The market for cancer insurance is expected to grow significantly, from $85.77 billion in 2023 to $139.77 billion by 2030. This growth is a result of an impressive 7.2% compound annual growth rate during the forecast period of 2023 to 2030.
The increasing incidence of cancer and the expensive cancer treatment, which often goes out of budget for a large part of the global population, provides a growing business opportunity for cancer insurance providers. In the 21st century, the changing lifestyle has increased the chances of getting cancer which is not only a threat to one’s disposable income but can also throw the patient into the debt trap. The likelihood of getting cancer has enlarged significantly and the treatment cost has gone up by a large amount in recent times. Worse the cancer treatment cost is several times high in other regions of the globe as compared to the Indian market.
The global cancer insurance market size is predicted to reach over USD 120 Billion by 2028. This can be ascribed to the growing demand for cancer insurance from adults as well as from children to safeguard their lives. The growing geriatric population and rising cancer incidences are some more factors proliferating the demand for cancer insurance from across the world. This is observed as a key factor driving the cancer insurance market growth on a global scale.
However, low penetration of medical insurance policies is attributed to the ignorance of people and unawareness about securing health. This lack of awareness & guidance is primarily restraining the cancer insurance market growth. However, improved marketing of such insurance policies and multiple government initiatives to push the adoption of medical insurance is creating a healthy demand for cancer insurances.
Cancer Insurance Market Scope
|Revenue forecast in 2030
|CAGR of 7.2 % during 2020-2030
|Distribution Channel, End user, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Atlas Cancer Insurance Services Ltd., Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., AFLAC INCORPORATED, Munich Reinsurance Company, Ping An Insurance Company of China, Ltd. China Life Insurance Company Limited, MAPFRE Insurance Company Inc.and Prudential Financial Inc. among others.
Key Segments of the Global Cancer Insurance Market
Distribution Channel Overview, (USD Billion)
- Direct Sales
End user Overview, (USD Billion)
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global cancer insurance market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global cancer insurance market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the augmented analytics industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on distribution channel, and end user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global cancer insurance market. The report will benefit every stakeholder involved in the cancer insurance market.
- Managers within the cancer insurance industry looking to publish recent and forecasted statistics about the global cancer insurance market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global cancer insurance market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
As a general observation, the cancer insurance industry is a growing industry as the incidence of cancer is on the rise. People are becoming more conscious about their health and are investing a fair amount of money for insurance purposes. The treatment cost of cancer is very high and a huge amount of out-of-pocket expenditure is involved for the people without cancer insurance policies. Cancer insurance policies help clients save money for savior health concerns and treatment. These policies further cover the client’s cost of surgeries and other care treatments. The greatest public health challenge is providing affordable and equitable cancer care. All these factors are creating a huge demand for cancer insurance policies across the world.
The healthcare system is characterized by high rates of privatization, low penetration of social and voluntary health insurance schemes, a high amount of out-of-pocket expenditures, and approximately 15% of the population is covered by some degree of insurance coverage. This stat has shown tremendous opportunities for medical insurances such as cancer insurance. To increase the adoption of such insurance policies central and the government of the individual states have initiated several insurance schemes. For instance, ‘’The New India Assurance Company Limited (NIA)’’ and ‘’The Indian Cancer Society’’ have initiated specific cancer insurance policies to benefit a large pool of the Indian society. Such initiatives further ensuring the growth of the cancer insurance market on the global platform.
Distribution Channel Segment
Based on the distribution channel segment, the market is bifurcated into brokers, bancassurance, agents, direct sales and others. In 2020, the agent segments are accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, the direct sale segment is projected to attain major growth throughout the forecast years owing to its increasing benefits and demand from consumers across the world.
End user Segment
Based on the end-user, the market is segmented into adults and Children. The adults seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the growing cases of cancer infection among adults and increased demand for such insurance types from over 50 years age group.
The Asia Pacific region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand from the adult population to secure their lives. The highly populating countries across the Asia Pacific region including India, China, Japan are building a strong demand for cancer insurance in the global market. These nations are further reporting the growth in the count of cancer patients. This factor is making the cancer insurance market witness significant growth during the forecast period across Asia Pacific Region.
The major players of the global cancer insurance market are Allianz SE, Munich Reinsurance America, American Express Company, Cancerex Insurance Services and Aviva PLC among others. Moreover, the additional prospective market players in the cancer insurance market are Atlas Cancer Insurance Services Ltd., Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., AFLAC INCORPORATED, Munich Reinsurance Company, Ping An Insurance Company of China, Ltd. China Life Insurance Company Limited, MAPFRE Insurance Company Inc.and Prudential Financial Inc. among others.