Critical Illness Insurance Market Size, By Type (Individual Insurance, Family Insurance); By Application; By Premium Mode; By End User; By Region; Segment Forecast, 2023- 2032

Critical Illness Insurance Market Size, By Type (Individual Insurance, Family Insurance); By Application; By Premium Mode; By End User; By Region; Segment Forecast, 2023- 2032

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