Critical Illness Insurance Market Driven by Prevalence of Chronic Disorders

Pune, India, July 2023, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Critical Illness Insurance Market.

Critical Illness Insurance Market Highlights

The Critical Illness Insurance Market is projected to grow up to USD 23.65 billion by 2030, exhibiting a CAGR of 7.89% during the forecast period (2023 - 2030). 

Market Dynamics

The primary market driver boosting market expansion is the rising awareness among individuals and patients of the benefits of having critical illness insurance. One of the main forces propelling the market is the increasing senior population. The need for HI plans is further exacerbated by the fact that many people in their golden years also struggle with conditions including cardiovascular disease, cancer, diabetes, and arthritis.

Consumers are increasingly opting for critical illness insurance due to the increasing prevalence of health problems caused by people's poor lifestyles, such as renal failures, heart attacks, cancer, and other similar terrible illnesses. Market growth is being fueled in large part by increasing consumer awareness of the value of critical illness insurance.

Additionally, there is an increase in the prevalence of extremely critical illnesses including cancer, heart attacks, and others due to the rising prevalence of health difficulties among people. Consumers are opting to buy critical health insurance to cover the high cost of medical care, hospitalization, and other related expenses that traditional health insurance does not cover.

Several ailments, including brain tumors and cardiovascular diseases, are on the rise, which further increases the demand for critical sickness insurance. As a result, one of the main drivers propelling the critical illness insurance market revenue is the increasing prevalence of serious health problems among the general population.

The COVID-19 pandemic improved the outlook for the critical illness insurance market as consumers learned the need of protecting themselves financially in the event of a serious sickness. People are also more likely to purchase critical illness cover in addition to health insurance as the prevalence of dangerous diseases has grown.

Market Segmentation

The critical illness insurance market segmentation, based on product type, includes medical insurance, disease insurance, family insurance, and income protection insurance. In 2022, the majority of the Critical Illness Insurance market revenue came from the medical insurance subsegment.

The critical illness insurance market data has been bifurcated by application into a heart attack, cancer, stroke, and others. In 2022, the cancer market sector was the most lucrative, and it is expected to maintain its lead during the projection period (2023-2030). 

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Critical Illness Insurance Market Research Report

Regional Analysis

In 2022, the critical illness insurance market in North America was worth USD 6.36 billion, and it is projected to rise at a healthy CAGR over the course of the forecast period. This is because there are more people in the area who need medical attention due to the development of serious illnesses like kidney failure, cancer, heart attack, stroke, and the modern lifestyle. Additionally, the North American critical illness insurance market was led by the United States, but the highest growth was seen in Canada.

Because of strict federal legislation requiring citizens to obtain at least one health insurance policy, the European Union has the second-largest market share for critical illness insurance. Additionally, the market for critical illness insurance in Europe is greatest in Germany, but the fastest-growing market is in the United Kingdom.

From 2023 to 2030, the market for critical illness insurance in Asia-Pacific is anticipated to expand at the highest compound annual growth rate (CAGR). This is because both federal and state governments have increased the number of programs they offer in this area, as well as the number of private suppliers. India's critical illness insurance market is expanding at double the rate of any other market in the Asia-Pacific region, while China's market holds the highest stake.

Competitive Analysis

The leading companies in the critical illness insurance industry are spending much on R&D in an effort to increase market demand. Key Companies in the Critical Illness Insurance market include 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), among others.