Hong Kong), Legal & General Group plc(U.K.), Generali China Life Insurance Co. Ltd.(China), Prudential Hong Kong Limited(Hong Kong), Bajaj Allianz General Insurance Co. Ltd.(India), Tata AIG General Insurance Company Limited(India), United Healthcare Services Inc.(U.S.), Zurich American Insurance Company(U.S.) , AmMetLife Insurance Berhad (Malaysia), Star Union Dai-ichi Life Insurance Company Limited(India) , Sun Life Assurance Company of Canada.(Canada) , AFLAC INCORPORATED(U.S.) , Liberty General Insurance Ltd.(India) , HCF(Australia) , Star Union Dai-ichi Life Insurance Company Limited.(India) , Future Generali India Insurance Company Ltd.(India) , Religare Health Insurance Company Limited(India), Cigna(U.S.). Manulife Financial Corporation (Canada), Prudential Financial, Inc. (United States)
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Market Opportunities
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Market Definition
Critical illness is mainly associated with any illness, disease, or health condition which is a potential or immediate threat to life and needs comprehensive care and continuous monitoring, often in intensive care. Critical illness insurance is an insurance product which helps to check if an insurer is contracted to typically make payments if the policyholder is diagnosed with any kind of specific illnesses on a predetermined list as part of an insurance policy.
Global Critical Illness Insurance Market Dynamics
Drivers
- Increasing prevalence of critical illnesses
The rising incidence of critical illnesses such as cancer, heart disease, and stroke is a significant driver for the critical illness insurance market. As individuals become more aware of the financial burden associated with these illnesses, the demand for insurance coverage to mitigate the costs of treatment and recovery increases.
- Growing healthcare expenditure
The escalating costs of medical treatments and healthcare services have fuelled the demand for critical illness insurance. Individuals seek coverage that can provide financial support for expensive medical procedures, hospitalizations, medications, and post-treatment care.
- Advancements in medical technology and improved survival rates
Advances in medical technology and treatment protocols have led to improved survival rates for critical illnesses. As more individuals survive critical illnesses, the need for financial protection and support during recovery becomes crucial, driving the demand for critical illness insurance.
Opportunities
- Untapped markets and emerging economies
There are significant growth opportunities in untapped markets and emerging economies, where awareness and adoption of critical illness insurance are relatively low. As these markets evolve and healthcare awareness increases, the demand for insurance coverage against critical illnesses is expected to rise.
- Product innovation and customization:
Insurers have the opportunity to develop innovative and customized critical illness insurance products. By offering flexible coverage options, tailored packages, and additional benefits, insurers can cater to the diverse needs and preferences of individuals seeking critical illness coverage.
Restraints/ Challenges
- Affordability and accessibility
The affordability and accessibility of critical illness insurance can be a significant restraint. Premium costs may be prohibitive for some individuals, particularly in low-income segments of the population. Additionally, insurance coverage may be limited or unavailable for individuals with pre-existing conditions or higher risk profiles.
- Lack of awareness and understanding
A lack of awareness and understanding about critical illness insurance among the general population can hinder market growth. Many individuals may not fully comprehend the benefits and coverage provided by such policies, leading to lower demand and adoption.
- Complex underwriting and risk assessment
Critical illness insurance involves complex underwriting and risk assessment processes. Evaluating an individual's risk profile and determining appropriate coverage can be challenging, particularly for conditions with varying degrees of severity and prognosis.
- Regulatory and compliance issues
The critical illness insurance market is subject to regulatory frameworks and compliance requirements that vary across different regions. Insurers must navigate these regulations and ensure compliance, which can present challenges and increase operational complexities.
This critical illness insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the critical illness insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In July 2020, Liberty General Insurance launched ‘Critical Connect’, where one can choose from two programs for a sum insured ranging from Rs 1 lakh up to Rs. 1 crore. If the customer opts for plan A, he or she can choose Critical Illness Bundles Covering 9, 25, or 43 critical illnesses. Whereas, plan B offers disease-specific bundles such as Heart Protect, Cancer Protect, Renoliv Protect, and Brain Protect. With this launch, the company has enhanced its offering to customers for critical illness insurance.
- In November 2022, Nassau Financial Group announced that it entered into a binding agreement with Delaware Life Insurance Company to buy the Delaware Life Insurance Company of New York.
Global Critical Illness Insurance Market Scope
Critical illness insurance market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them in making strategic decisions for the identification of core market applications.
Product Type
- Disease insurance
- Medical insurance
- Income protection insurance.
Application
- Cancer
- Heart attack
- Stroke.
Critical Illness Insurance Market Regional Analysis/Insights
The critical illness insurance market is analyzed, and market size insights and trends are provided by country, power source, product, and application, as referenced above.
The countries covered in the critical illness insurance market report are the U.S., Canada, and Mexico in North America, Germany, France, the U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is likely to lead the global critical illness insurance market. The rising cases of chronic diseases such as cancer and the increase in medical expenses in the region have driven the regional market. However, the sudden boom in cancer diagnosis and the increasing rate of death is the main factor propelling the growth of the regional market.
Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to rise in the demand for health insurance policies in densely populated countries such as India and China.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
Critical illness insurance market also provides you with a detailed market analysis for every country’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the critical illness insurance market, the impact of technology using lifeline curves, and changes in healthcare regulatory scenarios and their impact on the critical illness insurance market. The data is available for the historic period 2015-2020.
Competitive Landscape and Critical Illness Insurance Market Share Analysis
The critical illness insurance market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the critical illness insurance market.
Some of the major players operating in the critical illness insurance market are:
- AEGON Life Insurance Company Ltd. - Netherlands
- AXA Hong Kong - Hong Kong
- Legal & General Group plc - United Kingdom
- Generali China Life Insurance Co. Ltd. - China
- Prudential Hong Kong Limited - Hong Kong
- Bajaj Allianz General Insurance Co. Ltd. - India
- Tata AIG General Insurance Company Limited - India
- United Healthcare Services Inc. - United States
- Zurich American Insurance Company - United States
- AmMetLife Insurance Berhad - Malaysia
- Star Union Dai-ichi Life Insurance Company Limited - India
- Sun Life Assurance Company of Canada - Canada
- AFLAC INCORPORATED - United States
- Liberty General Insurance Ltd. - India
- HCF - Australia
- Future Generali India Insurance Company Ltd. - India
- Religare Health Insurance Company Limited - India
- Cigna - United States
- Manulife Financial Corporation - Canada
- Prudential Financial, Inc. - United States
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