Critical Illness Insurance Market Share Moving Up with a Decent CAGR of 15% During 2022 - 2030 | Asserts MRFR

Market Scope:

The Critical Illness Insurance Market is primarily driven by the increasing geriatric population, a demographic prone to various chronic diseases such as heart disease, cancer, type 2 diabetes, and arthritis. This demographic trend escalates the demand for Critical Illness (CI) policies, particularly among the elderly. Critical illnesses encompass conditions that pose a serious threat to life and require intensive or long-term care. Critical illness insurance aids policyholders by providing financial support when diagnosed with illnesses specified within the policy, typically covering life-threatening conditions like ischemic attacks or cancer. These policies offer lump-sum payouts to cover various expenses, including mortgage payments and medical costs not covered by standard health insurance, such as deductibles and out-of-network fees.

According to Market Research Future (MRFR), the Critical Illness Insurance Market, as detailed in a Comprehensive Research Report, experienced significant growth, with a market size valued at USD 51.86 billion in 2022. The market is projected to continue its upward trajectory, reaching USD 137.96 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.00% during the forecast period from 2022 to 2030.

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The seamless experience offered by critical illness coverage, including hassle-free medical bill reimbursement and access to cashless therapies at leading hospitals without the fear of exorbitant expenses for treatments, is anticipated to drive lucrative opportunities for market expansion in the future. Increased public awareness about critical illnesses like coronary artery disease, cancer, kidney disease, and stroke further contribute to the market's growth trajectory. Therefore, future predictions suggest a profitable expansion in the critical illness insurance market, propelled by rising public awareness and the prevalence of critical illnesses.

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 health insurance laws, such as the Affordable Care Act (ACA), evolving employer benefit priorities, and innovative distribution strategies have contributed to a growing demand for critical illness insurance. The increasing prevalence of serious illnesses like kidney failures, heart attacks, cancer, and other ailments resulting from unhealthy lifestyles has also spurred consumers to consider critical illness insurance. Additionally, rising consumer awareness regarding the benefits of critical illness insurance coverage serves as a significant driver for market growth. Moreover, the escalating incidence of chronic diseases is anticipated to further propel market expansion.

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Another key driver for the critical illness insurance market's growth is the widening coverage of illnesses under critical illness insurance policies. Major insurance companies are extending coverage to encompass a variety of new diseases. Furthermore, increasing consumer awareness of the advantages of critical illness insurance, coupled with the rising demand due to the expensive nature of medical care, contributes to the market's expansion.

Restraints:

One notable factor restraining the market's growth is the high cost associated with critical illness insurance.

Critical Illness Insurance Market Segmentation:

The critical illness insurance market is segmented by application into cancer, heart attack, and stroke. The cancer segment emerged as the dominant segment in 2021 and is projected to witness faster growth during the forecast period from 2022 to 2030.

Critical Illness Insurance Market Regional Insights:

North America is expected to lead the global market, driven by the increasing incidence of chronic diseases such as cancer and the escalating healthcare costs in the region. The primary driver of the regional market's growth is the sudden surge in cancer diagnoses and mortality rates. Additionally, factors such as the expansion of the middle class, extended life expectancy, coverage for specific life-threatening conditions, the risk of lifestyle diseases, and population growth contribute to the growth of the critical illness insurance market in North America.

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In Europe, the market holds the second-largest share, attributed to stringent federal laws mandating citizens to have at least one health insurance policy. The presence of private service providers and the introduction of various programs by federal and state governments further bolster the market in this region.

Asia-Pacific exhibits the fastest growth rate, with India leading the market expansion, while China boasts the largest market share in the critical illness insurance market. This growth is fueled by factors such as increasing awareness about health insurance, rising disposable income, and the growing prevalence of lifestyle diseases in the region.

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