What is Cardiac Care Insurance Market?
Cardiac care insurance covers various expenses for the treatment of cardiovascular diseases. The average cost of cardiac disease treatments has been rising continuously over the past few years and having cardiac care insurance helps insurance holders to mitigate the loss of income as a claim amount. The high risk of cardiovascular diseases in young people in their late 20s and early 30s due to changes in lifestyle, stress, bad eating habits, and insufficient physical exercise will create noteworthy growth for the market. However, more and more people are shifting towards the critical illness plans that cover a wide range of critical illnesses like cancer, heart diseases, liver, stroke, etc., and also provide more coverage than a cardiac care insurance policy which may hamper the growth of the market.
Highlights from Cardiac Care Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Care Health Insurance (India), Star Health Insurance (India), Niva Bupa (India), HDFC Ergo (India), TD Insurance (Canada), Cigna (United States), Chubb Limited (Switzerland), Zurich Insurance Group (Switzerland), GeoBlue (United States), AXA (France), Assicurazioni Generali (Italy) and Allianz (Germany) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Care Health Insurance (India), Star Health Insurance (India), Niva Bupa (India), HDFC Ergo (India), TD Insurance (Canada), Cigna (United States), Chubb Limited (Switzerland), Zurich Insurance Group (Switzerland), GeoBlue (United States), AXA (France), Assicurazioni Generali (Italy) and Allianz (Germany) are some of the key players profiled in the study. Cardiac Care Insurance Market Segmentation:
Scope | Sub-Segments |
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Plans | Individual,Family |
Sales Channel | Direct & Digital,Agents/Brokers,Bancassurance |
Claim Process | Cashless Claim,Reimbursement Claims |
Coverage | In-Hospitalization Expenses,Pre and Post Hospitalization Expenses,Domiciliary Hospitalization & OPD Treatment,Annual Health Check-ups,Ambulance Expenses,Others |
Gender | Men,Women |
On the basis of geography, the market of Cardiac Care Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emerging Trend for Domiciliary Hospitalization or Remote Diagnostics Using New Technologies Among Patients After Covid-19 Pandemic
Market Growth Drivers:
Growing Number of Cardiac Patients Across the globe Due to Bad Eating Habits, Lack of Physical Exercise, and Busy Lifestyle and Continuously Increasing Medical and Healthcare Cost and Death Rates Due to Cardiac Conditions Will Drive the Market
Challenges:
Presence of a Large Number of Cardiac Care Insurance Providers in the Global Market Can Create Challenges
Restraints:
Preference Toward the Critical Illness Insurance Policy Among the Population May Hamper the Growth of Cardiac Care Insurance
Opportunities:
Robust Growth of Patients Seeking Cardiovascular Diseases Treatment in India During and Post-Pandemic and More Risk of Cardiovascular Diseases and High Propensity of Developing CHD in Men as Compared to Women
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Cardiac Care Insurance Providers, Insurance and Reinsurance Companies, Venture Capitalists and Private Equity Firms, Regulatory Bodies and Others
In September 2021, Star Health Insurance announced the launch of new cardiac care platinum and cancer care platinum policies. Cardiac care platinum insurance policy is available for individuals aged between 7 years and 70 years. The policy covers hospitalization expenses for cardiac and non-cardiac conditions after 30 days of policy inception.