The growth of the critical illness insurance market is expected to be fueled by rising critical illness cases and rising out-of-pocket expenses for both insured and uninsured people. Every illness, disorder, or health condition that is life-threatening and necessitates comprehensive treatment and constant supervision, often in intensive care, is referred to as critical illness. Because of the increase in the number of critical illness cases, such as cancer, stroke, heart attack, and renal failure, the global critical illness insurance market is expected to expand profitably. One of the major factors driving business growth is the growing geriatric population.
Since the geriatric population is an unproductive segment of the population, they are unable to afford costly surgical operations or lengthy hospital stays. As a result, having a variety of insurance policies available has a positive effect on business development. However, during the forecast era, a lack of knowledge about critical illness insurance is expected to stifle market development.
Global Critical Illness Insurance Market is expected to register a CAGR of 15.35% during the forecast period and is expected to reach USD 67.96 billion for the forecast period. Chronic diseases affect most of the elderly population. Furthermore, people aged 65 and up who are afflicted with diseases may need continuous vital monitoring and surgical procedures. The Prominent Players in the Global Critical Illness Insurance Market are 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)
The Global Critical Illness Insurance Market has been segmented by Application and Region.
- Based on application, has been bifurcated into cancer, heart attack, stroke, and others.
- The Global Critical Illness Insurance Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Global Critical Illness Insurance Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The global critical illness insurance market is expected to be dominated by the Americas. This is due to an increase in chronic diseases, such as cancer, as well as growing medical costs in the area. In 2019, there were about 220,400 new cancer cases and 82,100 deaths in Canada. This increase in critical illness will help the American market expand. Furthermore, the availability of leading policy providers in the United States, such as Medicare, could spur business growth.
During the study period, the European market for critical illness insurance is estimated to be the second highest. The growing prevalence of critical illnesses like cancer, heart attack, and stroke is expected to fuel regional market development. Furthermore, as the number of critical illness cases has increased, so has the percentage of Europe’s insured population. This rising understanding of insurance plans and their benefits would aid business expansion.
Furthermore, the growing geriatric population is expected to sustain the market’s expansion. In India, the population over the age of 60 accounted for around 8% of the population in 2015 and is projected to rise to nearly 19% by 2050. This scenario is advantageous to the industry’s growth because it raises demand for healthcare policies that allow for proper reimbursement of healthcare services.
Furthermore, in developing countries in APAC, the availability of cost-effective term insurance policies offered by national policy providers is highly favored, fostering business development. Due to a lack of understanding about the benefits of critical illness insurance, the Middle East and Africa market is expected to expand the slowest. Increased life expectancy, a growing middle class, and population growth are all factors contributing to the region’s growth.
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