Global Critical Illness Insurance Market Report
RA01390
Global Critical Illness Insurance Market by Type (Individual Insurance and Family Insurance), Premium Type (Monthly, Quarterly, Half Yearly, and Yearly), Disease (Cancer, Heart Attack, Stroke, Major Organ Transplant, and Other Diseases), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Critical Illness Insurance Overview
When a policyholder is diagnosed with a certain critical illness, critical illness insurance pays them a lump sum in the case of a diagnosis. This kind of insurance enables people to concentrate on recovering without being concerned about their financial commitments and is intended to help lessen the strain that frequently comes with a serious illness. The illnesses that critical illness insurance often covers include cancer, heart disease, stroke, organ transplantation, kidney failure, and diseases of major organs, among others. Depending on the insurance company and the details of the policy, different illnesses may be covered.
Global Critical Illness Insurance Market Analysis
The global critical illness Insurance market size was $355.3 billion in 2022 and is predicted to grow with a CAGR of 7.3%, by generating a revenue of $714.8 billion by 2032.
COVID-19 Impact on Global Critical Illness Insurance Market
The pandemic made it clear how crucial it is to have financial protection against serious illnesses. There has been a rise in interest in critical illness insurance as a result of growing public awareness of the potential dangers and uncertainties linked to major illnesses.
The pandemic has made people more conscious of the financial dangers connected to serious illnesses. Due to people prioritising protecting themselves and their families from potential financial hardships associated with their health, there may be a rise in the demand for critical illness insurance.
Growing Awareness of Health Risks to Drive the Market Growth
The need for critical illness insurance has been fueled by rising healthcare costs, particularly those for diagnostic procedures, medical care, and medicines. Critical illness insurance acts as an additional form of protection, bridging any gaps in normal health insurance coverage. To meet the demands of individual customers, insurance companies have launched increasingly specialised and cutting-edge critical illness insurance packages. This includes several options for coverage length, adjustable benefit levels, and extra riders that cover particular conditions, medical procedures, or services. Due to the rise of the gig economy and self-employment, some people might not have access to health insurance provided by their employers. For self-employed people and others without job coverage, critical illness insurance offers a way to safeguard oneself against potential financial hazards.
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Limited Coverage Scope to Restrain Market Growth
Due to the higher risk involved with major illnesses, critical illness insurance might be more expensive than other insurance options. Some people can be discouraged by the cost of premiums, especially those with low means or conflicting financial goals. With various insurance companies offering a range of policies, the critical illness insurance industry is competitive. Consumers may find it difficult to comprehend and contrast various policies, conditions, and coverage options as a result. It's possible that many people are unaware of the advantages of critical sickness insurance. Lower demand and slower market growth may be the result of inadequate understanding about the product, its coverage, and its worth.
Increasing Market Penetration to Drive Excellent Opportunities
In many markets, the penetration rate of critical illness insurance is still rather low, providing an opening for insurance companies to grow their clientele. Consumer education regarding the value of critical illness insurance and financial risk education regarding major illnesses can both contribute to market growth. Customers are looking for customised insurance solutions that fit their unique requirements and preferences. By providing more adaptable and adjustable critical illness insurance solutions, insurance companies can profit from this. Options for coverage duration, benefit amounts, and the addition of riders that cover particular conditions or offer extra benefits are all examples of tailored solutions.
Global Critical Illness Insurance Market Share, by Type, 2022
The individual insurance sub-segment accounted for the highest share in 2022. There is an increasing need for critical illness insurance as consumers become more aware of the financial effects of critical diseases and the limitations of conventional health insurance coverage. A major reason why people buy this kind of insurance is the necessity for additional financial protection against the high costs connected with severe illnesses. The rising cost of medical procedures and treatments can be quite expensive for patients and their families. By delivering a lump-sum payment that can be used to cover medical bills, rehabilitation expenditures, or other financial obligations during a critical illness, critical illness insurance offers a financial safety net.
Global Critical Illness Insurance Market Share, by Premium Type, 2022
The monthly sector accounted for the highest market size in 2022. The critical illness insurance market may be impacted monthly by modifications to insurance laws or policies at the federal, state, or local level. New laws or regulations may have an effect on the insurance providers' operations, costs, or coverage alternatives. If insurance companies are forced to alter their business practises or product offerings in order to comply with the new rules, the market dynamics may shift. Insurance companies can influence the market by creating demand and increasing awareness through ongoing marketing and promotional initiatives. These actions could involve marketing initiatives, price cuts, rewards, or unique deals aimed at prospective policyholders. The monthly sales and market share of insurance carriers may change depending on how well these marketing initiatives perform.
Global Critical Illness Insurance Market Share, by Disease, 2022
The cancer sector accounted for the highest market size in 2022. People who have a personal or family history of cancer may be more likely to think about purchasing cancer critical illness insurance. Having critical illness insurance can give peace of mind and ensure financial security in the event of a cancer diagnosis if there is a higher risk of acquiring cancer owing to genetic factors or family history.
Global Critical Illness Insurance Market Share, by Region, 2022
North America critical illness insurance market accounted for the highest market share in 2022. In North America, there has been an increase in the knowledge of severe illnesses and the necessity of financial protection. There are many insurance companies offering a variety of products and coverage alternatives in North America's fiercely competitive critical illness insurance industry. The ways that providers set themselves apart include things like underwriting procedures, price, and policy features. The market's diversity of demands and preferences is met by innovation and customisation in critical illness insurance due to the competitive environment. Due to greater awareness and the rising occurrence of critical illnesses, the market has been growing steadily.
Competitive Scenario in the Global Critical Illness Insurance Market
Product development and geographic expansion are major strategies in the highly competitive global market.
Some of the leading critical illness insurance market players are Allianz, UnitedHealthcare, China Life Insurance Company, Desjardins Group, Aflac Incorporated, Aviva, Aegon, American Fidelity, Prudential, and AIG.
| Aspect | Particulars |
| Historical Market Estimations | 2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Type |
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| Segmentation by Premium type |
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| Segmentation by Disease |
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| Key Companies Profiled |
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Q1. What is the size of the critical illness insurance market?
A. The size of the critical illness insurance market was over $355.3 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% during the forecast period.
Q2. Which are the major companies in the critical illness insurance market?
A. UnitedHealthcare and Aegon are some of the key players in the global critical illness insurance market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. UnitedHealthcare and Aegon are the companies investing more on R&D activities for developing new products and technologies.
1. Research Methodology
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model.
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
2. Report Scope
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on critical illness insurance market.
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on critical illness insurance market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
5. Critical Illness Insurance Market, by Type
5.1. Overview
5.2. Individual Insurance
5.2.1. Definition, key trends, growth factors, and opportunities
5.2.2. Market size analysis, by region, 2022-2032
5.2.3. Market share analysis, by country, 2022-2032
5.3. Family Insurance
5.3.1. Definition, key trends, growth factors, and opportunities
5.3.2. Market size analysis, by region, 2022-2032
5.3.3. Market share analysis, by country, 2022-2032
5.4. Research Dive Exclusive Insights
5.4.1. Market attractiveness
5.4.2. Competition heatmap
6. Critical Illness Insurance Market, by Premium Type
6.1. Overview
6.2. Monthly
6.2.1. Definition, key trends, growth factors, and opportunities
6.2.2. Market size analysis, by region, 2022-2032
6.2.3. Market share analysis, by country, 2022-2032
6.3. Quarterly
6.3.1. Definition, key trends, growth factors, and opportunities
6.3.2. Market size analysis, by region, 2022-2032
6.3.3. Market share analysis, by country, 2022-2032
6.4. Half Yearly
6.4.1. Definition, key trends, growth factors, and opportunities
6.4.2. Market size analysis, by region, 2022-2032
6.4.3. Market share analysis, by country, 2022-2032
6.5. Yearly
6.5.1. Definition, key trends, growth factors, and opportunities
6.5.2. Market size analysis, by region, 2022-2032
6.5.3. Market share analysis, by country, 2022-2032
6.6. Research Dive Exclusive Insights
6.6.1. Market attractiveness
6.6.2. Competition heatmap
7. Critical Illness Insurance Market, by Disease
7.1. Overview
7.2. Cancer
7.2.1. Definition, key trends, growth factors, and opportunities
7.2.2. Market size analysis, by region, 2022-2032
7.2.3. Market share analysis, by country, 2022-2032
7.3. Heart Attack
7.3.1. Definition, key trends, growth factors, and opportunities
7.3.2. Market size analysis, by region, 2022-2032
7.3.3. Market share analysis, by country, 2022-2032
7.4. Stroke
7.4.1. Definition, key trends, growth factors, and opportunities
7.4.2. Market size analysis, by region, 2022-2032
7.4.3. Market share analysis, by country, 2022-2032
7.5. Stroke
7.5.1. Definition, key trends, growth factors, and opportunities
7.5.2. Market size analysis, by region, 2022-2032
7.5.3. Market share analysis, by country, 2022-2032
7.6. Major Organ Transplant
7.6.1. Definition, key trends, growth factors, and opportunities
7.6.2. Market size analysis, by region, 2022-2032
7.6.3. Market share analysis, by country, 2022-2032
7.7. Other Diseases
7.7.1. Definition, key trends, growth factors, and opportunities
7.7.2. Market size analysis, by region, 2022-2032
7.7.3. Market share analysis, by country, 2022-2032
7.8. Research Dive Exclusive Insights
7.8.1. Market attractiveness
7.8.2. Competition heatmap
8. Critical Illness Insurance Market, by Region
8.1. North America
8.1.1. U.S.
8.1.1.1. Market size analysis, by Type
8.1.1.2. Market size analysis, by Premium Type
8.1.1.3. Market size analysis, by Disease
8.1.2. Canada
8.1.2.1. Market size analysis, by Type
8.1.2.2. Market size analysis, by Premium Type
8.1.2.3. Market size analysis, by Disease
8.1.3. Mexico
8.1.3.1. Market size analysis, by Type
8.1.3.2. Market size analysis, by Premium Type
8.1.3.3. Market size analysis, by Disease
8.1.4. Research Dive Exclusive Insights
8.1.4.1. Market attractiveness
8.1.4.2. Competition heatmap
8.2. Europe
8.2.1. Germany
8.2.1.1. Market size analysis, by Type
8.2.1.2. Market size analysis, by Premium Type
8.2.1.3. Market size analysis, by Disease
8.2.2. UK
8.2.2.1. Market size analysis, by Type
8.2.2.2. Market size analysis, by Premium Type
8.2.2.3. Market size analysis, by Disease
8.2.3. France
8.2.3.1. Market size analysis, by Type
8.2.3.2. Market size analysis, by Premium Type
8.2.3.3. Market size analysis, by Disease
8.2.4. Spain
8.2.4.1. Market size analysis, by Type
8.2.4.2. Market size analysis, by Premium Type
8.2.4.3. Market size analysis, by Disease
8.2.5. Italy
8.2.5.1. Market size analysis, by Type
8.2.5.2. Market size analysis, by Premium Type
8.2.5.3. Market size analysis, by Disease
8.2.6. Rest of Europe
8.2.6.1. Market size analysis, by Type
8.2.6.2. Market size analysis, by Premium Type
8.2.6.3. Market size analysis, by Disease
8.2.7. Research Dive Exclusive Insights
8.2.7.1. Market attractiveness
8.2.7.2. Competition heatmap
8.3. Asia Pacific
8.3.1. China
8.3.1.1. Market size analysis, by Type
8.3.1.2. Market size analysis, by Premium Type
8.3.1.3. Market size analysis, by Disease
8.3.2. Japan
8.3.2.1. Market size analysis, by Type
8.3.2.2. Market size analysis, by Premium Type
8.3.2.3. Market size analysis, by Disease
8.3.3. India
8.3.3.1. Market size analysis, by Type
8.3.3.2. Market size analysis, by Premium Type
8.3.3.3. Market size analysis, by Disease
8.3.4. Australia
8.3.4.1. Market size analysis, by Type
8.3.4.2. Market size analysis, by Premium Type
8.3.4.3. Market size analysis, by Disease
8.3.5. South Korea
8.3.5.1. Market size analysis, by Type
8.3.5.2. Market size analysis, by Premium Type
8.3.5.3. Market size analysis, by Disease
8.3.6. Rest of Asia Pacific
8.3.6.1. Market size analysis, by Type
8.3.6.2. Market size analysis, by Premium Type
8.3.6.3. Market size analysis, by Disease
8.3.7. Research Dive Exclusive Insights
8.3.7.1. Market attractiveness
8.3.7.2. Competition heatmap
8.4. LAMEA
8.4.1. Brazil
8.4.1.1. Market size analysis, by Type
8.4.1.2. Market size analysis, by Premium Type
8.4.1.3. Market size analysis, by Disease
8.4.2. Saudi Arabia
8.4.2.1. Market size analysis, by Type
8.4.2.2. Market size analysis, by Premium Type
8.4.2.3. Market size analysis, by Disease
8.4.3. UAE
8.4.3.1. Market size analysis, by Type
8.4.3.2. Market size analysis, by Premium Type
8.4.3.3. Market size analysis, by Disease
8.4.4. South Africa
8.4.4.1. Market size analysis, by Type
8.4.4.2. Market size analysis, by Premium Type
8.4.4.3. Market size analysis, by Disease
8.4.5. Rest of LAMEA
8.4.5.1. Market size analysis, by Type
8.4.5.2. Market size analysis, by Premium Type
8.4.5.3. Market size analysis, by Disease
8.4.6. Research Dive Exclusive Insights
8.4.6.1. Market attractiveness
8.4.6.2. Competition heatmap
9. Competitive Landscape
9.1. Top winning strategies, 2022
9.1.1. By strategy
9.1.2. By year
9.2. Strategic overview
9.3. Market share analysis, 2022
10. Company Profiles
10.1. Allianz
10.1.1. Overview
10.1.2. Business segments
10.1.3. Product portfolio
10.1.4. Financial performance
10.1.5. Recent developments
10.1.6. Audi
10.2. UnitedHealthcare
10.2.1. Overview
10.2.2. Business segments
10.2.3. Product portfolio
10.2.4. Financial performance
10.2.5. Recent developments
10.2.6. SWOT analysis
10.3. China Life Insurance Company
10.3.1. Overview
10.3.2. Business segments
10.3.3. Product portfolio
10.3.4. Financial performance
10.3.5. Recent developments
10.3.6. SWOT analysis
10.4. Desjardins Group.
10.4.1. Overview
10.4.2. Business segments
10.4.3. Product portfolio
10.4.4. Financial performance
10.4.5. Recent developments
10.4.6. SWOT analysis
10.5. Aflac Incorporated.
10.5.1. Overview
10.5.2. Business segments
10.5.3. Product portfolio
10.5.4. Financial performance
10.5.5. Recent developments
10.5.6. SWOT analysis
10.6. Aviva
10.6.1. Overview
10.6.2. Business segments
10.6.3. Product portfolio
10.6.4. Financial performance
10.6.5. Recent developments
10.6.6. SWOT analysis
10.7. Aegon.
10.7.1. Overview
10.7.2. Business segments
10.7.3. Product portfolio
10.7.4. Financial performance
10.7.5. Recent developments
10.7.6. SWOT analysis
10.8. American Fidelity
10.8.1. Overview
10.8.2. Business segments
10.8.3. Product portfolio
10.8.4. Financial performance
10.8.5. Recent developments
10.8.6. SWOT analysis
10.9. Prudential
10.9.1. Overview
10.9.2. Business segments
10.9.3. Product portfolio
10.9.4. Financial performance
10.9.5. Recent developments
10.9.6. SWOT analysis
10.10. AIG
10.10.1. Overview
10.10.2. Business segments
10.10.3. Product portfolio
10.10.4. Financial performance
10.10.5. Recent developments
10.10.6. SWOT analysis
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