The global critical illness insurance market is expected to reach $354 billion by 2031: Allied Market Research

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Factors driving the growth of the global critical illness insurance market include rising health problems such as kidney failure, heart attack, cancer, and growing awareness among consumers about the benefits of critical illness insurance coverage. will be Regionally, the Asia-Pacific market is expected to maintain its dominance during the forecast period.

PORTLAND, Ore., Nov. 7, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, Critical illness insurance market will generate $124.7 billion in 2021 and is estimated to reach $354 billion by 2031, at a CAGR of 11.2% from 2022 to 2031. This report provides an in-depth analysis of changing market dynamics, top segments, key investment pockets, value chains and regional landscapes. , and conflict scenarios. This report is a helpful source of information for leading market players, new entrants, investors, and stakeholders to devise future strategies and take steps to strengthen their market position.

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Report scope and details:

report coverage

detail

Forecast period

2022–2031

base year

2021

Market size in 2021

$124.7 billion

Market size in 2031

$354 billion

CAGR

11.2%

number of pages in the report

345

Target segment

Applications, Premium Mode, End Users, and Regions

driver

An increase in health problems such as kidney failure, heart attack and cancer is driving consumers to purchase critical illness insurance.

Increased consumer awareness of the benefits of critical illness insurance coverage.

Because it is not covered by insurance and requires high medical expenses, huge medical expenses will occur.

chance

A smooth experience provided by insurance coverage for medical reimbursement and cashless treatment at the best hospitals.

Restraint

Critical illness insurance premiums are high.

Covid-19 Scenario:

  • The COVID-19 pandemic has positively impacted the critical illness insurance market. This is because consumers have become more conscious of having health insurance.

  • In addition, COVID-infected patients have a weaker immune system, making them more susceptible to serious illnesses such as heart attacks and cancer. Hence, the increased demand for critical care insurance during the pandemic has positively impacted the growth of the global market.

  • Due to the rising incidence of serious illnesses around the world, people tend to cover serious illnesses along with their health insurance.

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This report provides an in-depth segmentation of the global critical illness insurance market based on application, premium mode, end user, and region. This report provides an analysis of each segment and sub-segment using tables and charts. This analysis will help market players, investors, and new entrants to determine which sub-segments to utilize to achieve growth in the coming years.

Based on application, the cancer segment accounts for the largest share of the global critical illness insurance market with more than two-fifths and is expected to dominate the roost until 2031. Forecast period. The report also analyzes the heart attack and stroke segments.

Based on premium mode, the monthly segment is expected to hold the largest share in 2021, accounting for almost two-fifths of the global critical illness insurance market, and maintain gradual growth until 2031. The CAGR during the forecast period is 13.2%. The report also analyzes segments such as quarterly and yearly.

Based on end users, the personal segment will be the largest in 2021, accounting for more than three-quarters of the global critical illness insurance market share, and will dominate the roost until 2031. Fastest CAGR of 14.4% during the forecast period.

Based on region, the North American market will be the largest segment in 2021, accounting for nearly two-fifths of the global critical illness insurance market share. However, the Asia-Pacific market will maintain its leadership position in terms of revenue and is expected to exhibit the highest CAGR of 13.8% from 2022 to 2031. Other regions analyzed in the study include Europe and her LAMEA.

Key players in the global critical illness insurance market analyzed in the study include Aegon NV, Aflac Inc., ALLIANZ WORLDWIDE CARE LIMITED, American International Group, Inc., Aviva plc, AXA General Insurance Hong Kong Ltd, Bajaj Allianz General Insurance Co. Ltd. is included. ., Cigna, Future Generali India Insurance Company Ltd., Legal & General Group plc, Liberty Mutual Group, MetLife Services & Solutions, LLC, The Royal London Mutual Insurance Society Limited, Sun Life Assurance Company of Canada, United Healthcare Services, Inc. , Modern Insurance Agency, Inc., and Plum Benefits Private Limited.

This report analyzes the key players in the global critical illness insurance market. These players are adopting various strategies such as expansion, new product launches, and partnerships to increase their market penetration and strengthen their position in the industry. This report helps determine the performance, business segments, product portfolios and developments by all market players.

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of market segments, current trends, estimates, and dynamics of critical illness insurance market forecast analysis from 2021 to 2031 to identify common critical illness insurance market opportunities.

  • Market research is provided with information related to key drivers, restraints, and opportunities.

  • Porter’s five forces analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen supplier-buyer networks.

  • A detailed analysis of the critical illness insurance market size segmentation helps determine the general market opportunities.

  • Major countries in each region are mapped according to their revenue contribution to the global market.

  • Market participant positioning facilitates benchmarking and provides a clear understanding of the current position of market participants.

  • This report includes an analysis of regional and global critical illness insurance market trends, key players, market segments, application areas, and market growth strategies.

Major market segments

application

  • others

  • cancer

  • heart attack

  • stroke

Premium mode

  • monthly

  • Quarterly

  • every six months

  • every year

End-user

By region

  • North America (USA, Canada)

  • Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Singapore, Rest of Asia Pacific)

  • Ramea (Latin America, Middle East, Africa)

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about us

Allied Market Research (AMR) is the full-service market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides unparalleled quality “market research reportAMR has a targeted view to provide business insight and consultancy to help clients make strategic business decisions and achieve sustainable growth in their respective market domains. I have.

We have professional corporate relationships with various companies that help us dig into market data, generate accurate research data tables and help ensure the highest accuracy in our market forecasts. Pawan Kumar, CEO of Allied Market Research, is committed to inspiring and encouraging everyone associated with the company to maintain high quality data and help our clients succeed in every way possible. increase. All data presented in the reports we publish are extracted through primary interviews with the heads of major companies in the domain concerned. Our secondary data sourcing methods include in-depth online and offline research and discussions with knowledgeable industry experts and analysts.

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