Product Code: PM3338
The global critical illness insurance market size is expected to reach USD 376.57 billion by 2032, according to a new study by Polaris Market Research. The report "Critical Illness Insurance Market Size, By Type (Individual Insurance, Family Insurance); By Application; By Premium Mode; By End Use; By Region; Segment Forecast, 2023-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
One of the primary driver is the increase in serious illnesses, such as heart attacks, cancer, and kidney failures, which are often linked to unhealthy lifestyles. Additionally, increased awareness of the benefits of insurance coverage and the high cost of treatment without insurance has led to a rise in demand. Another factor is the availability of hassle-free coverage, including cashless treatments and medical bill reimbursements at top hospitals without high fees. Investing in these insurance can provide individuals with financial protection and peace of mind during critical illness, driving market growth at a rapid pace.
For instance, in March 2022, the Hartford introduced a new critical illness insurance policy that provides coverage for a wider range of medical conditions and offers diverse benefits based on the severity of the diagnosis for an individual. Similarly, in December 2022, the Ageas Federal Life Insurance introduced its "Criti Care Plan". This plan offers critical illness benefits to policyholders, including coverage for expensive treatment costs and recovery expenses.
Moreover, rising healthcare costs are driving the market, as medical expenses related to critical illnesses can quickly become unmanageable without insurance coverage. Critical illness insurance helps alleviate these costs, providing policyholders with peace of mind knowing that they are protected in the event of a serious health issue. As healthcare costs continue to increase, more individuals are turning to this insurance as a means of managing the financial burden of illnesses.
Furthermore, market growth is also driven by factors including rise of insurtech companies which has created more competition, leading to greater innovation and better value for consumers. Advances in medical technology and treatments have resulted in higher survival rates for critical illnesses, creating a need for financial support during recovery periods. Additionally, government regulations mandating health insurance coverage for employees are also contributing to the expansion of the market.
Critical Illness Insurance Market Report Highlights
The individual insurance segment dominated the market owing to various facilities includes individual policies are typically more flexible in terms of coverage limits, premiums, and benefits.
Cancer segment led the industry with a holding of largest revenue share because it is a widespread disease which causing deaths and disabilities.
The monthly premium segment is projected to account for a substantial revenue share due to its affordability, flexibility, ability to retain customers, and competitive advantage.
North America dominates the global market due to the increasing prevalence of chronic diseases, and an increasing awareness of the importance of health insurance.
Major players in the global market are Aegon, AFLAC, Allianz Care, American International, Aviva, AXA, Bajaj Allianz, Cigna, and Future Generali.
Polaris Market Research has segmented the Critical Illness Insurance Market report based on Type, Application, Premium Mode, and Region:
Critical Illness Insurance Market, By Type Outlook (Revenue - USD Billion, 2023 - 2032)
- Individual Insurance
- Family Insurance
Critical Illness Insurance Market, By Application Outlook (Revenue - USD Billion, 2023 - 2032)
- Cancer
- Heart Attack
- Stroke
- Other Applications
Critical Illness Insurance Market, By Premium Mode Outlook (Revenue - USD Billion, 2023 - 2032)
- Monthly
- Quarterly
- Half Yearly
- Yearly
Critical Illness Insurance Market, Regional Outlook (Revenue - USD Billion, 2023 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Critical Illness Insurance Market Insights
- 4.1. Critical Illness Insurance Market - Premium Mode Snapshot
- 4.2. Critical Illness Insurance Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising number of health issues
- 4.2.1.2. Increase in the range of critical illnesses covered in critical illness insurance policies
- 4.2.2. Restraints and Challenges
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Critical Illness Insurance Market Premium Mode Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Critical Illness Insurance Market, by Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 5.3. Individual Insurance
- 5.3.1. Global Critical Illness Insurance Market, by Individual Insurance, by Region, 2019-2032 (USD Billion)
- 5.4. Family Insurance
- 5.4.1. Global Critical Illness Insurance Market, by Family Insurance, by Region, 2019-2032 (USD Billion)
6. Global Critical Illness Insurance Market, by Disease
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 6.3. Cancer
- 6.3.1. Global Critical Illness Insurance Market, by Cancer, by Region, 2019-2032 (USD Billion)
- 6.4. Heart Attack
- 6.4.1. Global Critical Illness Insurance Market, by Heart Attack, by Region, 2019-2032 (USD Billion)
- 6.5. Stroke
- 6.5.1. Global Critical Illness Insurance Market, by Stroke, by Region, 2019-2032 (USD Billion)
- 6.6. Other Applications
- 6.6.1. Global Critical Illness Insurance Market, by Other Applications, by Region, 2019-2032 (USD Billion)
7. Global Critical Illness Insurance Market, by Premium Mode
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 7.3. Monthly
- 7.3.1. Global Critical Illness Insurance Market, by Monthly, By Region, 2019-2032 (USD Billion)
- 7.4. Quarterly
- 7.4.1. Global Critical Illness Insurance Market, by Quarterly, By Region, 2019-2032 (USD Billion)
- 7.5. Half Yearly
- 7.5.1. Global Critical Illness Insurance Market, by Half Yearly, By Region, 2019-2032 (USD Billion)
- 7.6. Yearly
- 7.6.1. Global Critical Illness Insurance Market, by Yearly, By Region, 2019-2032 (USD Billion)
8. Global Critical Illness Insurance Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Critical Illness Insurance Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. Critical Illness Insurance Market - North America
- 8.3.1. North America: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.3.2. North America: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.3.3. North America: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.3.4. Critical Illness Insurance Market - U.S.
- 8.3.4.1. U.S.: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.3.5. Critical Illness Insurance Market - Canada
- 8.3.5.1. Canada: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4. Critical Illness Insurance Market - Europe
- 8.4.1. Europe: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.2. Europe.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.3. Europe: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4.4. Critical Illness Insurance Market - UK
- 8.4.4.1. UK: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.4.3. UK: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4.5. Critical Illness Insurance Market - France
- 8.4.5.1. France: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.5.2. France.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.5.3. France: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4.6. Critical Illness Insurance Market - Germany
- 8.4.6.1. Germany: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4.7. Critical Illness Insurance Market - Italy
- 8.4.7.1. Italy: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4.8. Critical Illness Insurance Market - Spain
- 8.4.8.1. Spain: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4.9. Critical Illness Insurance Market - Netherlands
- 8.4.9.1. Netherlands: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.4.10. Critical Illness Insurance Market - Russia
- 8.4.10.1. Russia: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.5. Critical Illness Insurance Market - Asia Pacific
- 8.5.1. Asia Pacific: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.5.4. Critical Illness Insurance Market - China
- 8.5.4.1. China: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.4.2. China.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.5.4.3. China: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.5.5. Critical Illness Insurance Market - India
- 8.5.5.1. India: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.5.2. India.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.5.5.3. India: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.5.6. Critical Illness Insurance Market - Malaysia
- 8.5.6.1. Malaysia: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.5.7. Critical Illness Insurance Market - Japan
- 8.5.7.1. Japan: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.5.8. Critical Illness Insurance Market - Indonesia
- 8.5.8.1. Indonesia: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.5.9. Critical Illness Insurance Market - South Korea
- 8.5.9.1. South Korea: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.6. Critical Illness Insurance Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.6.4. Critical Illness Insurance Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.6.5. Critical Illness Insurance Market - UAE
- 8.6.5.1. UAE: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.6.6. Critical Illness Insurance Market - Israel
- 8.6.6.1. Israel: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.6.7. Critical Illness Insurance Market - South Africa
- 8.6.7.1. South Africa: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.7. Critical Illness Insurance Market - Latin America
- 8.7.1. Latin America: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.7.4. Critical Illness Insurance Market - Mexico
- 8.7.4.1. Mexico: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.7.5. Critical Illness Insurance Market - Brazil
- 8.7.5.1. Brazil: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
- 8.7.6. Critical Illness Insurance Market - Argentina
- 8.7.6.1. Argentina: Critical Illness Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: Critical Illness Insurance Market, by Premium Mode, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: Critical Illness Insurance Market, by Disease, 2019-2032 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Aegon
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. AFLAC
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Allianz Care
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. American International
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Aviva
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. AXA
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Bajaj Allianz
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Cigna
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Future Generali
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Liberty Mutual Insurance
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. MetLife Services
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Royal London
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Sun Life Assurance
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. United HealthCare
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. Modern Insurance
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development
- 10.16. Plum Benefits
- 10.16.1. Company Overview
- 10.16.2. Financial Performance
- 10.16.3. Product Benchmarking
- 10.16.4. Recent Development