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, 2024-2032” 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.
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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
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)
Critical Illness Insurance Market, By Application Outlook (Revenue - USD Billion, 2023 - 2032)
Critical Illness Insurance Market, By Premium Mode Outlook (Revenue - USD Billion, 2023 - 2032)
Critical Illness Insurance Market, Regional Outlook (Revenue - USD Billion, 2023 - 2032)