The Critical Illness Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s illuminating Critical Illness Insurance Global Market Report for 2024, the critical illness insurance sector has experienced a substantial surge in its dimensions. This trajectory is set to continue its upward trajectory, scaling from $249.05 billion in 2024 to an impressive $286.98 billion in the same year, manifesting a noteworthy compound annual growth rate (CAGR) of 15.2%. The remarkable expansion in the historical context can be ascribed to various factors including escalating healthcare costs, advancements in medical technology, heightened awareness and educational initiatives, lifestyle influences, and employer-provided benefits.
Anticipating robust growth, the critical illness insurance market is poised to ascend to $451.59 billion by 2028, exhibiting a CAGR of 12.0%. This prospective surge is attributed to a confluence of factors such as the aging global population, an increase in disease prevalence, surging healthcare expenses, emphasis on personal financial planning, and continual technological progress. Key trends in the forecasted period encompass the advent of digital transformation, tailored coverage options, specific provisions for heart disease, and the emergence of comprehensive multi-illness policies.
The increased prevalence of critical diseases is driving the global critical illness insurance market. Treatment for critical illnesses such as cancer incurs a huge amount, and therefore, having critical illness insurance can be beneficial to lower the burden of the treatment cost. The insurance service providers provide a lump-sum payment to the policyholder upon diagnosis of the critical disease. Some other common types of critical illnesses include heart attack, stroke, and coronary artery bypass. For instance, in October 2022, according to the Centers for Disease Control and Prevention, a US-based government organization, the weekly count of cancer deaths with COVID-19 increased from 28 to 1,055 between 2020 and 2022 to January 2022 (1,055) and January 2021 (953), respectively, were the greatest numbers for this month. . Therefore, the growing prevalence of critical illness is expected to drive the global critical illness insurance market.
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The critical illness insurance market covered in this report is segmented –
1) By Type: Individual Insurance, Family Insurance
2) By Premium Mode: Monthly, Quarterly, Half Yearly, Yearly
3) By Application: Cancer, Heart Attack, Stroke, Other Applications
Top 5 Major Players:
- China Life Insurance Company Limited
- Allianz SE
- Ping An Insurance Company of China Ltd
- Aviva PLC
- Legal and General Group PLC
Simultaneously, the landscape of the enzyme diagnostic market is undergoing a transformative shift with the gradual integration of machine learning and artificial intelligence. Artificial intelligence, as a simulation of human intellect within machines, is increasingly becoming a pivotal force in the domain. Machine learning, a subset of AI, facilitates a nuanced analysis of pertinent data, providing profound insights into enzyme functionality. This technological synergy empowers companies in the enzyme diagnostic sector to conduct comprehensive analyses, offering invaluable insights into the intricate relationship between protein structure, function, and evolution. Notably, visionary enterprises like BioMarker are making strategic investments in AI and machine learning, revolutionizing the landscape of enzyme diagnostics for enhanced efficiency and precision.
The critical illness insurance market report table of contents includes:
1. Executive Summary
2. Critical Illness Insurance Market Characteristics
3. Critical Illness Insurance Market Trends And Strategies
4. Critical Illness Insurance Market – Macro Economic Scenario
5. Global Critical Illness Insurance Market Size and Growth
…..
31. Global Critical Illness Insurance Market Competitive Benchmarking
32. Global Critical Illness Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Critical Illness Insurance Market
34. Critical Illness Insurance Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Critical Illness Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Critical Illness Insurance Market, Segmentation By Premium Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Critical Illness Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: China Life Insurance Company Limited Financial Performance
Table 75: Allianz SE Financial Performance
Table 76: Ping An Insurance Company of China Ltd. Financial Performance
Table 77: Aviva plc Financial Performance
Table 78: Legal and General Group plc Financial Performance
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