The Global Critical Illness Insurance Market Achieved A Valuation Of USD 376.25 Billion In 2023 And Is On Track For Substantial Growth, With A Forecasted Milestone Of USD 624.22 Billion By 2030, Driven By A Notable Compound Annual Growth Rate (CAGR) Of 7.5% From 2023 To 2030.
Report Overview: Critical Illness Insurance Market Size, Share & Trends Analysis (2023 – 2030)
Welcome to our comprehensive report on the Critical Illness Insurance Market for the period 2023-2030. This report provides valuable insights into the market’s size, share, and trends, segmented by type (Fixed-term Insurance, Whole-life Insurance), age (<30 Years Old, 30-40 Years Old, 41-50 Years Old, >50 Years Old), application (Cancer, Heart Attack, Stroke), and region. It serves as an essential resource for stakeholders seeking insights into this dynamic and evolving insurance industry.
Market Analysis and Insights
Our report on the Critical Illness Insurance Market offers an in-depth analysis of the current market landscape and future prospects. It delves into key drivers, restraints, opportunities, and the impact of the COVID-19 pandemic, providing a comprehensive understanding of the market’s dynamics.
Growth Factors
The Critical Illness Insurance Market is experiencing significant growth due to several critical factors. One of the primary growth drivers is the increasing awareness of the financial risks associated with critical illnesses. Individuals and families are recognizing the need for insurance coverage that can provide financial support during challenging times.
Additionally, advancements in insurance products, such as flexible policy terms and comprehensive coverage options, have made critical illness insurance more attractive to a wider range of consumers.
Market Dynamics
Driver:
A significant driver of the Critical Illness Insurance Market is the rising incidence of critical illnesses. With the increasing prevalence of conditions such as cancer, heart attacks, and strokes, the demand for financial protection against these health challenges is on the rise.
Restraint:
The market faces challenges related to affordability and accessibility. Some potential policyholders may find the cost of critical illness insurance prohibitive, while others may encounter difficulties in accessing appropriate coverage.
Opportunity:
Opportunities lie in product innovation and education. Insurers can develop policies that cater to different income levels and offer clearer, more transparent terms. Educating consumers about the benefits of critical illness insurance and the variety of available options can also drive market growth.
Impact of COVID-19:
The COVID-19 pandemic had an impact on the Critical Illness Insurance Market as it emphasized the importance of being financially prepared for unforeseen health crises. Consumers have become more aware of the need for comprehensive health insurance coverage, including protection against critical illnesses.
Regional Insights
Our report provides regional insights, highlighting how different regions contribute to the Critical Illness Insurance Market. Factors such as healthcare infrastructure, disease prevalence, consumer demographics, and regulatory environments significantly influence market dynamics in each region. Understanding these regional nuances is essential for insurers seeking to expand their presence globally.
Key Companies & Market Share Insights
Some of the key players in the global Critical Illness Insurance market include:
- China Life Insurance
- Ping An Insurance
- China Pacific Insurance
- Aviva
- Legal & General
- New China Life Insurance
- AXA
- Prudential plc
- Aegon
- Allianz
- AIG
- UnitedHealthcare
- Zurich
- MetLife
- Dai-ichi Life Group
- Sun Life Financial
- Huaxia Life Insurance
Critical Illness Insurance Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 376.25 Billion |
Revenue Forecast in 2030 | USD 624.22 Billion |
Growth rate | CAGR of 7.5% from 2023 to 2030 |
Base Year for Estimation | 2022 |
Historical data | 2018 – 2022 |
Forecast period | 2023 – 2030 |
Quantitative units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Type, application, region |
Regional Scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country Scope | U.S.; Canada; Germany; UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait |
Key Companies Profiled | China Life Insurance, Ping An Insurance, China Pacific Insurance, Aviva, Legal & General, New China Life Insurance, AXA, Prudential plc, Aegon, Allianz, AIG, UnitedHealthcare, Zurich, MetLife, Dai-ichi Life Group, Sun Life Financial, Huaxia life Insurance, Aflac, Liberty Mutual, HCF, Generali Group, Royal London, Scottish Windows, Livepool Victoria, Vitality |
Global Critical Illness Insurance Market Report Segmentation:
Segment by Type
Fixed-term Insurance
Whole-life Insurance
By Age
<30 Years Old 30-40 Years Old 41-50 Years Old >50 Years Old
Segment by Application
Cancer
Heart Attack
Stroke
Other
Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Thailand
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
Accessing the profound insights within the ‘Critical Illness Insurance Market’ report can offer valuable assistance in the following ways:
- Assisting in the identification of potential areas susceptible to disruption.
- Providing the foresight to anticipate changes in demand and adjust your business development strategies accordingly.
- Identifying promising areas, growth trends, segments, and markets for expanding your product portfolio or making successful investments.
- Enabling the identification of your competitors’ positioning, helps you stay at the forefront of the market.
- Empowering you to make well-informed decisions regarding investments, partnerships, and product development.
Wondering how our ‘Critical Illness Insurance Market’ report stands out from others in the market? Here’s why:
- The Critical Illness Insurance market report provides an in-depth analysis of market sizing and forecasts at a segment level for over 20 countries, encompassing historical and forecast analysis spanning the period from 2020 to 2030, aiding in comprehensive market assessment.
- It offers detailed segmentation by Product Types by value.
- It includes intricate segmentation by Application by value.
- It provides comprehensive segmentation by end-user.
- The report offers a detailed value chain analysis, helping businesses pinpoint areas for efficiency improvement, cost reduction, and enhanced competitive advantage.
- It covers technology and regulatory trends, along with the challenging factors influencing the Critical Illness Insurance market.
- The inclusion of a growth innovation matrix categorizes companies into four categories: flagbearers, contenders, specialists, and experimenters, offering valuable insights into competition based on volume growth and R&D efforts.
- Competitive profiling and benchmarking of key companies in the market contribute to a deeper understanding of industry competition.
Chapter 1 Market Overview of Critical Illness Insurance
1.1 Critical Illness Insurance Market Overview
1.1.1 Critical Illness Insurance Product Scope
1.1.2 Critical Illness Insurance Market Status and Outlook
1.2 Global Critical Illness Insurance Market Size Overview by Region 2018 VS 2022 VS 2029
1.3 Global Critical Illness Insurance Market Size by Region (2018-2029)
1.4 Global Critical Illness Insurance Historic Market Size by Region (2018-2023)
1.5 Global Critical Illness Insurance Market Size Forecast by Region (2024-2029)
1.6 Key Regions, Critical Illness Insurance Market Size (2018-2029)
1.6.1 North America Critical Illness Insurance Market Size (2018-2029)
1.6.2 Europe Critical Illness Insurance Market Size (2018-2029)
1.6.3 Asia-Pacific Critical Illness Insurance Market Size (2018-2029)
1.6.4 Latin America Critical Illness Insurance Market Size (2018-2029)
1.6.5 Middle East & Africa Critical Illness Insurance Market Size (2018-2029)
Chapter 2 Critical Illness Insurance Market by Type
2.1 Introduction
2.1.1 Fixed-term Insurance
2.1.2 Whole-life Insurance
2.2 Global Critical Illness Insurance Market Size by Type: 2018 VS 2022 VS 2029
2.2.1 Global Critical Illness Insurance Historic Market Size by Type (2018-2023)
2.2.2 Global Critical Illness Insurance Forecasted Market Size by Type (2024-2029)
2.3 Key Regions Market Size by Type
2.3.1 North America Critical Illness Insurance Revenue Breakdown by Type (2018-2029)
2.3.2 Europe Critical Illness Insurance Revenue Breakdown by Type (2018-2029)
2.3.3 Asia-Pacific Critical Illness Insurance Revenue Breakdown by Type (2018-2029)
2.3.4 Latin America Critical Illness Insurance Revenue Breakdown by Type (2018-2029)
2.3.5 Middle East and Africa Critical Illness Insurance Revenue Breakdown by Type (2018-2029)
Chapter 3 Critical Illness Insurance Market Overview by Application
3.1 Introduction
3.1.1 Cancer
3.1.2 Heart Attack
3.1.3 Stroke
3.1.4 Other
3.2 Global Critical Illness Insurance Market Size by Application: 2018 VS 2022 VS 2029
3.2.1 Global Critical Illness Insurance Historic Market Size by Application (2018-2023)
3.2.2 Global Critical Illness Insurance Forecasted Market Size by Application (2024-2029)
3.3 Key Regions Market Size by Application
3.3.1 North America Critical Illness Insurance Revenue Breakdown by Application (2018-2029)
3.3.2 Europe Critical Illness Insurance Revenue Breakdown by Application (2018-2029)
3.3.3 Asia-Pacific Critical Illness Insurance Revenue Breakdown by Application (2018-2029)
3.3.4 Latin America Critical Illness Insurance Revenue Breakdown by Application (2018-2029)
3.3.5 Middle East and Africa Critical Illness Insurance Revenue Breakdown by Application (2018-2029)
Chapter 4 Critical Illness Insurance Competition Analysis by Players
4.1 Global Critical Illness Insurance Market Size by Players (2018-2023)
4.2 Global Top Players by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Critical Illness Insurance as of 2022)
4.3 Date of Key Players Enter into Critical Illness Insurance Market
4.4 Global Top Players Critical Illness Insurance Headquarters and Area Served
4.5 Key Players Critical Illness Insurance Product Solution and Service
4.6 Competitive Status
4.6.1 Critical Illness Insurance Market Concentration Rate
4.6.2 Mergers & Acquisitions, Expansion Plans
Chapter 5 Company (Top Players) Profiles
5.1 China Life Insurance
5.1.1 China Life Insurance Profile
5.1.2 China Life Insurance Main Business
5.1.3 China Life Insurance Critical Illness Insurance Products, Services and Solutions
5.1.4 China Life Insurance Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.1.5 China Life Insurance Recent Developments
5.2 Ping An Insurance
5.2.1 Ping An Insurance Profile
5.2.2 Ping An Insurance Main Business
5.2.3 Ping An Insurance Critical Illness Insurance Products, Services and Solutions
5.2.4 Ping An Insurance Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.2.5 Ping An Insurance Recent Developments
5.3 China Pacific Insurance
5.3.1 China Pacific Insurance Profile
5.3.2 China Pacific Insurance Main Business
5.3.3 China Pacific Insurance Critical Illness Insurance Products, Services and Solutions
5.3.4 China Pacific Insurance Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.3.5 Aviva Recent Developments
5.4 Aviva
5.4.1 Aviva Profile
5.4.2 Aviva Main Business
5.4.3 Aviva Critical Illness Insurance Products, Services and Solutions
5.4.4 Aviva Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.4.5 Aviva Recent Developments
5.5 Legal & General
5.5.1 Legal & General Profile
5.5.2 Legal & General Main Business
5.5.3 Legal & General Critical Illness Insurance Products, Services and Solutions
5.5.4 Legal & General Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.5.5 Legal & General Recent Developments
5.6 New China Life Insurance
5.6.1 New China Life Insurance Profile
5.6.2 New China Life Insurance Main Business
5.6.3 New China Life Insurance Critical Illness Insurance Products, Services and Solutions
5.6.4 New China Life Insurance Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.6.5 New China Life Insurance Recent Developments
5.7 AXA
5.7.1 AXA Profile
5.7.2 AXA Main Business
5.7.3 AXA Critical Illness Insurance Products, Services and Solutions
5.7.4 AXA Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.7.5 AXA Recent Developments
5.8 Prudential plc
5.8.1 Prudential plc Profile
5.8.2 Prudential plc Main Business
5.8.3 Prudential plc Critical Illness Insurance Products, Services and Solutions
5.8.4 Prudential plc Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.8.5 Prudential plc Recent Developments
5.9 Aegon
5.9.1 Aegon Profile
5.9.2 Aegon Main Business
5.9.3 Aegon Critical Illness Insurance Products, Services and Solutions
5.9.4 Aegon Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.9.5 Aegon Recent Developments
5.10 Allianz
5.10.1 Allianz Profile
5.10.2 Allianz Main Business
5.10.3 Allianz Critical Illness Insurance Products, Services and Solutions
5.10.4 Allianz Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.10.5 Allianz Recent Developments
5.11 AIG
5.11.1 AIG Profile
5.11.2 AIG Main Business
5.11.3 AIG Critical Illness Insurance Products, Services and Solutions
5.11.4 AIG Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.11.5 AIG Recent Developments
5.12 UnitedHealthcare
5.12.1 UnitedHealthcare Profile
5.12.2 UnitedHealthcare Main Business
5.12.3 UnitedHealthcare Critical Illness Insurance Products, Services and Solutions
5.12.4 UnitedHealthcare Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.12.5 UnitedHealthcare Recent Developments
5.13 Zurich
5.13.1 Zurich Profile
5.13.2 Zurich Main Business
5.13.3 Zurich Critical Illness Insurance Products, Services and Solutions
5.13.4 Zurich Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.13.5 Zurich Recent Developments
5.14 MetLife
5.14.1 MetLife Profile
5.14.2 MetLife Main Business
5.14.3 MetLife Critical Illness Insurance Products, Services and Solutions
5.14.4 MetLife Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.14.5 MetLife Recent Developments
5.15 Dai-ichi Life Group
5.15.1 Dai-ichi Life Group Profile
5.15.2 Dai-ichi Life Group Main Business
5.15.3 Dai-ichi Life Group Critical Illness Insurance Products, Services and Solutions
5.15.4 Dai-ichi Life Group Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.15.5 Dai-ichi Life Group Recent Developments
5.16 Sun Life Financial
5.16.1 Sun Life Financial Profile
5.16.2 Sun Life Financial Main Business
5.16.3 Sun Life Financial Critical Illness Insurance Products, Services and Solutions
5.16.4 Sun Life Financial Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.16.5 Sun Life Financial Recent Developments
5.17 Huaxia life Insurance
5.17.1 Huaxia life Insurance Profile
5.17.2 Huaxia life Insurance Main Business
5.17.3 Huaxia life Insurance Critical Illness Insurance Products, Services and Solutions
5.17.4 Huaxia life Insurance Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.17.5 Huaxia life Insurance Recent Developments
5.18 Aflac
5.18.1 Aflac Profile
5.18.2 Aflac Main Business
5.18.3 Aflac Critical Illness Insurance Products, Services and Solutions
5.18.4 Aflac Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.18.5 Aflac Recent Developments
5.19 Liberty Mutual
5.19.1 Liberty Mutual Profile
5.19.2 Liberty Mutual Main Business
5.19.3 Liberty Mutual Critical Illness Insurance Products, Services and Solutions
5.19.4 Liberty Mutual Critical Illness Insurance Revenue (US$ Million) & (2018-2023)
5.19.5 Liberty Mutual Recent Developments
Chapter 6 North America
6.1 North America Critical Illness Insurance Market Size by Country (2018-2029)
6.2 U.S.
6.3 Canada
Chapter 7 Europe
7.1 Europe Critical Illness Insurance Market Size by Country (2018-2029)
7.2 Germany
7.3 France
7.4 U.K.
7.5 Italy
7.6 Russia
7.7 Nordic Countries
7.8 Rest of Europe
Chapter 8 Asia-Pacific
8.1 Asia-Pacific Critical Illness Insurance Market Size by Region (2018-2029)
8.2 China
8.3 Japan
8.4 South Korea
8.5 Southeast Asia
8.6 India
8.7 Australia
8.8 Rest of Asia-Pacific
Chapter 9 Latin America
9.1 Latin America Critical Illness Insurance Market Size by Country (2018-2029)
9.2 Mexico
9.3 Brazil
9.4 Rest of Latin America
Chapter 10 Middle East & Africa
10.1 Middle East & Africa Critical Illness Insurance Market Size by Country (2018-2029)
10.2 Turkey
10.3 Saudi Arabia
10.4 UAE
10.5 Rest of Middle East & Africa
Chapter 11 Critical Illness Insurance Market Dynamics
11.1 Critical Illness Insurance Industry Trends
11.2 Critical Illness Insurance Market Drivers
11.3 Critical Illness Insurance Market Challenges
11.4 Critical Illness Insurance Market Restraints
Chapter 12 Research Finding /Conclusion
Chapter 13 Methodology and Data Source
13.1 Methodology/Research Approach
13.1.1 Research Programs/Design
13.1.2 Market Size Estimation
13.1.3 Market Breakdown and Data Triangulation
13.2 Data Source
13.2.1 Secondary Sources
13.2.2 Primary Sources
13.3 Disclaimer”
By Type
Fixed-term Insurance
Whole-life Insurance
By Age
<30 Years Old
30-40 Years Old
41-50 Years Old
>50 Years Old
Segment by Application
Cancer
Heart Attack
Stroke
Other
