Overview and Scope
The cancer insurance market includes revenues earned by entities by providing services such as lump-sum payments, non-medical expense coverage, support services, and nutritional counseling. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Sizing and Forecast
The cancer insurance market size has grown strongly in recent years. It will grow from $70.00 billion in 2023 to $75.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing cancer incidence rates, medical inflation, awareness and education, and a potential rise in premiums reflecting increased treatment costs, economic growth, government policies, and support.
The cancer insurance market size is expected to see strong growth in the next few years. It will grow to $103.76 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to an aging population, product and service innovations, economic trends, healthcare policies and regulations, awareness campaigns and marketing, and pandemic impact. Major trends in the forecast period include product innovation for more comprehensive coverage, customizable policies tailored to individual needs, integration with health plans or offered as riders, and advancements in technology influencing coverage options.
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Segmentation & Regional Insights
The cancer insurance market covered in this report is segmented –
1) By Type: Lung Cancer, Liver Cancer
2) By Insurance Plan: Individual Plan, Supplement Plan, Critical Illness Plan
3) By Distribution Channel: Brokers, Bancassurance, Agents, Direct Sales, Others Distribution Channels
4) By End-user: Adult, Children
North America was the largest region in the cancer insurance market in 2023. The regions covered in the cancer insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising cancer incidences are expected to propel the growth of the cancer insurance market going forward. Rising cancer incidences are primarily due to factors such as aging populations, lifestyle changes, including tobacco use and poor diet, and environmental factors such as pollution and exposure to carcinogens. Cancer insurance provides financial protection by covering medical expenses and related costs not typically covered by regular health insurance, offering support against the significant financial burden of cancer treatment. For instance, in April 2024, according to the International Agency for Research on Cancer (IARC), a France-based intergovernmental agency, and the American Cancer Society (ACS), a US-based non-profit organization dedicated to eliminating cancer, in 2022, there were nearly 20 million new global cancer cases, with predictions indicating a 77% rise to 35 million annually by 2050. Lung cancer was the most diagnosed (12.4%), followed by breast (11.6%) and colorectal cancers (9.6%). Lung cancer also led to fatalities, causing 1.8 million deaths (18.7%), followed by colorectal (9.3%) and liver cancers (7.8%). Therefore, the rising cancer incidences will drive the growth of the cancer insurance market.
Key Industry Players
Major companies operating in the cancer insurance market are UnitedHealth Group Incorporated, Ping An Insurance (Group) Company of China Ltd, Cigna Group, Allianz SE, Legal & General Group plc, AXA SA, Aetna Inc, MetLife Inc, Dai-ichi Life Holdings Inc, Munich Re Group, China Pacific Life Insurance Co Ltd, American International Group Inc, Liberty Mutual Insurance Company, China Life Insurance Company Limited, Zurich Insurance Group Ltd, MAPFRE SA, Huaxia Life Insurance Co Ltd, Aegon NV, AFLAC Incorporated, Atlas Cancer Insurance Services Ltd, Unum Group, Prudential plc, Bajaj Finserv Limited, Mutual of Omaha Insurance Company, Sun Life Financial Inc, Saga Plc
The cancer insurance market report table of contents includes:
1. Executive Summary
2. Cancer Insurance Market Characteristics
3. Cancer Insurance Market Trends And Strategies
4. Cancer Insurance Market – Macro Economic Scenario
5. Global Cancer Insurance Market Size and Growth
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32. Global Cancer Insurance Market Competitive Benchmarking
33. Global Cancer Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cancer Insurance Market
35. Cancer Insurance Market Future Outlook and Potential Analysis
36. Appendix
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