Critical Illness Insurance Market: Industry Analysis and Forecast (2021-2027) by Application, and Region

Critical Illness Insurance Market size was valued at US$ 6.55 Bn. in 2020 and the cancer segment is likely to dominate the growth of the critical illness insurance market in future.

Critical Illness Insurance Market Overview:

Medical emergencies such as heart attacks, strokes, and cancer are covered by critical illness insurance. These policies pay out cash to help cover overruns where regular health insurance may fall short since these emergencies or illnesses generally entail higher-than-average medical costs. These insurance policies are reasonably priced. However, the situations in which they will provide coverage are usually confined to a few illnesses or crises. Critical Illness Insurance Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2020

Critical Illness Insurance Market Dynamics:

Critical Illness Insurance Market size was valued at US$ 6.55 Bn. in 2020 and the total revenue is expected to grow at 5.3% through 2021 to 2027, reaching nearly US$ 7.8 Bn. Critical illness insurance is a contract between the insurer and the policyholder in which the former is required to pay a lump sum payment in the event of a specific critical ailment or sickness. Dread disease insurance, or critical insurance cover, is another name for critical sickness insurance. The rising prevalence of various critical illnesses, as well as an increase in out-of-pocket spending among insured and uninsured people, are cited as important growth drivers in the worldwide critical illness insurance industry. People in emerging countries may be less aware of critical illness insurance schemes, which could provide a threat to the market. The growing elderly population, as well as this group's high susceptibility to a variety of chronic diseases. Individuals aged 65 and up who are afflicted with a sickness usually require close monitoring as well as surgical operations. Since the elderly are the least productive members of society, they cannot afford costly medical treatment and surgical operations, as well as longer hospital stays. As a result, the availability of numerous critical illness insurance coverages, as well as the opportunity to select one, promotes business growth. The critical illness insurance sector benefits from increased GDP as well as rising healthcare spending. The global market benefits from a dramatic increase in health expenditure, which includes both private and public spending on programs that promote illness prevention strategies, leveraging paramedical, nursing, and medical knowledge, as well as technology. The need for critical illness insurance, whether individual or employer-sponsored, has increased as the global employment rate has risen. Further, new insurance policy launches by the market players are likely to drive the growth of the market. For example, Breeze, an insurance company based in Omaha, Nebraska, debuted a new critical illness insurance policy for its consumers on its digital platform in January 2021. The new launch will aid the company's cooperation with Assurity Life, which aims to provide its customers with improved access to low-cost insurance products in underserved areas. Breeze's main goal is to make critical illness insurance shopping online simple, affordable, and convenient. In only 10 minutes, users will be able to receive personalized critical illness insurance quotations and complete a secure digital application.

Critical Illness Insurance Market Segment Analysis:

The Cancer segment is dominating the application segment of the Critical Illness Insurance Market:

Cancer is the second biggest cause of death worldwide, accounting for 9.6 million fatalities in 2019, or one in every six deaths. Lung, prostate, colorectal, stomach, and liver cancers affect men, while breast, colorectal, lung, cervical, and thyroid cancers affect women. Due to an increase in cancer incidence around the world, the cancer sector grabbed the largest share of the market in 2019. Rising tobacco smoking has resulted in a considerable increase in lung cancer cases, while supportive government policies encourage individuals to purchase critical illness insurance, suggesting that the cancer segment will continue to lead in the future years. Cancer is becoming more prevalent around the world, putting great physical, emotional, and financial impact on individuals, families, communities, and health systems. Many low- and middle-income countries' health systems are unprepared to handle this burden, and many cancer patients worldwide lack timely access to high-quality diagnosis and treatment. Many types of cancer survival rates are improving in countries with strong health systems, thanks to early detection, quality treatment, and survivorship care.

Critical Illness Insurance Market Regional Insights:

North America is estimated to dominate the growth of the Critical Illness Insurance Market. Due to the pretty apparent rapidly increasing occurrences of chronic illnesses such as cancer, as well as the rise in medical costs, the North American market is set to take the lead. Since of the growing pool of insured persons in the country and the rising cancer burden among them, the US market will perform well in the next years. According to reports, about 99.1% of the total population in the United States aged 65 and up purchased critical illness insurance in 2019, indicating positive growth circumstances for the regional industry. There are currently 5 million policies in effect. In 2018, around 1.5 million insurance or certificates were purchased. The American Association for Critical Illness Insurance (AACII) is a non-profit organization dedicated to. For traditional individual critical illness insurance, the average new benefit amount is $21,993; for group/worksite critical illness insurance, the average new benefit amount is $14,766. (attained age premium). Buyers of New Critical Illness Insurance in 2020, according to the report. The average age at the time of critical illness insurance purchase was 46.0 years for traditional individual critical illness insurance and 42.2 years for group/worksite critical illness insurance (attained age premium) News on critical illness insurance will be released on April 6, 2020. Critical Illness Insurance Market by Regional The objective of the report is to present a comprehensive analysis of the Critical Illness Insurance Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Critical Illness Insurance Market dynamics, structure by analyzing the market segments and projecting the Critical Illness Insurance Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Critical Illness Insurance Market make the report investor’s guide.

Critical Illness Insurance Market Scope: Inquire before buying

Critical Illness Insurance Market by Scope

Critical Illness Insurance Market, by Region

• North America o US o Canada o Mexico • Europe o U.K o France o Germany o Italy o Spain o Sweden o CIS Countries o Rest of Europe • Asia Pacific o China o India o Japan o South Korea o Australia o ASEAN o Rest of Asia Pacific • The Middle East and Africa o South Africa o GCC Countries o Egypt o Nigeria o Rest of ME&A • South America o Brazil o Argentina o Rest of South America

Critical Illness Insurance Market Key Player

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)

FAQs:

1. What is the Critical Illness Insurance Market value in 2020? Ans: Critical Illness Insurance market value in 2020 was estimated as 6.55 Billion USD. 2. What is the Critical Illness Insurance market growth? Ans: The Critical Illness Insurance market is anticipated to grow with a CAGR of 5.3% in the forecast period and is likely to reach USD 9.40 Billion by the end of 2027. 3. Which regional segment is expected to dominate the Critical Illness Insurance Market during the forecast period? Ans: North America dominated the PAH market with a share of 57.74% in 2020. This is attributable to the developed healthcare infrastructure in the U.S. that facilitates access to advanced therapeutics for treating Critical Illness Insurance. A well-planned reimbursement structure and high awareness resulted in an excellent diagnosis rate of PAH. 4. Who are the key players in the Critical Illness Insurance market? Ans: Some key players operating in the dental fillings 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). 5. What is the key driving factor for the growth of the Critical Illness Insurance market? Ans: Rising illness rate, low disposable income and growing investment in healthcare industry, and profitable healthcare policy are the factors driving the growth of the market.
1. Global Critical Illness Insurance Market: Research Methodology 2. Global Critical Illness Insurance Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Critical Illness Insurance Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Critical Illness Insurance Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Critical Illness Insurance Market Segmentation 4.1 Global Critical Illness Insurance Market, by Application (2020-2027) • Cancer • Heart Attack • Stroke • others 5. North America Critical Illness Insurance Market (2020-2027) 5.1 North American Critical Illness Insurance Market, by Application (2020-2027) • Cancer • Heart Attack • Stroke • others 5.3 North America Critical Illness Insurance Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Critical Illness Insurance Market (2020-2027) 6.1. Asia Pacific Critical Illness Insurance Market, by Application (2020-2027) 6.2. Asia Pacific Critical Illness Insurance Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Critical Illness Insurance Market (2020-2027) 7.1. Middle East and Africa Critical Illness Insurance Market, by Application (2020-2027) 7.3. Middle East and Africa Critical Illness Insurance Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Critical Illness Insurance Market (2020-2027) 8.1. Latin America Critical Illness Insurance Market, by Application (2020-2027) 8.3 Latin America Critical Illness Insurance Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Critical Illness Insurance Market (2020-2027) 9.1. European Critical Illness Insurance Market, by Application (2020-2027) 9.3 European Critical Illness Insurance Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key Players 10.1 Novartis AG 10.1.1 Company Overview 10.1.2 Financial Overview 10.1.3 Geographic Footprint 10.1.4 Grade Portfolio 10.1.5 Business Strategy 10.1.6 Recent Development 10.2 Allianz (Germany) 10.3 China Life Insurance Company (China) 10.4 Aviva (UK) 10.5 Prudential (UK) 10.6 Aegon (Netherlands) 10.7 AIG (US) 10.8 Sun Life Financial (Canada) 10.9 Huaxia Life Insurance Co. (China) 10.10 MetLife Services and Solutions LLC (US) 10.11 AXA (France) 10.12 Star Union Dai-ichi Life Insurance (India) 10.13 Zurich (Switzerland) 10.14 United Healthcare Services Inc. (US) 10.15 Aflac Incorporated (US) 10.16 Ping An Insurance (China) 10.17 Liberty Mutual (US).

About This Report

Report ID126758
Category Healthcare
Published DateNov 2021
Updated Date
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