Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global critical illness insurance market is expected to grow from USD 68448.20 million in 2020 and to reach USD 201788.07 million by 2028, growing at a CAGR of 14.47% during the forecast period 2021-2028.
The critical illness insurance market is witnessing significant growth in the past years. This growth is attributed to the rise in the number of cases for patients suffering from life-threatening diseases such as kidney failure, cancer, heart attack, strokes, the modern lifestyle & the increasing prevalence of these diseases. Additionally, the critical illness policy supports coverage across specific life-threatening disorders, increasing the risk of falling prey to lifestyle diseases, augmenting the middle class, increasing life expectancy, and population growth is also propelling the market growth.
Critical illness insurance is recognized as critical care sickness insurance and sickness insurance; this type of coverage is intended to help with the cost of recovering & treating severe conditions needing valuable systems and treatment There are different types of products in the critical insurance market which are associated with a pre-defined disease list, as decided by individual companies. Critical disease plans can be utilized to augment an existing health insurance plan in the possibility of facing any critical disease. The advantages of the critical illness insurance market, such as easy documentation process, hassle-free settlement claims, option to buy additional riders, tax benefits, coverage for all hospitalization costs, and many others, are also boosting the critical illness insurance industry.
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The global critical illness insurance market is expected to witness significant growth, owing to the ever increasing incidence of chronic diseases & more cost for the uninsured and insurer population, increasing prevalence of critical disease, rising medical costs. Additionally, an expansion in critical illness cases like stroke, renal failure, heart attack, and cancer has been the leading cause of consciousness. The factor restraining the market growth is the absence of information about critical illness insurance. The opportunity for market growth is the emerging demand from developing nations. Further, the challenges for the market growth are the rise in insurance premiums because of the extension of specific diseases & age limitations in critical illness insurance.
Key players operating in global critical illness insurance market include China Life Insurance Company, Aegon, AXA, Prudential, Sun Life Financial, Liberty Mutual, Star Union Dai-ichi Life Insurance, MetLife Services and Solutions, LLC, Aflac Incorporated, Huaxia Life Insurance Co., Sun Life Financial, and United Healthcare Services Inc., and among others. To gain a significant market share in video surveillance storage market, the key players are now focusing on adopting product innovations, mergers & acquisitions, joint ventures, recent developments, collaborations, and partnerships.
Cancer segment dominated the market and held the largest market share of 40.23% in the year 2020
On the basis of application, the global critical illness insurance market is segmented into stroke, cancer, and heart attack. Cancer segment dominated the market and held the largest market share of 40.23% in the year 2020. This growth is attributed to the increasing medical expenses.
Medical insurance segment dominated the market and held the largest market share of 41.21% in the year 2020
On the basis of product type, the global critical illness insurance market is segmented into medical insurance, disease insurance, and income protection insurance. Medical insurance segment dominated the market and held the largest market share of 41.21% in the year 2020. This growth is attributed to the coverage for domiciliary care & hospitalization costs contracted through the hospitalization of at least 24 hours. Also, it delivers remedies towards pre-specified diseases & accidents for a limited or pre-specified amount.
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Individual insurance segment dominated the market and held the largest market share of 56.10% in the year 2020
On the basis of type, the global critical illness insurance market is segmented into family insurance and individual insurance. Individual insurance segment dominated the market and held the largest market share of 56.10% in the year 2020. This growth is attributed to the benefits under individual plans.
Regional Segment of Critical Illness Insurance Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global critical illness insurance market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 30.17% in the year 2020. This growth is attributed to the growing medical costs and growing incidence of chronic illnesses such as cancer, heart attack, and stroke. Additionally, the rising rate of death and the upsurge in diagnosis of cancer is also driving the regional market growth. Europe is expected to witness significant growth, owing to the increasing disease problems in the population of the European region, such as heart attack & cancer disorder which occurs in the risen guaranteed community in this region. The market in the Asia Pacific is expected to witness significant growth, owing to the rising population of geriatrics. Additionally, the high population in nations like China and India.is another contributing factor that stimulates market growth. Moreover, the Middle East & Africa is expected to register the lowest growth due to less awareness about the benefits of critical illness insurance in the industry.
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About the report:
The global critical illness insurance market is analysed on the basis of value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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