Critical Illness Insurance Market: Information by Application (Cancer, Heart Attack, Stroke, and others) and by Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa) - Forecast till 2027

Critical Illness Insurance Market Overview

The dread disease policy commonly known as critical illness insurance policies provides cover for specific life-threatening chronic diseases like heart attack, stroke, kidney failure, major organ transplant, multiple sclerosis, paralysis, and cancer according to the requirement of the customer’s needs. This insurance policy provides lump sum cash payment when claimed by the insured if diagnosed with any chronic disease mentioned in the insurance policy. Moreover, there is a provision of regular payout income under the critical illness insurance market. 

The critical illness insurance market is expected to grow at a high CAGR of 15.35% in the market to account for a higher market share value of USD 67,960.81 million during the forecasted period 2019-2025. 

Covid 19 Analysis of Critical Illness Insurance Market

The global pandemic of COVID 19 analysis has affected the normal working of the people adversely. With the increasing outbreak of COVID 19, one has to deal with financial crises along with health concerns. This situation has pushed the economies towards a forced recession. During the lockdown period, and the post lockdown period the supply chain network was disturbed and there were financial crises that resulted in a steep downfall of sales revenue of critical illness insurance company. 

However,critical illness insurance market is expected that the critical illness insurance industry will recover from this pandemic situation at the end of the third quarter of the coming year. 

Critical Illness Insurance Global Market Share, by Application, 2018 (%)  

Source: MRFR Analysis

Critical Illness Insurance Market Dynamics 

Drivers 

The critical illness insurance market is increasing tremendously in the global market owing to an increase in the number of cases for patients suffering from life-threatening diseases like cancer, strokes, heart attack, kidney failure, and many others as these diseases require utmost care and continuous monitoring. Also, the increasing expenditure on medical facilities is another factor that drives the global critical illness insurance market. 

Opportunities 

The rising demand for the critical illness insurance in the global market. After seeing the ill effects of these global pandemics of COVID 19, the demand for the critical illness insurance market has increased many times and it further provides various growth opportunities to flourish widely in the global market. Also, the increasing concern related to health and mental fitness provides growth opportunities for the global critical illness insurance market

Restraints 

Although the critical illness insurance industry is growing rapidly in the global market, some factors restrain the growth of the critical illness insurance industry. The major factor that hinders the growth of the critical illness insurance market is the lack of information related to insurance policy related to critical illness. Moreover, the increasing price of premiums is another factor that hampers the growth of the critical illness insurance market. 

Value Chain Analysis 

The critical illness insurance market is increasing constantly in the global market and adds value to society. The benefits of the critical illness insurance industry like tax benefits, easy documentation process, hassle-free settlement claim, option to buy additional riders, coverage for all hospitalization expenses, and many others accelerate the critical illness insurance market. 

Europe: Critical Illness Insurance Market Share, by Region, 2018 (%)  

 Source: MRFR Analysis

Critical Illness Insurance Market Segmentation 

The global market has been divided based on the product type, application, and region. 

Based on the Product Type

The critical illness insurance global market has been divided based on the product type into medical insurance, disease insurance, family insurance, and income protection insurance. 

Based on the Application

The global critical illness insurance global market has been divided based on the application into a heart attack, cancer, stroke, and many others. The cancer division’s largest market share in the critical illness insurance market is expected to grow at a high CAGR of 57.01% in the global market during the forecasted period. 

Based on the Region

The global market has been divided based on the region into North American region, European region, Asia-Pacific region, the Middle East and African region, and Latin American region. 

Regional Analysis 

The global critical illness insurance market has been divided based on the region into North American region, European region, Asia-Pacific region, the Middle East and African region, and the Latin American region. The largest market share in the global market is held by the North American region owing to increasing cases of chronic diseases like cancer, heart attack, and stroke along with increasing expenses of medical accelerate the growth in the global market. 

The second-largest

critical illness insurance market share in the critical illness insurance industry in the global market is held by the European region owing to increasing illness problems in the population of the European region like heart attack and cancer disease which results in the increased insured population in this region. Also, the increasing awareness regarding the critical illness insurance market among people of this region is a contributing factor for the growth of the insurance sector in this region. 

The third-largest market share in the critical illness insurance market is held by the Asia-Pacific region owing to increasing expenditure on health facilities which generates more demand for the insurance market in the global market. Also, the increasing population of geriatric boost the growth of critical illness insurance industry in the global market. The high population in countries like China and India is another contributing factor that accelerates the market demand in the global market followed by the Middle East and Africa region. 

Critical Illness Insurance Market Competitive Landscape 

The most prominent major key players in the critical illness insurance industry in the global market are as follows:-

• China Life Insurance Company (China)


• Allianz (Germany)


• Ping An Insurance (China)


• Aviva (UK)


• Prudential (UK)


• Aegon (Netherlands)


• AXA (France)


• Sun Life Financial (Canada)


• Aflac Incorporated (US)


• Huaxia Life Insurance Co. (China)


• AIG (US)


• MetLife Services and Solutions, LLC (US)


• Zurich (Switzerland)


• Star Union Dai-ichi Life Insurance (India)


• United Healthcare Services Inc. (US)


• Liberty Mutual (US)

These most prominent major key players in the critical illness insurance market use various strategies to tap into the potential market by establishing a partnership and collaboration. Establishing a new joint venture, developing a new product, developing a new production process, mergers and acquisition to increase the customer base in the global critical illness insurance market

Recent Development 

• In March 2016, a new critical illness insurance plan has been launched by SUD Life named SUD Life AAROGYAM that provides coverage for larger critical illnesses along with various other additional coverages for angioplasty in India.


• In July 2018, an agreement has been signed between Aegon and Banco Santander (Spain) to extend their partnership. Along with the extension of their partnership. They also expanded covers for term life and various non-life insurances were also included.


• In may 2019, a new partnership program has been established between Prudential and Tictrac which is UK based health, services, and technology company to increase their personalized wellness services to the population of the Asia-Pacific region.


• The critical illness insurance industry has been subsequently spread in the global market and the largest market share is held by the North American region. It has been observed that approximately 220,400 new cancer cases have been diagnosed in 2019 which accelerates the demand for the critical illness insurance industry in this region. 

Report Overview 

This critical illness insurance market research report consists of the following elements:-

• Market Overview


• COVID 19 Analysis


• Market Dynamics


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Analysis


• Recent Developments

This critical illness insurance market research report consists of various factors that drive the global market along with some factors that restrain the growth of the critical illness insurance industry in the global market. Various growth opportunities in the market during the forecasted period are also mentioned. The impact of COVID 19 on the sales aspect is mentioned. The future growth rate in the critical illness insurance industry in the global market is estimated and mentioned. 

Users 

Critical illness insurance providers, distributors, research and consulting firms, government and research organizations, associations and industry bodies, and many others.

Report Scope:

Report Attribute/Metric	Details
Market Size	2025: 67,960.81 million
CAGR	2019-2025: 15.35%
Base Year	2019
Forecast Period	2027
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Application, and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	China Life Insurance Company (China), Allianz (Germany), Ping An Insurance (China), Aviva (UK), Prudential (UK), Aegon (Netherlands), AXA (France), Sun Life Financial (Canada), Aflac Incorporated (US), Huaxia Life Insurance Co. (China), AIG (US), MetLife Services and Solutions, LLC (US), Zurich (Switzerland), Star Union Dai-ichi Life Insurance (India), United Healthcare Services Inc. (US), Liberty Mutual (US)
Key Market Opportunities	Increasing concern related to health and mental
Key Market Drivers	Increase in the number of cases for patients suffering from life-threatening diseases Increasing expenditure on medical facilities

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