Critical Illness Insurance Market - Opportunities, revenue, production, demand

Posted by vinit sawant on March 30th, 2021

Market Highlights

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.

The increasing cases of critical illness and increasing out of pocket expenditure for the insured and uninsured population are expected to drive the growth of the critical illness insurance market. However, lack of awareness about critical illness insurance is expected to hamper the market growth during the forecast period.

Global Critical Illness Insurance Market size is expected to register a CAGR of 15.35% during the forecast period, with a market value of USD 67,960.81 Million by 2025.

Segment Analysis

The global critical illness insurance market has been divided based on application and region. The market, based on application, has been bifurcated into cancer, heart attack, stroke, and others. In 2018, the cancer segment held the largest market share owing to the rise in the number of cancer cases. For instance, an estimated 1,735,350 new cases of cancer were diagnosed in the US and 609,640 people died from the disease in 2018.

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.