Critical Illness Insurance Market: Global Market Estimation, Dynamics, Trends, Competitor Analysis 2016-2021 and Forecast 2022-2028

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Critical Illness Insurance Market By Product Type (Disease Insurance, Medical Insurance, and Income Protection Insurance), Application (Cancer, Heart Attack, Stroke, and Others), and Geography

 

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Report

Description

The critical illness insurance market is valued at USD 40 billion in 2021 and is poised to grow at a significant CAGR of 6.0% over 2022–2028. The growing elderly population and this group’s high susceptibility to various chronic diseases are exp, expected to drive the market. Individuals aged 65 and up who are afflicted with a sickness usually require close monitoring and surgical operations. The elderly members of society cannot afford costly medical treatment and surgical procedures, and more extended hospital stays may act as a catalyst for market growth. The availability of numerous critical illness insurance coverages and the opportunity to select one promotes business growth. The vital illness insurance sector benefits from increased GDP and rising healthcare spending. According to the WHO’s cancer profile 2020 report, global cancer incidence was 18.06 million in 2018, with 9.57 million deaths. As a result, the worldwide critical illness insurance market is likely to be driven by the rising prevalence of critical illness. A fundamental trend impacting the critical insurance market is a rise in critical conditions covered by critical illness insurance policies. Aside from cancer, stroke, coronary artery bypass, and heart attack, major insurance companies are working on expanding coverage for many new conditions such as Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, and motor neuron diseases. The critical illness insurance has been gaining traction over the past two decades. It’s popular in Australia, the UK, and emerging countries. The rising number of baby boomers in the U.S. is the primary factor expected to impact the critical illness insurance market positively. Insurance is much attracted to middle-aged and old-aged people. Critical illness insurance covers cancer, heart attack, kidney failure, and stroke, core diseases. The surge in the geriatric population in China, India, Japan, and other countries, increased awareness levels expected to fuel the market shortly.

Recent Market Developments:

In July 2020, Liberty General Insurance introduced “Critical Connect,” where one can choose from two programs for the sum insured ranging from Rs 1 lakh to Rs 1 crore. If the customer opts for plan A, he or she can choose from 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 January 2021, Breeze, an insurance vendor located in Omaha (US), launched a new critical illness insurance product on its digital platform for its customers. The launch will help the company accelerate its partnership with Assurity Life, which aims to offer its consumers better access to cost-effective insurance products in untapped regions.

Critical Illness Insurance Market

MARKET SUMMARY
-
6.0% CAGR
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 6.0%
  • Largest Market– Asia-Pacific
  • Fastest Growing Market– Europe

Critical Illness Insurance Market

  • The global critical illness Insurance market report gives comprehensive outlook on critical illness Insurance across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
  • The report on global critical illness Insurance market gives historical, current, and future market sizes (US$ Mn) on the basis of application.
Market Key Players
  • Aegon N.V.
  • Allianz SE
  • Aviva plc
  • Axa S.A.
  • China Life Insurance
Market Dynamics

Critical Illness Insurance Market

The rising prevalence of acute diseases is driving the worldwide critical illness insurance industry. Treatment for a critical illness such as cancer can be pretty expensive. Therefore, having critical illness insurance can help mitigate some of the financial load. With the increased need for critical illness insurance in the worldwide market, there will be good growth potential in the future. However, the worldwide critical insurance business is being held back by a lack of awareness regarding critical illness insurance. The majority of critical illness insurance comes standard with term plans. The majority of people are aware of life insurance plans, but few are aware of term insurance plans.


Asia-Pacific Got Significant Share

Critical Illness Insurance Market

The critical illness insurance market in North America is likely to hold a significant revenue share in 2022. In the following years, it is predicted to increase rapidly. The regional market has been fuelled by an increase in chronic diseases such as cancer and an increase in medical costs in the region. The key reasons driving the regional market's growth are the unexpected increase in cancer diagnoses and its rising death rate. The presence of many key players and the easy availability of services drive the market in the region. The Europe market is expected to grow in the coming years due to changing healthy lifestyles, increasing awareness regarding healthcare insurance, and the increasing prevalence of diseases in the European region.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Key Features of the Report

Critical Illness Insurance Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

2021 is the base year and 2028 is the forecast year.

The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).

In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.


Report

Table Of Content

  1. Executive Summary
  2. Global Critical Illness Insurance Market Introduction
    • Global Critical Illness Insurance Market – Taxonomy
    • Global Critical Illness Insurance Market –Definitions
      • By Application
  3. Global Critical Illness Insurance Market Dynamics
    • Drivers
    • Restraints
    • Opportunities/Unmet Needs of the Market
    • Trends
    • Global Critical Illness Insurance Market Dynamic Factors – Impact Analysis
    • Global Critical Illness Insurance Market – Competition Landscape
  4. Global Critical Illness Insurance Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023
    • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • Year-over-Year (Y-o-Y) Growth Analysis (%)
    • Market Opportunity Analysis
  5. Global Critical Illness Insurance Market, By Application, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • Heart Attack
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Cancer
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Stroke
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Kidney Failure
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Others
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Critical Illness Insurance Market Forecast, By Region, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • North America
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Europe
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Asia-Pacific
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Latin America
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Middle East and Africa
      • Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Global Critical Illness Insurance Market – Opportunity Analysis Index, By Application, and Region, 2019 – 2023
  2. North America Critical Illness Insurance Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • Application Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • Heart Attack
      • Cancer
      • Stroke
      • Kidney Failure
      • Others
    • Country Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • US.
      • Canada
    • North America Critical Illness Insurance Market – Opportunity Analysis Index, By Application, and Country, 2019 – 2023
    • North America Critical Illness Insurance Market Dynamics – Trends
  3. Europe Critical Illness Insurance Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • Application Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • Heart Attack
      • Cancer
      • Stroke
      • Kidney Failure
      • Others
    • Country Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Russia
      • Poland
      • Rest of Europe
    • Europe Critical Illness Insurance Market – Opportunity Analysis Index, By Application, and Country, 2019 – 2023
    • Europe Critical Illness Insurance Market Dynamics – Trends
  4. Asia-Pacific Critical Illness Insurance Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • Application Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • Heart Attack
      • Cancer
      • Stroke
      • Kidney Failure
      • Others
    • Country Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Japan
      • China
      • India
      • ASEAN
      • Australia & New Zealand
      • Rest of Asia-Pacific
    • Asia-Pacific Critical Illness Insurance Market – Opportunity Analysis Index, By Application, and Country, 2019 – 2023
    • Asia-Pacific Critical Illness Insurance Market Dynamics – Trends
  5. Latin America Critical Illness Insurance Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • Application Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • Heart Attack
      • Cancer
      • Stroke
      • Kidney Failure
      • Others
    • Country Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
    • Latin America Critical Illness Insurance Market – Opportunity Analysis Index, By Application, and Country, 2019 – 2023
    • Latin America Critical Illness Insurance Market Dynamics – Trends
  6. Middle East and Africa Critical Illness Insurance Market Analysis, 2013 – 2018 and Forecast, 2019 – 2023 (Revenue, USD Mn)
    • Application Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • Heart Attack
      • Cancer
      • Stroke
      • Kidney Failure
      • Others
    • Country Analysis 2013 – 2018 and Forecast 2019 – 2023 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Gulf Cooperation Council (GCC) Countries
      • Israel
      • South Africa
      • Rest of MEA
    • MEA Critical Illness Insurance Market – Opportunity Analysis Index, By Application, and Country, 2019 – 2023
    • MEA Critical Illness Insurance Market Dynamics – Trends
  7. Competition Landscape
    • Strategic Dashboard of Top Market Players
    • Company Profiles (Introduction, Financial Analysis, Application & Service Offerings, Key Developments, Strategies, and SWOT Analysis)
      • China Life Insurance
      • Ping An Insurance
      • China Pacific Insurance
      • Aviva
      • Legal & General
      • New China Life Insurance
      • AXA
      • Prudential plc
      • Aegon
      • Allianz
      • AIG
      • UnitedHealthcare
      • Zurich
      • MetLife
      • Dai-ichi Life Group
      • Sun Life Financial
      • Aflac
      • Liberty Mutual
      • HCF
  1. Research Methodology
  2. Key Assumptions and Acronyms

Report

Company Profile

  • Aegon N.V.
  • Allianz SE
  • Aviva plc
  • Axa S.A.
  • China Life Insurance
  • China Pacific Insurance Co., Ltd.
  • Legal & General Group plc,
  • New China Life Insurance Co., Ltd.
  • Ping An Insurance
  • Prudential plc

Description

The critical illness insurance market is valued at USD 40 billion in 2021 and is poised to grow at a significant CAGR of 6.0% over 2022–2028. The growing elderly population and this group’s high susceptibility to various chronic diseases are exp, expected to drive the market. Individuals aged 65 and up who are afflicted with a sickness usually require close monitoring and surgical operations. The elderly members of society cannot afford costly medical treatment and surgical procedures, and more extended hospital stays may act as a catalyst for market growth. The availability of numerous critical illness insurance coverages and the opportunity to select one promotes business growth. The vital illness insurance sector benefits from increased GDP and rising healthcare spending. According to the WHO’s cancer profile 2020 report, global cancer incidence was 18.06 million in 2018, with 9.57 million deaths. As a result, the worldwide critical illness insurance market is likely to be driven by the rising prevalence of critical illness. A fundamental trend impacting the critical insurance market is a rise in critical conditions covered by critical illness insurance policies. Aside from cancer, stroke, coronary artery bypass, and heart attack, major insurance companies are working on expanding coverage for many new conditions such as Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, and motor neuron diseases. The critical illness insurance has been gaining traction over the past two decades. It’s popular in Australia, the UK, and emerging countries. The rising number of baby boomers in the U.S. is the primary factor expected to impact the critical illness insurance market positively. Insurance is much attracted to middle-aged and old-aged people. Critical illness insurance covers cancer, heart attack, kidney failure, and stroke, core diseases. The surge in the geriatric population in China, India, Japan, and other countries, increased awareness levels expected to fuel the market shortly.

Recent Market Developments:

In July 2020, Liberty General Insurance introduced “Critical Connect,” where one can choose from two programs for the sum insured ranging from Rs 1 lakh to Rs 1 crore. If the customer opts for plan A, he or she can choose from 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 January 2021, Breeze, an insurance vendor located in Omaha (US), launched a new critical illness insurance product on its digital platform for its customers. The launch will help the company accelerate its partnership with Assurity Life, which aims to offer its consumers better access to cost-effective insurance products in untapped regions.

ASIA PACIFIC OFFICE

Precision Business Insights, 5th Floor, Mohan’s Elite, Opp : Bharat Petroleum Pump, Khanamet Road, Hitech City, Hyderabad – 500084

EUROPE OFFICE

Precision Business Insights, Kemp House, 152 – 160 City Road, London EC1V 2NX