Global Critical Illness Insurance Market, By Product Type (Disease Insurance, Medical Insurance and Income Protection Insurance), Application (Cancer, Heart Attack and Stroke), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Global critical illness insurance market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the market to account to USD 86,606.55 million by 2028 growing at a CAGR of 10.40% in the above-mentioned forecast period. The growing awareness amongst the people and patients regarding the benefits associated with the usage of critical illness insurance has been directly impacting the growth of critical illness insurance market.
Critical illness is mainly associated with any illness, disease, or health condition which is a potential or immediate threat to life and needs comprehensive care and continuous monitoring, often in intensive care. Critical illness insurance is an insurance product in which helps to check if an insurer is contracted to typically make payments if the policyholder is diagnosed with any kind of specific illnesses on a predetermined list as part of an insurance policy.
The critical illness insurance market is expected to witness lucrative growth in the future. An increase in the number of critical illness cases such as stroke, cancer, renal failure and heart attack has proved to be the main cause of awareness among people. The increasing cases of critical illness and more expenditure for the insurer and uninsured population are expected to drive the growth of the critical illness insurance market. Rising medical expenses is expected to drive the critical illness insurance market.
An increase in premiums of insurance due to the addition of certain illnesses and age restrictions in critical illness insurance policies poses to be the main challenging factor. However, a lack of information about critical illness insurance is expected to hamper the market growth.
This critical illness insurance market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research critical illness insurance market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Critical Illness Insurance Market Scope and Market Size
Critical illness insurance market is segmented on the basis of product type, application. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- Based on product type, the critical illness insurance market is segmented into disease insurance, medical insurance and income protection insurance.
- Based on application, the critical illness market is segmented into cancer, heart attack and stroke.
Global Critical Illness Insurance Market Country Level Analysis
Critical illness insurance market is analysed and market size insights and trends are provided by country, product type and application as referenced above.
The countries covered in the critical illness insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is likely to lead the global critical illness insurance market. The regional market has been driven by the rising cases of chronic diseases such as cancer and increase in medical expenses in the region. However, the sudden boom in cancer diagnosis and the increasing rate of death is the main factor propelling the growth of the regional market. The market in Asia-Pacific is expected to exhibit a substantial growth rate during the forecast period 2021-2028 due to rise in the demand of health insurance policies in densely populated countries such as India and China.
The country section of the critical illness insurance market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
Critical illness insurance market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment’s, installed base of different kind of products for critical illness insurance market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the critical illness insurance market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Critical Illness Insurance Market Share Analysis
Critical illness insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to critical illness insurance market.
The major players covered in the critical illness insurance market report are AEGON Life Insurance Company Ltd., AXA Hong Kong, Legal & General Group plc, Generali China Life Insurance Co. Ltd., Prudential Hong Kong Limited, Bajaj Allianz General Insurance Co. Ltd., Tata AIG General Insurance Company Limited, United Healthcare Services Inc., Zurich American Insurance Company, AmMetLife Insurance Berhad, Star Union Dai-ichi Life Insurance Company Limited, Sun Life Assurance Company of Canada. , AFLAC INCORPORATED, Liberty General Insurance Ltd., HCF, Star Union Dai-ichi Life Insurance Company Limited., Future Generali India Insurance Company Ltd., Religare Health Insurance Company Limited, Cigna., The Guardian Life Insurance Company of America, Mutual of Omaha Insurance Company, and China Life Insurance (Overseas) Company Limited among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
In July 2020, Liberty General Insurance has launched ‘Critical Connect’ where one can choose from two programs for sum insured ranging from Rs 1 lakh up to Rs. 1crore. If the customer opts for plan A, he or she can choose Critical Illness Bundles Covering 9, 25, or 43 critical illnesses. Whereas, plan B offers disease-specific bundles such as Heart Protect, Cancer Protect, Renoliv Protect, and Brain Protect. With this launch, the company has enhanced its offering to the customers for critical illness insurance.
Customization Available : Global Critical Illness Insurance Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.