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The critical illness insurance market is expected to grow USD 68448.20 million in 2020 to USD 201788.07 million by 2028, at a CAGR of 14.47 % during the forecast period 2021-2028.
Critical illness insurance is also described as critical insurance cover or dread disease policy. A critical illness policy includes major critical illnesses such as cancer, renal failure, heart attack, etc. The advantage of critical disease insurance is it provides an economic cushion through paying a one-time Sum Insured comprising 18 types of critical illnesses, procedures & medical events listed below. Both health insurers and life insurers can issue critical illness insurance plans. Life insurers issue a long-term policy while annual plans are given in the case of health insurers. The price of critical illness insurance is decreased, as are the opportunities for fraud or dubious claims. The critical illness plans have low premium rates.
The factors driving the market are the growing expenditure on medical amenities, increased prevalence of critical diseases, increased out-of-pocket spending among the uninsured and insured population, rise in GDP, and rising healthcare expenditure. The factors restraining the market growth are the rising price of premiums, higher Body Mass Index (BMI), and the lack of information related to insurance policy related to critical illness. The opportunities for market growth are the increasing demand for critical illness insurance and growing concern correlated to health and mental fitness. The challenge of the market growth is the rise in premiums of insurance.
This study delivers a comprehensive analysis ofapplication,type, and region.The applicationsegment includesstroke, cancer, and heart attack.The cancer segment held the largest market share in 2020 due to delayed diagnosis and the lack of optimal treatment needed to fight the disease.The type segment includesmedical insurance, disease insurance, and income protection insurance.The medical insurance segment held the largest market share in 2020 due to accident and emergency-related hospitalization.
The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the largest market share, owing to the sudden surge in cancer diagnosis and the rising death rate. Further, the increasing incidences of chronic illnesses involving cancer and growing medical costs in the region also propel this market growth. Europe is expected to witness significant growth due to rising awareness regarding insurance policies and their benefits. Also, the rising prevalence of critical illnesses like stroke, cancer, and heart attack is also contributing the regional growth. The Asia Pacific is expected to witness significant growth due to increasing demand for health insurance policies in densely populated countries like China and India.Further, the Middle East & Africa is expected to register the lowest growth due to population growth, increasing life expectancy, and enlarging the middle class in the region’s market growth.
Some of the notable players in the market are China Life Insurance Company, Aegon, AXA, Prudential, Sun Life Financial, Liberty Mutual, Star Union Dai-ichi Life Insurance, MetLife Services and Solutions, LLC, Aflac Incorporated,Huaxia Life Insurance Co.,Sun Life Financial, and United Healthcare Services Inc., and among others.
Report Description:
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Application
4.3.2. Market Attractiveness Analysis By Product Type
4.3.3. Market Attractiveness Analysis By Type
4.3.4. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Growing expenditure on medical amenities
5.2.2. Increased out-of-pocket spending among the uninsured and insured population
5.3. Restraints
5.3.1. Rising price of premiums
5.3.2. Higher Body Mass Index (BMI)
5.4. Opportunities
5.4.1. Rising demand for critical illness insurance
6. Global Critical Illness Insurance Market Analysis and Forecast, By Application
6.1. Segment Overview
6.2. Stroke
6.3. Cancer
6.4. Heart Attack
7. Global Critical Illness Insurance Market Analysis and Forecast, By Product Type
7.1. Segment Overview
7.2. Medical Insurance
7.3. Disease Insurance
7.4. Income Protection Insurance
8. Global Critical Illness Insurance Market Analysis and Forecast, By Type
8.1. Segment Overview
8.2. Family Insurance
8.3. Individual Insurance
9. Global Critical Illness Insurance Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Critical Illness Insurance Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in Global Critical Illness Insurance Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. China Life Insurance Company
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company ProductPortfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Aegon
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company ProductPortfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. AXA
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company ProductPortfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Prudential
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company ProductPortfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Sun Life Financial
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company ProductPortfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Liberty Mutual
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company ProductPortfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Star Union Dai-ichi Life Insurance
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company ProductPortfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. MetLife Services and Solutions, LLC
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company ProductPortfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Aflac Incorporated
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company ProductPortfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Huaxia Life Insurance Co.
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
11.11. Sun Life Financial
11.11.1. Business Overview
11.11.2. Company Snapshot
11.11.3. Company Market Share Analysis
11.11.4. Company Product Portfolio
11.11.5. Recent Developments
11.11.6. SWOT Analysis
11.12. United Healthcare Services Inc
11.12.1. Business Overview
11.12.2. Company Snapshot
11.12.3. Company Market Share Analysis
11.12.4. Company Product Portfolio
11.12.5. Recent Developments
11.12.6. SWOT Analysis
List of Table
1. Global Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
2. Global Stroke, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
3. Global Cancer, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
4. Global Heart Attack, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
5. Global Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
6. Global Medical Insurance, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
7. Global Disease Insurance, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
8. Global Income Protection Insurance, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
9. Global Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
10. GlobalFamily Insurance, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
11. Global Individual Insurance, Critical Illness Insurance Market, By Region, 2021-2028 (USD Million)
12. North America Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
13. North America Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
14. North America Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
15. U.S. Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
16. U.S. Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
17. U.S. Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
18. Canada Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
19. Canada Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
20. Canada Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
21. Mexico Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
22. Mexico Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
23. Mexico Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
24. Europe Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
25. Europe Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
26. Europe Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
27. Germany Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
28. Germany Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
29. Germany Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
30. France Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
31. France Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
32. France Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
33. U.K. Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
34. U.K. Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
35. U.K. Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
36. Italy Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
37. Italy Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
38. Italy Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
39. Spain Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
40. Spain Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
41. Spain Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
42. Asia Pacific Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
43. Asia Pacific Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
44. Asia Pacific Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
45. Japan Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
46. Japan Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
47. Japan Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
48. China Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
49. China Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
50. China Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
51. India Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
52. India Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
53. India Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
54. South America Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
55. South America Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
56. South America Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
57. Brazil Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
58. Brazil Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
59. Brazil Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
60. Middle East and Africa Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
61. Middle East and Africa Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
62. Middle East and Africa Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
63. UAE Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
64. UAE Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
65. UAE Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
66. South Africa Critical Illness Insurance Market, By Application, 2021-2028 (USD Million)
67. South Africa Critical Illness Insurance Market, By Product Type, 2021-2028 (USD Million)
68. South Africa Critical Illness Insurance Market, By Type, 2021-2028 (USD Million)
List of Figures
1. Global Critical Illness Insurance Market Segmentation
2. Global Critical Illness Insurance Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Critical Illness Insurance Market Attractiveness Analysis By Application
9. Global Critical Illness Insurance Market Attractiveness Analysis By Product Type
10. Global Critical Illness Insurance Market Attractiveness Analysis By Type
11. Global Critical Illness Insurance Market Attractiveness Analysis By Region
12. Global Critical Illness Insurance Market: Dynamics
13. Global Critical Illness Insurance Market Share By Application(2021&2028)
14. Global Critical Illness Insurance Market Share By Product Type (2021&2028)
15. Global Critical Illness Insurance Market Share By Type (2021 & 2028)
16. Global Critical Illness Insurance Market Share By Regions (2021&2028)
17. Global Critical Illness Insurance Market Share By Company (2020)
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