Critical illness insurance market to hit $295b by 2032

The region is likely to see significant expansion, driven by population growth.

The global critical illness insurance market was valued at $ 111.60b in 2023 and is projected to reach $ 294.87b by 2032, growing at a CAGR of 11.4% from 2024 to 2032, according to Market Data Forecast. 

The market is expected to expand to $ 124.32b in 2024.  

The medical insurance segment is expected to dominate the market, maintaining its 41.21% share from 2022 due to rising healthcare costs, particularly for cancer treatments.

Cancer-related coverage held 40.23% of the market in 2020 and is projected to continue growing. 

The individual insurance segment is also expected to lead, holding a 56.10% share in 2020, with further growth anticipated during the forecast period.  

The Asia-Pacific region is likely to see significant expansion, driven by population growth, key market players, and supportive government policies. 

India, in particular, is emerging as a key market, with rising awareness of insurance products and government and private sector initiatives, including medical tourism, contributing to its growth.