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Critical Illness Insurance Global Market Growth Opportunities, Emerging Trends, Industry Analysis And Global Forecast 2024 To 2033
Critical Illness Insurance Global Market
According to The Business Research Company's, The critical illness insurance market size has grown rapidly in recent years. It will grow from $249.05 billion in 2023 to $286.98 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to healthcare costs, medical advances, awareness and education, lifestyle factors, employer benefits.
The critical illness insurance market size is expected to see rapidly grown in the next few years. It will grow to $451.59 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to aging population, disease prevalence, high healthcare costs, personal financial planning, technological advances. Major trends in the forecast period include digital transformation, customized coverage, heart disease coverage, multi-illness policies.
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Market Drivers and Trends:
The increased prevalence of critical diseases is driving the global critical illness insurance market. Treatment for critical illnesses such as cancer incurs a huge amount, and therefore, having critical illness insurance can be beneficial to lower the burden of the treatment cost. The insurance service providers provide a lump-sum payment to the policyholder upon diagnosis of the critical disease. Some other common types of critical illnesses include heart attack, stroke, and coronary artery bypass. For instance, in October 2022, according to the Centers for Disease Control and Prevention, a US-based government organization, the weekly count of cancer deaths with COVID-19 increased from 28 to 1,055 between 2020 and 2022 to January 2022 (1,055) and January 2021 (953), respectively, were the greatest numbers for this month. . Therefore, the growing prevalence of critical illness is expected to drive the global critical illness insurance market.
An increase in the range of critical illnesses covered in critical illness insurance policies is a major trend shaping the critical insurance market. Major insurance companies are focusing on adding coverage for many new diseases such as Alzheimer's disease, multiple sclerosis, Parkinson's disease, and motor neuron diseases besides cancer, stroke, coronary artery bypass, and heart attack. For instance, according to the Parkinson's Foundation, 1 million people are suffering from the disease in the US, and it is expected to reach 1.2 million by 2030. This increase in the range of critical illnesses is responsible for the growing trend in insurance policies.
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Major Key Players of the Market:
China Life Insurance Company Limited; Allianz SE; Ping An Insurance Company of China Ltd.; Aviva plc; Legal and General Group plc; China Pacific Insurance Co. Ltd.; Prudential plc; New China Life Insurance Co. Ltd.; Aegon NV; AXA SA; American International Group Inc.; Sun Life Financial Inc.; Aflac Inc.; Huaxia Life Insurance Co., Ltd.; MetLife Inc.; Zurich Insurance Group Ltd.; Hospitals Contribution Fund of Australia Limited; Dai-ichi Life Insurance Company Limited; UnitedHealthcare Inc.; Liberty Mutual Group; Bajaj Allianz General Insurance Company Limited; Cigna Group; Future Generali India Insurance Company Limited; Royal London Mutual Insurance Society Limited; United HealthCare Services Inc.; Plum Benefits Private Limited; Tata AIG General Insurance Company Limited; AmMetLife Insurance Berhad; Star Union Dai-ichi Life Insurance Company Ltd.; Manulife Financial Corporation; Great-West Lifeco Inc.; Canada Life Assurance Company; Chubb Limited; Assurity Life Insurance Company; Colonial Life and Accident Insurance Company; Mutual of Omaha; New York Life Insurance Company
Critical Illness Insurance Market 2024 Key Insights:
• The critical illness insurance market size will grow to $451.59 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• The Benefits Of Critical Illness Insurance For Patients And Providers
• The Impact Of New Diseases On The Critical Illness Insurance Market
• North America was the largest region in the critical illness insurance market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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