The global cancer insurance market size is likely to attain over USD 120 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 7% during the forecast years 2021-2028. Cancer insurance is a type of health insurance designed to manage risks associated with cancer. It helps mitigate the costs of cancer treatment and provides policyholders with financial support. It offers multiple benefits such as payout of a lump sum amount on diagnosis of cancer, waiver of premium under certain conditions like early-stage cancer, discounts on premiums for sum assured above a certain amount among others.
A growing count of cancer patients reported as a primary factor boosting the global demand for cancer insurance policies. Critical illness insurance offers the much-needed financial stability for catastrophic medical costs for the dependents of cancer-affected patients. The demand for such products is on the rise across multiple regions as underinsurance is a major issue in these developing economies. Considering the benefits associated with cancer insurance, people are increasingly inclining toward its adoption. At the same time, the rising geriatric population in developing countries has substantially helped in the growth in terms of awareness and interests in income protection and insurance products. Combining all these factors, the demand for cancer insurance covers and products is growing across developing as well as developed nations which is not only helping in safeguarding the overall health but also providing a cushion on the financial burden to be faced afterward.
The cancer insurance market has tough competition among the new emerging and pre-established market vendors. Besides, the cancer insurance industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
On the basis of distribution channels, the cancer insurance market is segmented into brokers, bancassurance, agents, direct sales among others. The majority of the global cancer insurance market is dominated by agents as these agents work on behalf of the individual or group. The agents are most popular in the European and Asia Pacific regions, however, with the advent of technological advancement, the focus of cancer insurance policies being sold through the agents is now being shifted towards the online medium and bancassurance types of other channels which are much better and easy from the customer point of view while claiming for the policy. In the forecast period, the bancassurance and other channels like an online medium expected to foresee very good growth in the developing economies of the world..
The Asia Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the cancer insurance market in this region is mostly ascribed to the growing adoption of cancer insurance by the population over 50 years age group. This increase is mainly ascribed to the highly populated countries such as India, Japan, and China. Moreover, the medical cost in the Asia Pacific region is on the rise due to the higher survival rates of critical illnesses combined with decreasing birth rates and the rising geriatric population. In order to support the associated costs, the healthcare systems in these regions are increasing their scope in order to protect more individuals from savior diseases like cancer.
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.
Segment Overview of Global cancer Insurance Market
Distribution Channel Overview, 2019-2028 (USD Billion)
- Direct Sales
End user Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America