Global Critical Illness Insurance Market Research Report?Forecast till 2025
The Global Critical Illness Insurance Market is expected to register a CAGR of 15.35% during the forecast period of 2019 to 2025 and is expected to reach USD 67,960.81 Million. The disease, illness or a health condition which is life-threatening and require exhaustive care and attention continuously. Critical diseases include cancer, stroke, heart attack, and renal failure, etc. The modern lifestyle and increasing prevalence of these diseases is a permanent-growth driving factor for the global market of critical illness insurance.
The global Critical illness insurance market is estimated to witness the incredible growth n the review period. The dread disease (Critical Illness) policy supports coverage over specific life-threatening diseases. It covers many major devices such as heart attack, cancer, strokes, multiple sclerosis, kidney failure, major organ transplant, paralysis based on the customer’s requirement.
The Global Critical Illness Insurance Market has been bifurcated based on Application and Region.
Based on the application segment, the global critical illness market has been categorized into cancer, heart attack, stroke, and others. As per the survey, the cancer segment gripped the highest market contribution of 57.01% of the critical illness insurance market.
The region-specific analysis of the Global Critical Illness Insurance Market has been spanned into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are likely to lead the global critical illness insurance market. The regional market has been driven by the rising incidences of chronic diseases, including cancer and increasing medical expenses in the region. However, the sudden surge in cancer diagnosis and the increasing rate of death is a prime factor propelling the growth of the regional market.
Europe is expected as the second-largest market for critical illness insurance market during the forecast period owing to the increasing prevalence of critical illnesses such as cancer, heart attack, and stroke. Furthermore, increasing awareness about insurance policies and its benefits would likely support the regional market growth.
The market in Asia-Pacific is accounted to exhibit a substantial growth rate during the forecast period due to the existence of comprehensive health facilities and a rising in the demand for health insurance policies in densely populated countries such as India and China. Furthermore, the increasing geriatric population is likely to impact the growth of this market.
The market in the Middle East & Africa is expected to register the lowest growth owing to the less awareness about the advantages of critical illness insurance. The rising life expectancy, enlarging middle class, and population growth are some of the key factors affecting the regional market.
The Key Players in the Global Critical Illness Insurance Market are China Life Insurance Company (China), Allianz (Germany), Ping An Insurance (China), Aviva (UK), Prudential (UK), Aegon (Netherlands), AXA (France), Sun Life Financial (Canada), Aflac Incorporated (US), Huaxia Life Insurance Co. (China), AIG (US), MetLife Services and Solutions, LLC (US), Zurich (Switzerland), Star Union Dai-ichi Life Insurance (India), United Healthcare Services Inc. (US), and Liberty Mutual (US)
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