Critical Illness Insurance Market Size Worth USD 135.5 Billion by 2030 at 15% CAGR – Report by Market Research Future (MRFR)

Critical Illness Insurance Market Trends and Insights by Application (Cancer, Heart Attack, Stroke, and others) and by Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa), Competitive Market Growth, Size, Share and Forecast to 2030

New York, USA, Dec. 22, 2022 (GLOBE NEWSWIRE) — Critical Illness Insurance Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Critical Illness Insurance Market Information by Application, and Region – Forecast till 2030”, the market size is expected reach USD 135.5 billion by 2030 at 15% CAGR during the forecast period 2022-2030.

Market Synopsis

A contract between the insurer and the policyholder including critical illness insurance requires the former to pay the latter a lump amount in the event of a specific critical condition or sickness as required by the policy. Dread disease insurance or crucial insurance cover are other names for critical sickness insurance.

Numerous critical disease instances are on the rise, and both insured and uninsured people are paying more money out of pocket, which are two trends that are thought to be driving expansion in the global market. The market can encounter difficulties since individuals in emerging nations are less aware of the existence of critical illness insurance programs.

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Report Scope:

Report Attribute Details
Market Size in 2030 USD 135.5 Million
CAGR 15%
Base Year 2021
Forecast Period 2022-2030
Historical Data 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Application.
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Increase in the number of cases for patients suffering from life-threatening diseases like cancer, strokes, heart attack and kidney failure
Rising expenditure on the medical facilities.

Critical Illness Insurance Market Competitive Landscape:

The important participants in the teleradiology market include

  • Allianz (Germany)
  • China Life Insurance Company (China)
  • Aviva (UK)
  • Prudential (UK)
  • Aegon (Netherlands)
  • AIG (US)
  • Sun Life Financial (Canada)
  • Huaxia Life Insurance Co. (China)
  • MetLife Services and Solutions LLC (US)
  • AXA (France)
  • Star Union Dai-ichi Life Insurance (India)
  • Zurich (Switzerland)
  • United Healthcare Services Inc. (US)
  • Aflac Incorporated (US)
  • Ping An Insurance (China)
  • Liberty Mutual (US)

In order to gain a more prominent position, a large number of company giants in the critical illness insurance sector engage in competitive strategies such as new product launches, collaborations, acquisitions, mergers, and agreements. As a result, there is a fierce level of competition throughout the global market

In November 2022, Toronto-based insurtech PolicyMe is set to release the most comprehensive critical illness insurance plan across Canada. This new program, which is partnered with and underwritten by Canadian Premier Life Insurance Company, covers 44 conditions, which is 10–15 more than the standard Canadian insurer. Following PolicyMe’s Series A announcement, this launch will enhance their current core Term Life Insurance service and give Canadians access to comprehensive, reasonably priced financial protection against a wider range of health and life events.

Critical Illness Insurance Market Dynamics:

Market Drivers:

The global market for critical illness insurance is being driven by the rise in the occurrence of serious illnesses. Having critical illness insurance can be advantageous to lessen the burden of the treatment expense since the cost of treating critical illnesses like cancer is extremely high. Upon diagnosis of the serious illness, the insurance service providers make a lump sum payment to the insured. Heart attack, stroke, and coronary artery bypass are a few additional typical sorts of urgent disorders. The WHO’s Cancer Profile 2020 report estimates that 10 million people worldwide will die from cancer in 2020, making it the leading cause of death worldwide. As a result, it is anticipated that the global market for critical illness insurance will be driven by the rising occurrence of critical illness.

One significant trend influencing the critical insurance market is the expansion of the list of critical illnesses covered by critical illness insurance policies. Along with cancer, stroke, coronary artery bypass, and heart attack, major insurance companies are concentrating on expanding coverage for a variety of new conditions like Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, and motor neuron diseases. For instance, the Parkinson’s Foundation estimates that 1 million Americans already have the condition, and that number is likely to rise to 1.2 million by the year 2030. The expansion of insurance policies is a result of the expansion of the types of critical illnesses.

Market Restraints:

The development of the worldwide critical insurance industry is being hampered by a lack of knowledge regarding critical illness insurance. Term plans typically include critical illness insurance. Most people are familiar with life insurance policies, but few are familiar with term insurance policies.

Only one in five insurance holders—or 65% of urban Indians—have term insurance, according to a 2020 study that was published in the Economic Times. This is primarily a result of the general public’s ignorance of term insurance plans offered by insurers that include cover critical illness.

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COVID-19 Analysis

People’s daily lives have been negatively impacted by the COVID-19 pandemic. People are dealing with both financial and health issues as a result of the rise in COVID-19 cases. The economies are currently being forced into a recession by this circumstance. The supply chain network was disrupted and there were financial issues both during and after the lockdown, which caused a sharp decline in the sales revenue of the critical illness insurance firm.

But it’s anticipated that by the conclusion of the upcoming year’s third quarter, the critical illness insurance market would have recovered from this pandemic condition.

As a result of the COVID-19 pandemic, leading companies are working to make their critical illness insurance plans more enticing in order to draw in more customers. To cover SARS-CoV-2 diagnoses, several of them are making changes to their critical illness insurance policies. In the critical illness insurance market, term plans have been in great demand, mainly because of the rise in novel coronavirus cases and the redundancy of the lockdown.

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Critical Illness Insurance Market Segmentation

With respect to application, the global market can be broken down into stroke, heart attack, cancer, and more. Due to the global increase in the incidence of cancer, the cancer sector held the largest market share in 2018. Lung cancer cases have increased significantly as a result of increased tobacco use, and supporting government policies that encourage individuals to choose critical illness insurance coverage may imply that the cancer sector will continue to lead in the years to come.

Critical Illness Insurance Market Regional Insights

Given the fast rising rates of chronic diseases like cancer and the rising expense of healthcare, the American market is poised to take the top rank. Due to the growing number of Americans who have health insurance and the rising incidence of cancer among them, the US market will experience significant growth over the coming years. According to reports, over 99.1% of Americans over the age of 65 who were insured for critical illnesses in 2018 show that there are promising growth prospects for the local industry.

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Due to the region’s growing older population and widespread inability to pay for medical facilities, Asia Pacific may experience the quickest growth rate in the next years. In highly populous nations like China and India, there is a large need for critical illness insurance plans. The rising life expectancy, growing middle class, and general population growth will make the MEA market a successful market in the years to come.

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