Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "Cancer Insurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The cancer insurance market size has grown strongly in recent years. It will grow from $70.0 billion in 2023 to $75.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. 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%.
Historical growth can be traced to rising cancer incidence rates, medical inflation, heightened awareness and education, and potential premium increases reflecting higher treatment costs, economic expansion, governmental policies, and support.
There are several types of cancer insurance, such as lung cancer and liver cancer coverage. Lung cancer insurance targets individuals specifically concerned about the risks associated with lung cancer, offering financial assistance for medical treatments, care, and associated expenses related to lung cancer diagnosis and treatment. These insurance plans are classified into individual plans, supplement plans, and critical illness plans. Distribution channels include brokers, bancassurance, agents, direct sales, and others, while the end users encompass both adults and children.
Projected growth is anticipated due to an aging population, advancements in products and services, economic shifts, healthcare policies and regulations, awareness initiatives, marketing efforts, and the impact of pandemics. Key trends in the forecast period include innovative product developments for broader coverage, customizable policies adapted to personal requirements, integration with health plans or as supplementary options, and technological advancements influencing coverage offerings.
The increasing number of cancer cases is expected to drive the growth of the cancer insurance market in the future. This rise is mainly attributed to factors such as aging populations, lifestyle changes such as tobacco use and unhealthy diets, and environmental elements such as pollution and exposure to carcinogens. Cancer insurance offers financial protection by covering medical expenses and other related costs that regular health insurance may not cover, thus helping individuals cope with the substantial financial burdens associated with cancer treatment.
For example, according to the International Agency for Research on Cancer (IARC) and the American Cancer Society (ACS), global cancer cases reached nearly 20 million in 2022, with projections indicating a 77% increase to 35 million annually by 2050. Lung cancer was the most prevalent (12.4%), followed by breast (11.6%) and colorectal cancers (9.6%). Lung cancer also accounted for the most deaths, causing 1.8 million fatalities (18.7%), followed by colorectal (9.3%) and liver cancers (7.8%). Therefore, the rising number of cancer cases is expected to boost the growth of the cancer insurance market.
Key players in the cancer insurance market are focusing on developing innovative insurance products, such as specialized cancer insurance policies tailored for women, to offer personalized coverage for their specific healthcare needs. These policies address the unique medical and financial requirements of female policyholders dealing with a cancer diagnosis, providing them with specialized coverage and assistance.
For instance, Elephant.in, an India-based insurance company, introduced a unique cancer insurance policy specifically designed for women in March 2024. This policy aims to provide strong financial security to women facing the significant challenges of cancer diagnosis and treatment, covering the five main types of cancers affecting women - breast, cervical, ovarian, oral, and colorectal.
In March 2024, Osara Health, a U.S.-based healthcare solutions provider, collaborated with Allstate Benefit to offer comprehensive cancer support programs to its policyholders. This partnership represents a significant development in the U.S. health insurance market, aiming to improve the overall cancer care experience for individuals battling cancer. Allstate Benefits, a U.S.-based insurance company specializing in cancer insurance policies, is part of this initiative.
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. The countries covered in the cancer insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Companies Featured
- 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
Key Topics Covered:
1. Executive Summary
2. Cancer Insurance Market Characteristics
3. Cancer Insurance Market Trends And Strategies
4. Cancer Insurance Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Cancer Insurance Market Size and Growth
5.1. Global Cancer Insurance Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Cancer Insurance Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Cancer Insurance Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Cancer Insurance Market Segmentation
6.1. Global Cancer Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Lung Cancer
- Liver Cancer
6.2. Global Cancer Insurance Market, Segmentation By Insurance Plan, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Individual Plan
- Supplement Plan
- Critical Illness Plan
6.3. Global Cancer Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Brokers
- Bancassurance
- Agents
- Direct Sales
- Others Distribution Channel
6.4. Global Cancer Insurance Market, Segmentation By End user, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Adult
- Children
7. Cancer Insurance Market Regional And Country Analysis
7.1. Global Cancer Insurance Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Cancer Insurance Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/bn85zn
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