Global Critical Illness Insurance Market Is Expected to Reach $354 Billion by 2031: Allied Market Research

The factors that drive the growth of the global critical illness insurance market include the rise in number of health issues such as kidney failures, heart attack, cancer and others, and an increase in awareness about the benefits of critical illness insurance coverage among consumers. Region-wise, the market in Asia-Pacific is expected to maintain its dominance during the forecast period.

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Portland, OR, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global critical illness insurance market generated $124.7 billion in 2021, and is estimated to reach $354 billion by 2031, witnessing a CAGR of 11.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

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Report coverage & details:

Report CoverageDetails
Forecast Period2022­–2031
Base Year2021
Market Size in 2021$124.7 Billion
Market Size in 2031$354 Billion
CAGR11.2%
No. of Pages in Report345
Segments CoveredApplication, Premium Mode, End User, and Region
Drivers Rise in number of health issues such as kidney failures, heart attack, cancer and others is propelling consumers to take critical illness insurance coverage.
Increase in awareness about the benefits of critical illness insurance coverage among consumers.
Huge medical bills generated due to the high cost of treatment without having an insurance coverage.
OpportunitiesSmooth experience offered by the insurance coverage pertaining to reimbursement of medical bills and cashless treatments at the best hospitals.
RestraintsHigh amount of premium for the critical illness insurance.

Covid-19 Scenario:

  • The COVID-19 pandemic had a positive impact on the critical illness insurance market. This is because consumers became more aware about having an insurance coverage for their health.
  • Moreover, the COVID-infected patients were more prone to serious illnesses such as heart attack, cancer, and others due to weak immune systems. Therefore, the demand for critical care insurance increased during the pandemic, which positively impacted the global market growth.
  • With the rise in incidence of serious diseases worldwide, people are more inclined towards having a critical illness cover along with the health insurance.

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The report offers a detailed segmentation of the global critical illness insurance market based on application, premium mode, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.

Based on application, the cancer segment accounted for the largest share of more than two-fifths of the global critical illness insurance market, and would rule the roost through 2031. However, the others segment is estimated to witness the fastest CAGR of 13.6% during the forecast period. The report also analyzes the heart attack and stroke segments.

Based on premium mode, the monthly segment held the largest share in 2021, accounting for nearly two-fifths of the global critical illness insurance market, and would maintain a progressive growth through 2031. However, the half yearly segment is estimated to witness the fastest CAGR of 13.2% during the forecast period. The report also analyzes the segments such as quarterly and yearly.

Based on end user, the individual segment was the largest in 2021, accounting for more than three-fourths of the global critical illness insurance market share, and would rule the roost through 2031. However, the businesses segment is estimated to witness the fastest CAGR of 14.4% during the forecast period.

Based on region, the market in North America was the largest segment in 2021, accounting for nearly two-fifths of the global critical illness insurance market share. However, the market in the Asia-Pacific region is expected to maintain its leadership status in terms of revenue and also manifest the highest CAGR of 13.8% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.

Leading players of the global critical illness insurance market analyzed in the research include Aegon N.V., Aflac Inc., ALLIANZ WORLDWIDE CARE LIMITED, American International Group, Inc., Aviva plc, AXA General Insurance Hong Kong Ltd, Bajaj Allianz General Insurance Co. Ltd., Cigna, Future Generali India Insurance Company Ltd., Legal & General Group plc, Liberty Mutual Group, MetLife Services & Solutions, LLC, The Royal London Mutual Insurance Society Limited , Sun Life Assurance Company of Canada, United Healthcare Services, Inc., Modern Insurance Agency, Inc., and Plum Benefits Private Limited.

The report analyzes these key players of the global critical illness insurance market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Key benefits for stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the critical illness insurance market forecast analysis from 2021 to 2031 to identify the prevailing critical illness insurance market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the critical illness insurance market size segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global critical illness insurance market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

Application

  • Others
  • Cancer
  • Heart Attack
  • Stroke

Premium Mode

  • Monthly
  • Quarterly
  • Half Yearly
  • Yearly

End User

  • Individual
  • Businesses

By Region

  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Netherlands, Rest Of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Singapore, Rest Of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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