Global Critical Illness Insurance Market Is Likely to Experience a Tremendous Growth by 2028

The global Critical Illness Insurance market is anticipated to grow at a CAGR of 14.8 % during the forecast period (2022-2028). The growing awareness among people and patients about the benefits of using critical illness insurance has had a direct impact on the growth of the critical illness insurance market. The critical illness insurance market is expected to grow rapidly during the forecast period. The rise in the number of critical illness cases, such as stroke, cancer, renal failure, and heart attack, has proven to be the primary source of public concern. The growing number of critical illness cases, coupled with the increased expenditure for insurers and the uninsured population, are expected to drive the growth of the critical illness insurance market during the forecast period. The critical illness insurance market is expected to be supported by rising medical costs. However, the main challenge is an increase in insurance premiums due to the addition of certain illnesses and age restrictions in critical illness insurance policies. A lack of information about critical illness insurance, on the other hand, is expected to stymie market growth.

The North American region is expected to hold a considerable share in the market during the forecast period. In the US, hospitals have made significant investments in the physical infrastructure of their operating rooms. The activities in an average hospital’s operating room generate more than 60% of the revenue generated by hospitals in the US.

The need for technology upgrades in critical care diagnostics and management remains critical. This factor is compounded by the high cost of a lengthy hospital stay that includes an operating room procedure. High healthcare spending, improved infrastructure, and increased government involvement are expected to drive market growth in the North American region.

Market participants are collaborating with government initiatives, such as funding and collaboration, to help the Critical Care Diagnostics market grow significantly. To increase their market presence, top players are also launching new products, forming partnerships, collaborating, and so on. For instance, in January 2018, GE Healthcare announced a long-term strategic partnership with Roche to develop digital clinical decision support solutions for cancer and critical care patients. Abbott, Beckman-Coulter, and Roche are among the market’s key players.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- China Life Insurance, Ping An Insurance, China Pacific Insurance, Aviva, Legal & General, New China Life Insurance, Bharti AXA LI, Prudential plc, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Critical Illness Insurance Market Report by Segment

By Type

• Disease Insurance
• Medical Insurance
• Income Protection Insurance
• Family Insurance

By Application

• Cancer
• Heart Attack
• Stroke
• Others