What Fueled The Previous Growth In The Cancer Insurance Market?
The cancer insurance market has seen considerable growth due to a variety of factors.
• The cancer insurance market has grown strongly in recent years. It will rise from $75.67 billion in 2024 to $82.01 billion in 2025, at a compound annual growth rate (CAGR) of 8.4%.
Growth is attributed to increasing cancer rates, medical inflation, awareness campaigns, rising premiums due to treatment costs, economic growth, and government policies and support.
How Does the Forecast Look for the Cancer Insurance Market?
The cancer insurance market is expected to maintain its strong growth trajectory in upcoming years.
• The cancer insurance market is expected to reach $112.08 billion by 2029, with a CAGR of 8.1%.
This growth is attributed to an aging population, innovations in products and services, economic factors, evolving healthcare regulations, awareness campaigns, and the impact of the pandemic. Trends include comprehensive coverage product innovation, customizable policies, integration with health plans, and technological advancements that influence coverage options.
What Are The Leading Drivers Of Growth In The Cancer Insurance Market?
The increasing incidence of cancer is expected to drive the growth of the cancer insurance market. As cancer rates rise due to aging populations and environmental factors, cancer insurance is becoming more critical in managing the high costs of treatment. The International Agency for Research on Cancer forecasted nearly 20 million new cancer cases globally in 2022, further propelling the demand for cancer insurance.
How Are The Segments Defined Within The Global Cancer Insurance Market?
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
Subsegments:
1) By Lung Cancer: Smoking-Related Lung Cancer Insurance, Non-Smoking-Related Lung Cancer Insurance, Early-Stage Lung Cancer Insurance, Advanced-Stage Lung Cancer Insurance
2) By Liver Cancer: Hepatitis-Related Liver Cancer Insurance, Non-Viral Liver Cancer Insurance, Early-Stage Liver Cancer Insurance, Advanced-Stage Liver Cancer Insurance
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Which Emerging Market Trends Are Altering The Cancer Insurance Industry?
In the cancer insurance market, companies are introducing specialized insurance policies, such as cancer insurance for women, to meet specific healthcare needs. For example, in March 2024, Elephant.in, an India-based insurance provider, launched a cancer insurance policy tailored for women. The policy covers five types of cancers that commonly affect women, including breast, cervical, ovarian, oral, and colorectal cancers, offering lump sum payouts from ?5,00,000 to ?30,00,000 upon diagnosis.
Who Are the Key Players In The Cancer Insurance Market?
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
What Is The Most Dominant Region In The Cancer Insurance Market?
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.
