Overview and Scope
A critical illness policy is a sort of health insurance that pays for your medical costs if severe illnesses such as cancer, organ transplant, heart attack, stroke, renal failure, and paralysis, among others listed in the policy, are discovered. It functions as an addition to the standard health insurance policy.
Sizing and Forecast
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.
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/critical-illness-insurance-global-market-report
Segmentation & Regional Insights
The critical illness insurance market covered in this report is segmented –
1) By Type: Individual Insurance, Family Insurance
2) By Premium Mode: Monthly, Quarterly, Half Yearly, Yearly
3) By Application: Cancer, Heart Attack, Stroke, Other Applications
North America was the largest region in the critical illness insurance market in 2023. Asia-Pacific was the second largest region in the critical illness insurance market report. The regions covered in the critical illness insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=4004&type=smp
Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the critical illness insurance market include 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
The critical illness insurance market report table of contents includes:
1. Executive Summary
2. Critical Illness Insurance Market Characteristics
3. Critical Illness Insurance Market Trends And Strategies
4. Critical Illness Insurance Market - Macro Economic Scenario
5. Global Critical Illness Insurance Market Size and Growth
....
31. Global Critical Illness Insurance Market Competitive Benchmarking
32. Global Critical Illness Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Critical Illness Insurance Market
34. Critical Illness Insurance Market Future Outlook and Potential Analysis
35. Appendix
Explore the trending research reports from TBRC:
https://topprnews.com/marine-coatings-market-trends/
https://topprnews.com/melanoma-therapeutics-market-share/
https://topprnews.com/micro-flute-paper-market-share/
https://goodprnews.com/marine-coatings-market-trends/
https://goodprnews.com/melanoma-therapeutics-market-share/
https://goodprnews.com/micro-flute-paper-market-share/
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Market HighlightsGlobal Critical Illness Insurance Market is expected to register a CAGR of 15.35% during the forecast period, with a market value of USD 67,960.81 Million by 2025.Critical illness insurance is a type of insurance, where the insurer comes in a contract to make a lump sum cash payment if the policyholder is diagnosed with some specific critical disease as a part of the insurance policy.
However, lack of awareness about critical illness insurance is expected to hamper the market growth during the forecast period.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/8734Segment AnalysisThe global critical illness insurance market has been divided based on application and region.
The market, based on application, has been bifurcated into cancer, heart attack, stroke, and others.
In 2018, the cancer segment held the largest market share owing to the rise in the number of cancer cases.
The Americas are likely to hold the largest share of the global critical illness insurance market during the assessment period.
The rising prevalence of chronic diseases, including cancer and rising medical expenses, are expected to support the dominance of the Americas during the forecast period.
AMA Research have added latest edition of survey study on Global Critical Illness Insurance Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis.
The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data.
The research study provides estimates for Global Critical Illness Insurance Forecast till 2025*.
The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for e.g., having a heart bypasses operation.
Market Growth DriversIncreasing Risk of Falling Prey to Life-Style DiseasesThe Rapidly Growing Medical ExpensesInfluencing TrendRapid Adoption of Machine Learning and AI TechnologyRestraintsAn Availability of Alternative Insurance CoverageTo comprehend Global Critical Illness Insurance market dynamics in the world mainly, the worldwide Critical Illness Insurance market is analyzed across major global regions.
AMA also provides customized specific regional and country-level reports for the following areas.
