Article -> Article Details
| Title | Critical Illness Insurance Market Growth, Analysis, Applications by 2025 |
|---|---|
| Category | Fitness Health --> Teen Health |
| Meta Keywords | Critical Illness Insurance Market |
| Owner | vinit |
| Description | |
| Market Highlights Global Critical
Illness Insurance Market 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. 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. 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. 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. The critical illness insurance
market in the Middle East & Africa is expected to witness gradual growth
due to the increasing life expectancy, enlarging middle class, and population
growth. Moreover, the launch of the life insurance reform project in 2016 in
the United Arab Emirates would support the market growth in this region. Key Players MRFR recognizes the following companies as the Key
Players in the Global Critical Illness Insurance Market— China Life
Insurance Company (China), Allianz (Germany), Ping An Insurance (China), Aviva
(UK), Prudential (UK), Aegon (Netherlands), AXA (France), Sun Life Financial
(Canada), Aflac Incorporated (US), Huaxia Life Insurance Co. (China), AIG (US),
MetLife Services and Solutions, LLC (US), Zurich (Switzerland), Star Union
Dai-ichi Life Insurance (India), United Healthcare Services Inc. (US), and
Liberty Mutual (US), and Others. Key Findings of the Study
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