Critical Illness Insurance Market Share and Forecast | 2031

Critical Illness Insurance Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Disease Insurance, Medical Insurance, and Income Protection Insurance); Application (Cancer, Heart Attack, Stroke, and Others); and Geography

  • Report Code : TIPRE00011932
  • Category : Banking, Financial Services, and Insurance
  • Status : Data Released
  • No. of Pages : 150
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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

critical-illness-insurance-market
Market Size Value inUS$ 240.7 billion in 2023
Market Size Value byUS$ 562.9 billion by 2031
Growth rateCAGR of 11.2% from 2023 to 2031
Forecast Period2023-2031
Base Year2023
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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.

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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.

 

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
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the estimated market size for the critical illness insurance market in 2023?

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.

What are the driving factors impacting the critical illness insurance market?

The rising incidence of critical illnesses and the growing awareness among people are the major factors that propel the market.

What are the future trends of the critical illness insurance market?

The growing geriatric population is anticipated to play a significant role in the market in the coming years.

What will be the market size for the critical illness insurance market by 2031?

The market is expected to reach US$ 562.9 billion by 2031.

Which are the key players holding the major market share of the critical illness insurance market?

The key players holding majority shares in the market are Aegon N.V.; Allianz SE; Aviva plc; Axa S.A.; and China Life Insurance.

TABLE OF CONTENTS

1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Critical Illness Insurance Market - By Type
1.3.2 Critical Illness Insurance Market - By Application
1.3.3 Critical Illness Insurance Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CRITICAL ILLNESS INSURANCE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. CRITICAL ILLNESS INSURANCE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. CRITICAL ILLNESS INSURANCE MARKET - GLOBAL MARKET ANALYSIS
6.1. CRITICAL ILLNESS INSURANCE - GLOBAL MARKET OVERVIEW
6.2. CRITICAL ILLNESS INSURANCE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CRITICAL ILLNESS INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. DISEASE INSURANCE
7.3.1. Overview
7.3.2. Disease Insurance Market Forecast and Analysis
7.4. MEDICAL INSURANCE
7.4.1. Overview
7.4.2. Medical Insurance Market Forecast and Analysis
7.5. INCOME PROTECTION INSURANCE
7.5.1. Overview
7.5.2. Income Protection Insurance Market Forecast and Analysis
8. CRITICAL ILLNESS INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CANCER
8.3.1. Overview
8.3.2. Cancer Market Forecast and Analysis
8.4. HEART ATTACK
8.4.1. Overview
8.4.2. Heart Attack Market Forecast and Analysis
8.5. STROKE
8.5.1. Overview
8.5.2. Stroke Market Forecast and Analysis
9. CRITICAL ILLNESS INSURANCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Critical Illness Insurance Market Overview
9.1.2 North America Critical Illness Insurance Market Forecasts and Analysis
9.1.3 North America Critical Illness Insurance Market Forecasts and Analysis - By Type
9.1.4 North America Critical Illness Insurance Market Forecasts and Analysis - By Application
9.1.5 North America Critical Illness Insurance Market Forecasts and Analysis - By Countries
9.1.5.1 United States Critical Illness Insurance Market
9.1.5.1.1 United States Critical Illness Insurance Market by Type
9.1.5.1.2 United States Critical Illness Insurance Market by Application
9.1.5.2 Canada Critical Illness Insurance Market
9.1.5.2.1 Canada Critical Illness Insurance Market by Type
9.1.5.2.2 Canada Critical Illness Insurance Market by Application
9.1.5.3 Mexico Critical Illness Insurance Market
9.1.5.3.1 Mexico Critical Illness Insurance Market by Type
9.1.5.3.2 Mexico Critical Illness Insurance Market by Application
9.2. EUROPE
9.2.1 Europe Critical Illness Insurance Market Overview
9.2.2 Europe Critical Illness Insurance Market Forecasts and Analysis
9.2.3 Europe Critical Illness Insurance Market Forecasts and Analysis - By Type
9.2.4 Europe Critical Illness Insurance Market Forecasts and Analysis - By Application
9.2.5 Europe Critical Illness Insurance Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Critical Illness Insurance Market
9.2.5.1.1 Germany Critical Illness Insurance Market by Type
9.2.5.1.2 Germany Critical Illness Insurance Market by Application
9.2.5.2 France Critical Illness Insurance Market
9.2.5.2.1 France Critical Illness Insurance Market by Type
9.2.5.2.2 France Critical Illness Insurance Market by Application
9.2.5.3 Italy Critical Illness Insurance Market
9.2.5.3.1 Italy Critical Illness Insurance Market by Type
9.2.5.3.2 Italy Critical Illness Insurance Market by Application
9.2.5.4 Spain Critical Illness Insurance Market
9.2.5.4.1 Spain Critical Illness Insurance Market by Type
9.2.5.4.2 Spain Critical Illness Insurance Market by Application
9.2.5.5 United Kingdom Critical Illness Insurance Market
9.2.5.5.1 United Kingdom Critical Illness Insurance Market by Type
9.2.5.5.2 United Kingdom Critical Illness Insurance Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Critical Illness Insurance Market Overview
9.3.2 Asia-Pacific Critical Illness Insurance Market Forecasts and Analysis
9.3.3 Asia-Pacific Critical Illness Insurance Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Critical Illness Insurance Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Critical Illness Insurance Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Critical Illness Insurance Market
9.3.5.1.1 Australia Critical Illness Insurance Market by Type
9.3.5.1.2 Australia Critical Illness Insurance Market by Application
9.3.5.2 China Critical Illness Insurance Market
9.3.5.2.1 China Critical Illness Insurance Market by Type
9.3.5.2.2 China Critical Illness Insurance Market by Application
9.3.5.3 India Critical Illness Insurance Market
9.3.5.3.1 India Critical Illness Insurance Market by Type
9.3.5.3.2 India Critical Illness Insurance Market by Application
9.3.5.4 Japan Critical Illness Insurance Market
9.3.5.4.1 Japan Critical Illness Insurance Market by Type
9.3.5.4.2 Japan Critical Illness Insurance Market by Application
9.3.5.5 South Korea Critical Illness Insurance Market
9.3.5.5.1 South Korea Critical Illness Insurance Market by Type
9.3.5.5.2 South Korea Critical Illness Insurance Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Critical Illness Insurance Market Overview
9.4.2 Middle East and Africa Critical Illness Insurance Market Forecasts and Analysis
9.4.3 Middle East and Africa Critical Illness Insurance Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Critical Illness Insurance Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Critical Illness Insurance Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Critical Illness Insurance Market
9.4.5.1.1 South Africa Critical Illness Insurance Market by Type
9.4.5.1.2 South Africa Critical Illness Insurance Market by Application
9.4.5.2 Saudi Arabia Critical Illness Insurance Market
9.4.5.2.1 Saudi Arabia Critical Illness Insurance Market by Type
9.4.5.2.2 Saudi Arabia Critical Illness Insurance Market by Application
9.4.5.3 U.A.E Critical Illness Insurance Market
9.4.5.3.1 U.A.E Critical Illness Insurance Market by Type
9.4.5.3.2 U.A.E Critical Illness Insurance Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Critical Illness Insurance Market Overview
9.5.2 South and Central America Critical Illness Insurance Market Forecasts and Analysis
9.5.3 South and Central America Critical Illness Insurance Market Forecasts and Analysis - By Type
9.5.4 South and Central America Critical Illness Insurance Market Forecasts and Analysis - By Application
9.5.5 South and Central America Critical Illness Insurance Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Critical Illness Insurance Market
9.5.5.1.1 Brazil Critical Illness Insurance Market by Type
9.5.5.1.2 Brazil Critical Illness Insurance Market by Application
9.5.5.2 Argentina Critical Illness Insurance Market
9.5.5.2.1 Argentina Critical Illness Insurance Market by Type
9.5.5.2.2 Argentina Critical Illness Insurance Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL CRITICAL ILLNESS INSURANCE MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Rest of the World
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. CRITICAL ILLNESS INSURANCE MARKET, KEY COMPANY PROFILES
12.1. AEGON N.V.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ALLIANZ SE
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. AVIVA PLC
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. AXA S.A.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. CHINA LIFE INSURANCE
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. CHINA PACIFIC INSURANCE CO., LTD.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. LEGAL AND GENERAL GROUP PLC,
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. NEW CHINA LIFE INSURANCE CO., LTD.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. PING AN INSURANCE
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. PRUDENTIAL PLC
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS

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.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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