New York, USA, June 15, 2023 (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 was valued at USD 45.1 billion in 2021 and is projected to grow from USD 51.86 Billion in 2022 to USD 137.96 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.00% during the forecast period (2022 - 2030).
Market Scope
The growing geriatric population is one of the key driving factors fueling the market. A large number of the aged population is suffering from other chronic diseases such as heart disease, cancer, type 2 diabetes, and arthritis, further increasing the demand for HI policies among this age group. Any illness, condition, or disease that poses a serious risk to life and necessitates intensive care or other forms of long-term care is critical. When a policyholder gets diagnosed with any diseases on the list established within the context of an insurance policy, critical illness insurance helps determine whether an insurer is under contract to make payments typically. Life-threatening illnesses, including ischemic attacks or cancer, are further covered by critical illness insurance. These policies pay out funds to help cover those delays when conventional health coverage may fall short because such emergencies or illnesses frequently incur higher-than-average medical costs.
In addition, if a covered illness is discovered, critical illness coverage pays out a lump sum to the insured. This payout can cover everything from paying the mortgage to medical expenses. Additionally, critical illness coverage can cover expenses like deductibles and out-of-network doctor fees that health insurance does not cover. The smooth experience provided by insurance coverage regarding medical bill reimbursement and cashless therapies at the best hospitals with no worry of exorbitant costs for operations and treatments, on the other hand, is anticipated to offer lucrative possibilities for expansion in the coming years. Future predictions indicate that the critical illness insurance marketplace will expand profitably. The main reason for increased public awareness is the rise in critical illnesses like coronary artery disease, cancer, kidney disease, and stroke.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 137.96 billion |
| CAGR | 15% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| 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 | The growing awareness amongst people and patients regarding the benefits of using critical illness insurance |
| Increasing geriatric population and sedentary lifestyle to boost the market growth |
Critical Illness Insurance Market Competitive Landscape:
The frontrunners in the critical illness insurance market are:
- Star Union Dai-ichi Life Insurance (India)
- United Healthcare Services Inc. (US)
- Liberty Mutual (US),
- Prudential (UK)
- Aegon (Netherlands)
- AXA (France)
- Sun Life Financial (Canada)
- Aflac Incorporated (US)
- China Life Insurance Company (China)
- Allianz (Germany)
- Ping An Insurance (China)
- Aviva (UK)
- Huaxia Life Insurance Co. (China)
- AIG (US)
- MetLife Services and Solutions, LLC (US)
- Zurich (Switzerland)
Critical Illness Insurance Market Trends:
Market Drivers:
Changes in the health insurance laws (ACA), shifting employers' benefit priorities, and novel distribution strategies have all been linked to an increase in the need for critical illness insurance. Consumers are encouraged to purchase critical illness insurance due to the rising incidence of serious illnesses like kidney failures, heart attacks, cancer, and other serious illnesses brought on by people's unhealthy lifestyles. In addition, consumers' growing awareness of the advantages of critical illness insurance coverage is a significant market driver. Additionally, the increasing incidence of chronic diseases is anticipated to fuel market expansion.
One of the main drivers of the growth of the critical illness insurance marketplace is the increase in illnesses addressed by critical illness insurance policies. Major insurance companies are focusing on covering a variety of new diseases. In addition, rising consumer awareness of the advantages of critical illness insurance and the rising demand for it because of the expensive nature of medical care are some factors driving the market's expansion.
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Restraints
One significant factor limiting the market's growth is the high cost of critical illness insurance.
COVID 19 Analysis
The COVID-19 pandemic had a favorable effect on the outlook for the critical illness insurance market as consumers became more aware of the importance of having health insurance. Furthermore, people are more likely to have severe illness coverage in addition to health insurance as the prevalence of fatal diseases has increased. The COVID-19 pandemic outbreak helped the market's prospects because it raised consumer awareness of the value of health insurance. In addition, major organizations are working to increase the appeal of their life insurance plans in reaction to the COVID-19 pandemic to draw in more customers. Several of them are updating their critical illness coverage to cover SARS-CoV-2 diagnosis.
Critical Illness Insurance Market Segmentation
The market of critical illness insurance is segmented by application into cancer, heart attack, and stroke. The cancer segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030.
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Critical Illness Insurance Market Regional Insights
The global market is likely to be led by North America. The rising incidence of chronic diseases like cancer and the rising cost of healthcare in the region have fueled the regional market. However, the primary driver of the regional market's growth is the sudden increase in cancer diagnoses and the rising death rate. Additionally, the expansion of the middle class, augmented life expectancy, coverage for specific life-threatening disorders, the risk of contracting lifestyle diseases, and population growth all contribute to the critical illness insurance market.
Due to strict federal laws requiring citizens to have at least one health insurance policy, the market in Europe holds the second-largest market share. This is because private service providers are becoming more prevalent in the area, and the federal and state governments are introducing more programs. The Indian market had the fastest growth rate in Asia, while China's critical illness insurance market had the largest market share.
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