Critical Illness Insurance Market Opportunity During the Forecast Period 2025

Posted by vinit sawant on February 9th, 2021

Critical illness insurance is a type of insurance, where the insurer comes in a contract to make a lump sum cash payment if the policyholder is diagnosed with some specific critical disease as a part of the insurance policy. Critical illness insurance is also known as critical insurance cover or dread disease policy.

Global Critical Illness Insurance Market is expected to register a CAGR of15.35% during the forecast period, with a market value of USD 67,960.81 Million by 2025.

Regional Analysis

The global critical illness insurance market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas are likely to hold the largest share of the global critical illness insurance market during the assessment period. The rising prevalence of chronic diseases, including cancer and rising medical expenses, are expected to support the dominance of the Americas during the forecast period.

Moreover, in the US, there has been a significant rise in the number of insured populations in the past few years. For instance, the percentage of the uninsured population in the US was about 14% in 2008, and this came down to nearly 8.5% in 2018.

Furthermore, about 99.1% of the population aged 65 and above were insured in 2018 in the US. The European market established substantial growth in the market due to the high prevalence of critical illnesses such as cancer, heart attack, and stroke, among others in this region.

Asia-Pacific is estimated to be the fastest-growing region in the global market due to the increasing geriatric population, presence of expensive health facilities and an increase in the demand for health insurance policies in high populous countries such as India and China.