Critical Illness Insurance Market Size and Trends
The critical illness insurance market size is expected to grow from US$ 240.7 billion in 2023 to US$ 562.9 billion by 2031; it is anticipated to expand at a CAGR of 11.2% from 2023 to 2031. The rising incidence of serious illnesses such as heart disease, cancer, and stroke is expected to boost the critical illness insurance market growth.
Critical Illness Insurance Market Analysis
Several key factors are driving the critical illness insurance market. Firstly, there is a growing awareness among people and patients concerning the benefits of critical illness insurance, leading to an increase in demand for coverage to alleviate the costs of treatment and recovery. The rising frequency of critical illnesses such as heart attacks, strokes, organ transplants, and cancer is also a significant driver for the market.
Critical Illness Insurance Market
Overview
- Critical illness insurance is a type of insurance plan that provides a lump-sum payment or monthly benefits in the event of a future major illness diagnosis. This type of insurance is designed to supplement existing health insurance coverage by providing extra funds to meet the demands that come with critical illness health emergencies.
- The coverage can help fund expenses not covered by other insurance, such as medical expenses, household bills, and everyday costs that may arise due to a critical illness diagnosis.
- Additionally, the growing geriatric population, advancements in medical technology, and improved survival rates for critical illnesses are contributing to market growth.
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Critical Illness Insurance Market: Strategic Insights
Market Size Value in US$ 240.7 billion in 2023 Market Size Value by US$ 562.9 billion by 2031 Growth rate CAGR of 11.2% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Critical Illness Insurance Market: Strategic Insights
| Market Size Value in | US$ 240.7 billion in 2023 |
| Market Size Value by | US$ 562.9 billion by 2031 |
| Growth rate | CAGR of 11.2% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Critical Illness Insurance Market Drivers and Opportunities
Rising Incidence of Critical Illnesses to Drive the Critical Illness Insurance Market Growth
- The rising occurrence of critical illnesses such as cancer, stroke, and heart disease is a significant driver for the market. As individuals become more aware of the fiscal burden associated with these illnesses, the demand for insurance coverage increases.
- According to a report from healthinsurance.org, most critical illness policies cover conditions such as heart attack, stroke, organ failure/transplant, and internal cancers, among others. The American Cancer Society also highlights that each year in the United States, more than 1.7 million people are diagnosed with cancer, making it the second leading cause of death.
- As the prevalence of these critical illnesses continues to rise, individuals are recognizing the need for financial protection, leading to an increased demand for critical illness insurance.
Critical Illness Insurance Market Report Segmentation Analysis
- Based on type, the market is segmented into disease insurance, medical insurance, and income protection insurance. The disease insurance segment is expected to hold a substantial critical illness insurance market share in 2023.
- Disease Insurance in the context of the critical illness insurance market refers to a policy that provides a direct lump-sum benefit upon the diagnosis of specific life-threatening illnesses such as heart attack, stroke, cancer, renal failure, paralysis, and other specified diseases.
- This type of insurance is designed to supplement existing health insurance coverage by offering financial support for expenses not covered by standard health insurance, including medical bills, household expenses, and other costs associated with critical illness.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Critical Illness Insurance Market Share Analysis by Geography
The scope of the critical illness insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant critical illness insurance market share. The US holds the largest market share, while Canada's critical illness insurance market is the fastest-growing in the region. The market is observing an increasing focus on cancer-specific coverage, aligning with the high cancer incidence rates in the region. Additionally, insurers are offering more customizable policies to cater to individual needs and preferences.
Critical Illness Insurance Market Report Scope
The "Critical Illness Insurance Market Analysis" was carried out based on type, mode application, and geography. In terms of type, the market is segmented into disease insurance, medical insurance, and income protection insurance. Based on application, the market is segmented into cancer, heart attack, stroke, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Attribute | Details |
Market size in 2023 | US$ 240.7 billion |
Market Size in 2031 | US$ 562.9 billion |
Global CAGR (2023-2031) | 11.2% |
Actual Data | 2021 – 2023 |
Forecast period | 2024 – 2031 |
Report coverage | Market size and forecasts (US$), market drivers & trend analysis, PEST analysis, key opportunities, regional & country analysis, competitive landscape, company profiles |
Segments Covered | Type (Disease Insurance, Medical Insurance, and Income Protection Insurance); Application (Cancer, Heart Attack, Stroke, and Others); and Geography. |
Regions covered | North America; Europe; Asia Pacific; South America; and Middle East and Africa |
Countries covered | US; Canada; Mexico; UK; Germany; France, Russia, Italy; China; India; Japan; Australia; South Korea; Brazil; Argentina; Saudi Arabia; UAE; South Africa |
Market Leaders and Key Company Profiles | Aegon N.V.; Allianz SE; Aviva plc; Axa S.A.; China Life Insurance; China Pacific Insurance Co., Ltd.; Legal and General Group plc; SBI General Insurance Company Limited; Ping An Insurance; and Prudential plc |
Critical Illness Insurance Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The critical illness insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. A few recent key market developments are listed below:
- In October 2023, AXA Hong Kong and Macau (AXA) announced the launch of its new critical illness plan, CareForAll Critical Illness Plan (“CareForAll”), bringing peace of mind to the underserved communities facing health risks. With relaxed underwriting requirements, CareForAll aims to serve customers living with chronic disease, the silver-haired segment, and critical illness survivors, enabling them to access critical illness insurance as needed.
[Source: AXA Hong Kong, Company Website]
Critical Illness Insurance Market Report Coverage & Deliverables
The market report on “Critical Illness Insurance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The market is expected to reach US$ 562.9 billion by 2031.
The key players holding majority shares in the market are Aegon N.V.; Allianz SE; Aviva plc; Axa S.A.; and China Life Insurance.
The growing geriatric population is anticipated to play a significant role in the market in the coming years.
The rising incidence of critical illnesses and the growing awareness among people are the major factors that propel the market.
The market was estimated to be US$ 240.7 billion in 2023 and is expected to grow at a CAGR of 11.2% during the forecast period 2023 - 2031.
The List of Companies
- Aegon N.V.
- Allianz SE
- Aviva plc
- Axa S.A.
- China Life Insurance
- China Pacific Insurance Co., Ltd.
- Legal and General Group plc
- SBI General Insurance Company Limited
- Ping An Insurance
- Prudential plc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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