Global critical illness insurance market expected to reach $354 billion by 2031: Allied Market Research

Allied Market Research

Factors driving the growth of the global critical illness insurance market include increasing number of health issues such as kidney failure, heart attack, cancer, and others, and rising consumer awareness about the benefits of critical illness insurance coverage. Regionally, the Asia-Pacific market is expected to maintain its dominance over the forecast period.

Portland, OR, Nov. 07, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the critical illness insurance market generated $124.7 billion in 2021 and is expected to reach $354 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, of major segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a useful source of information for major market players, new entrants, investors and stakeholders in developing strategies for the future and taking action to strengthen their position in the market.

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Report coverage and details:

Report cover

Details

Forecast period

2022–2031

Year of reference

2021

Market size in 2021

$124.7 billion

Market size in 2031

$354 billion

CAGR

11.2%

Number of pages in the report

345

Segments Covered

Application, Premium Mode, End User, and Region

Drivers

The increase in the number of health problems such as kidney failure, heart attack, cancer and others is pushing consumers to purchase critical illness insurance.

Increased consumer awareness of the benefits of critical illness insurance.

Huge medical bills generated due to high cost of treatment without insurance coverage.

Opportunities

Smooth experience provided by insurance coverage for medical reimbursement and cashless treatment at top hospitals.

Constraints

High premium for critical illness insurance.

Covid-19 scenario:

  • The COVID-19 pandemic has had a positive impact on the critical illness insurance market. This is because consumers have become more aware of having insurance coverage for their health.

  • Additionally, COVID-infected patients were more prone to serious illnesses such as heart attacks, cancer, and others due to a weakened immune system. Hence, the demand for critical care insurance has increased during the pandemic, which has had a positive impact on the growth of the global market.

  • With the increasing incidence of critical illnesses around the world, people are more inclined to purchase critical illness insurance in addition to health insurance.

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The report offers detailed segmentation of the global Critical Illness Insurance market based on application, mode of premium, end-user, and region. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors, and new entrants determine which sub-segments should be leveraged to achieve growth in the coming years.

Based on the application, the cancer segment accounted for the largest share of more than two-fifths of the global critical illness insurance market and would rule till 2031. However, the others segment is estimated to experience the CAGR the fastest of 13.6% during the forecast period. The report also analyzes heart attack and stroke segments.

Based on the premium mode, the monthly segment held the largest share in 2021, accounting for nearly two-fifths of the global critical illness insurance market, and would maintain gradual growth through 2031. However, the segment is estimated to will see the fastest CAGR of 13.2% during the forecast period. The report also analyzes segments such as quarterly and annual.

On the basis of end-user, the individual segment was the largest in 2021, accounting for more than three quarters of the global critical illness insurance market share, and would reign until 2031. However, it is estimated that the business segment will witness the Fastest CAGR 14.4% over the forecast period.

Based on region, the North America market was the largest segment in 2021, accounting for nearly two-fifths of the global critical illness insurance market share. However, the Asia-Pacific region market is expected to maintain its leading status in terms of revenue and also show the highest CAGR of 13.8% from 2022 to 2031. Other regions analyzed in the study include Europe and LAMEA.

Key players of the global critical illness insurance market analyzed in the research include Aegon NV, Aflac Inc., ALLIANZ WORLDWIDE CARE LIMITED, American International Group, Inc., Aviva plc, AXA General Insurance Hong Kong Ltd, Bajaj Allianz General Insurance Co.Ltd. ., Cigna, Future Generali India Insurance Company Ltd., Legal & General Group plc, Liberty Mutual Group, MetLife Services & Solutions, LLC, The Royal London Mutual Insurance Society Limited, Sun Life Assurance Company of Canada, United Healthcare Services, Inc., Modern Insurance Agency, Inc. and Plum Benefits Private Limited.

The report analyzes these key players in the global critical illness insurance market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.

Main benefits for stakeholders

  • This report provides a quantitative analysis of market segments, current trends, estimates and dynamics of Critical Illness Insurance Market forecast analysis from 2021 to 2031 to identify the predominant opportunity in the critical illness insurance market. critical illness insurance.

  • Market research is offered with information related to key drivers, restraints, and opportunities.

  • Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.

  • In-depth analysis of critical illness insurance market size segmentation helps to determine the existing market opportunities.

  • Major countries in each region are mapped according to their revenue contribution in the global market.

  • The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.

  • The report includes analysis of regional and global Critical Illness Insurance market trends, key players, market segments, application areas and market growth strategies.

Key market segments

Application

  • Others

  • Cancer

  • Heart attack

  • Stroke

Premium Mode

  • Monthly

  • Quarterly

  • Semester

  • Annual

Final user

By region

  • North America (US, Canada)

  • Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Singapore, Rest of Asia Pacific)

  • LAMEA (Latin America, Middle East, Africa)

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About Us

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reportsand “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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