Global Critical Illness Market by product type (Disease Insurance, and Medical Insurance), By Application (Cancer, Heart attack, Stroke, and Others), By End-User (Hospitals, Clinics, Pharmacy Store, Pathology Centre and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-2026
Published:
April 2020
Report Code:
BWC20054
Available Format:
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critical illness market bwc 20054

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Global Critical Illness Market Forecast and Trends

Heavy medical expenses are incurred due to medical charges for the treatment done in critical illness. Health insurance provides compensation for such medical expenses in exchange for a monthly premium or a payroll tax to provide health benefits. The insurer is obliged to cover medical costs for the policyholder up till the tenure of the policy. Depending on the plan, the coverage may vary for numerous factors, including diseases, age groups, government policies, and others. These factors are expected to drive the global critical illness insurance market.

Global Critical Illness Market: Overview

Critical illness refers to illness, sickness or a disease or a corrective measure like Cancer, Kidney failure, Heart Valve Surgery, Coronary Artery (Bypass) Surgery, Heart Attack (Myocardial Infarction), and other Major Organ Transplantation.

The insurance industry is a major part of the economy by virtue of the number of premiums it collects, the scale of its investment, and, more fundamentally, the essential social and economic role it plays by covering personal and business risks. This annual report monitors global insurance market trends to support a better understanding of the insurance industry's overall performance and health.

Critical illness insurance, also known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance coverage policy.

Growth drivers

Quick reimbursement for Critical illness

Quick reimbursement of the money for critical illnesses is the major growth factor worldwide. medi-claim efficiency is all about how fast a customer need is served in the time of hardship. Claim settlement is a multilayered process. How fast and efficiently a claim can be settled is majorly dependent on modes of the claim. Claims can either be made through the cashless facility or by reimbursement mode.

Growing critical illnesses

With an increasing prevalence of critical illness disease across the world, people are at risk of dying from diseases like cardiovascular ailments or cancer before the age of 70.

Sticking to a healthy diet and following an exercise regime could keep many such undesired diseases at bay. But, sometimes, due to hereditary factors and mostly with age, the chance of developing a life-threatening lifestyle disease increases.

Restraint

High Cost

One of the main disadvantages of having critical illness insurance is the cost. Critical illness insurance can be very costly, even for those that have a health insurance plan through their employers. Costs may be so high that many end up struggling to make payments of insurance. This can be very challenging for those who have low incomes or are self-employed. Health care coverage for families may create an added financial burden. These are major restraints in the critical illness insurance market.

Global Critical Illness Market: Type

Based on type, the global critical illness market segmented into Disease Insurance and Medical Insurance. Medical insurance is expected to grow at a high CAGR during the forecast period as it mostly used insurance policy.

Global Critical Illness Market: Application

Based on the application, the global critical illness market segmented into Cancer, Heart attack, Stroke and Others. Heart attack is expected grow at a high CAGR during the forecast period, due to rising prevalence of it globally. And also heart disease is one of the most common chronic disease worldwide.

Global Critical Illness Market: Regional Insights

Based on region, the global Critical Illness market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest share of the global critical illness insurance market during the projected period. The rising prevalence of chronic diseases, including cancer, heart stroke, and rising medical expenses, are estimated to support the dominance of North America 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 due to the presence of leading health insurance providers in the region. Asia-Pacific region is also expected to grow at a high CAGR during the forecast period in countries like China, India, South Korea and other.


Competitive Landscape

The leading companies of Critical Illness Market are 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 and other prominent players.

Recent Development

Ø  March, 2020: Legal & General has announced it has acquired a 20 per cent stake in the Australian lifetime mortgage business Household Capital through its Retail Retirement division (LGRR).

Ø  March, 2020: Prudential Eastspring Investments, the Asian asset management business of Prudential plc, has successfully completed its acquisition of 50.1 per cent of Thanachart Fund Management Co., Ltd. from Thanachart Bank Public Company Limited and Government Savings Bank1, with TBANK holding the remaining 49.9 per cent stake of TFUND.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2016-2019

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product/Service Segmentation

By type, application, with Region

Key Players

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 and other prominent players..

By Type

Ø  Disease Insurance

Ø  Medical Insurance

 

By Application

Ø  Cancer

Ø  Heart attack

Ø  Stroke

Ø  Others (Kidney failure, Coronary Artery Surgery etc.)

By Region:  

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Latin America

Ø  Middle East & Africa

The objective of the Study:

Ø  To analyze and forecast the global Critical Illness Market size of the market in terms of value.

Ø  To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

Ø  The Global Critical Illness Market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa and their leading countries.

Ø  To outline, categorized, and forecast the global Critical Illness Market based on the type, and application.

Ø  To examine competitive developments like technological advancement, services, and regulative framework within the global Critical Illness Market.

Ø  To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

 

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