Critical Illness Insurance Market To Be Spurred By 15.35% CAGR By 2025 – Medgadget
Critical Illness Insurance Market-Overview
The rising demand for critical illness insurance after seeing the ill effects of these global pandemics of COVID 19 will bolster the critical illness insurance market. The Critical Illness Insurance Market is projected to earn USD 67,960.81 million by 2025 with the backing of a 15.35% CAGR.
The elements driving the critical illness insurance market are an increase in the number of instances for patients suffering from life-threatening disorders and an increase in medical facility costs.
Segmental Analysis
The segmental study of the critical illness insurance market is carried out on the basis of application and region. Europe, Asia Pacific, the Middle East, the Americas, and Africa constitute the critical illness insurance market region segment. The application segment of the critical illness insurance market contains heart attacks, stroke, and cancer.
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Detailed Regional Analysis
The critical illness insurance market’s regional assessment comprises the Middle East, Europe, Asia Pacific, the Americas, and Africa. The Americas regional market has the potential to rule the worldwide critical illness insurance industry, which may be attributed to the region’s escalating cases of chronic diseases such as cancer and rising medical costs. The European regional market for critical illness insurance is predicted to be the second largest regional market in the projection period. The developing prevalence of critical illnesses is expected to boost regional market development. Due to thes expensive health facilities and an surging need for health insurance plans in populated countries such as India and China, the Asia Pacific critical illness insurance market is anticipated to grow at a significant rate in the forecast period. Also, the burgeoning number of senior citizens will support the market’s expansion. The MEA critical illness insurance markets are predicted to grow the slowest due to a lack of understanding of the benefits of critical illness insurance. This region’s growth is attributed to escalating life expectancy, a mounting middle class, and population growth.
Competitive Analysis
The emergence of global firms into important developing regional markets is considered to have a positive impact that will spread to other industry segments. The effectiveness of core sectors on a global scale is projected to augment the expansion of the global market in the approaching period. Furthermore, improved economic relations between numerous nations are expected to provide further opportunities for growth in the coming years. The overall development prospects of market participants are predicted to boost progressively as the impact of the COVID-19 epidemic lessens. The optimism about COVID-19-related therapeutic techniques, such as vaccines, being pushed out in various locations is forecast to expand market sentiment further. The involvement of governmental organizations in promoting market development is projected to be critical through the provision of special incentives to attract global titans to certain locations and contribute to market development during the forecast period.
The distinguished competitors in the critical illness insurance market are China Life Insurance Company (China), Aviva (UK), Allianz (Germany), Aflac Incorporated (US), United Healthcare Services Inc. (US), Star Union Dai-ichi Life Insurance (India), Prudential (UK), Aegon (Netherlands), Zurich (Switzerland), AXA (France), Huaxia Life Insurance Co. (China), Sun Life Financial (Canada), AIG (US), MetLife Services and Solutions, LLC (US), Ping An Insurance (China), and Liberty Mutual (US).
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Industry Updates:
Jan 2022 HSBC has received regulatory approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to take full ownership of its life insurance joint undertaking in the country. The agreement allows it to buy the remaining 50% in its venture HSBC Life China. The business now offers a range of insurance solutions covering critical illness, unit-linked, annuity, and whole life insurance products.
Table of Content
1 EXECUTIVE SUMMARY
1.1 OVERVIEW 12
1.1.1 MARKET SYPNOSIS 12
2 MARKET INTRODUCTION
2.1 SCOPE OF THE STUDY 13
2.2 RESEARCH OBJECTIVE 13
2.3 LIST OF ASSUMPTIONS 13
3 RESEARCH METHODOLOGY
3.1 OVERVIEW 15
3.1.1 DATA MINING 15
3.1.2 SECONDARY RESEARCH 15
3.1.3 PRIMARY RESEARCH 17
3.1.3.1 PRIMARY INTERVIEWS AND INFORMATION GATHERING PROCESS 18
3.1.4 FORECASTING METHODS 19
3.1.5 RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION 19
3.1.5.1 BOTTOM-UP APPROACH 20
3.1.5.2 TOP-DOWN APPROACH 20
3.1.6 DATA TRIANGULATION 21
3.1.7 VALIDATION 21
4 MARKET DYNAMICS
4.1 OVERVIEW 22
4.2 DRIVERS 23
4.2.1 INCREASING CASES OF CRITICAL ILLNESS 23
4.2.2 INCREASING OUT-OF-POCKET EXPENDITURES FOR INSURED AND UNINSURED POPULATION 23
4.3 RESTRAINTS 24
4.3.1 LACK OF AWARENESS ABOUT CRITICAL ILLNESS INSURANCE 24
4.4 OPPORTUNITIES 25
5 CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION
TOC Continued…
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