Critical Illness Insurance Market Size, Share & Trends Analysis Report By Premium Type (Monthly, Quarterly, Half Yearly, Yearly), By Disease (Cancer, Heart Attack, Stroke, Major Organ Transplant, Other), By Type, By Region, And Segment Forecasts, 2023 - 2

Critical Illness Insurance Market Size, Share & Trends Analysis Report By Premium Type (Monthly, Quarterly, Half Yearly, Yearly), By Disease (Cancer, Heart Attack, Stroke, Major Organ Transplant, Other), By Type, By Region, And Segment Forecasts, 2023 - 2

Critical Illness Insurance Market Growth & Trends

The global critical illness insurance market size is expected to reach USD 594.71 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2023 to 2030. Rising coverage by insurance providers for the critical illnesses is a key growth driver for this market. Along with cancer, stroke, and heart attack, major insurance companies are focusing on expanding coverage for a number of new diseases like multiple sclerosis, Alzheimer's disease, and Parkinson's disease. As the need for this coverage increases, employees are starting to see critical illness benefits offered as a choice in their employment benefit package as an incentive for registering for this consumer-driven health plan. Critical illness insurance is expected to rank among the top selling products in the upcoming years as health care expenses keep rising faster than the rate of inflation.

The market is witnessed a rapid expansion in recent years. The growing prevalence of chronic diseases, such as cancer, kidney failure, strokes, and heart attacks and rising out-of-pocket expenses for both uninsured and insured people drive the market growth. According to theCenters for Disease Control and Prevention (CDC), every 40 seconds, a heart attack occurs in the U.S. About 805,000 Americans experience a heart attack each year. 605,000 of these result in a first-time heart attack, and 200,000 are experienced by those who have already had one.The cost of treating such a disease is extremely high, thus having critical illness insurance can help reduce the financial burden of the expense of care.

Furthermore, key players in the market undertake various strategic initiatives such as expansion, new policies, partnerships, mergers and acquisitions to increase the product reach in the market. For instance, in November 2022, Nassau Financial Group entered into a definitive agreement with Delaware Life Insurance Company to acquire the Delaware Life Insurance Company of New York. This acquisition is expected to expand the company’s insurance business in the country. Moreover, in November 2022, PolicyMe introduced a new critical illness insurance product that delivers complete coverage in Canada. This innovative package, created in collaboration with and underwritten by Canadian Premier Life Insurance Company, covers around 44 disorders, which is 10-15 more than the standard Canadian insurer.

Critical Illness Insurance Market Report Highlights

• Based on disease, the market is segmented into five disease - cancer, Heart Attack, Stroke, Major Organ Transplant, and other diseases
• In 2022, cancer held the highest revenue share, with over 32.23% of the market. This is attributed due to the increasing prevalence of cancer.Several types of cancer that are typically treatable are included in critical illness insurance plans, as are cancers that are severe or deadly
• Heart attack is expected to show significant share in the market owing to increasing adoption of a sedentary lifestyle andgrowing prevalence of heart illnesses
• Family insurance is expected to show significant share in insurance type segment in the forecast period owing to the family insurance plans are less expensive than individual health insurance
• North America dominated the market and accounted for the largest revenue share of over 40.74% in 2022 due toan increase in the number of individuals with serious illnesses such kidney failure, cancer, heart attacks, and stroke
• Asia pacific is expected to grow with CAGR of 8.2% during the forecast year. This is attributed to the rising private provider penetration in this region and rising programmer launches by the state and central governments

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