The Global Cancer Insurance Market was Worth USD 80.22 Billion in 2022 and is Estimated to Grow to USD 140.43 Billion by 2030, with a CAGR of Around 7.20 % Over the Forecast Years From 2023 To 2030.
Cancer Insurance Market Overview
For a considerable portion of the worldwide population, the high cost of cancer treatment and the rising disease prevalence presents a huge commercial opportunity for cancer insurance companies. The prevalence of cancer has grown in the 21st century due to changing lifestyles, which not only puts one’s disposable money at risk but also puts the patient in danger of falling into a debt trap. In recent years, the risk of developing cancer and the expense of treatment has increased considerably. Worse still, compared to the Indian market, the cost of cancer treatment is far higher in other parts of the world. However, the poor penetration of medical insurance coverage is related to peoples’ ignorance and lack of knowledge regarding health insurance. This lack of knowledge and direction largely constrains the expansion of the cancer insurance sector.
Since the most recent COVID-19 pandemic began, it has spread swiftly worldwide. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the U.S. are among the countries with the most confirmed cases and recorded deaths as of March 2020. The COVID-19 outbreak has affected the economies and industries of many different countries due to lockdowns, travel bans, and business closures. The worldwide food and beverage industry, which is already struggling with supply chain delays, technology event cancellations, and workplace closures, is one of the key industries affected by this epidemic. China is the hub of global industry, boasting the best suppliers of raw materials.
The increasing number of cancer patients worldwide is a significant factor driving the need for cancer insurance coverage. Critical illness insurance offers the much-needed financial stability for catastrophic medical costs for the dependents of cancer patients. Global demand for such goods is rising as underinsurance is a significant issue in many developing countries. When people evaluate the benefits of cancer insurance, they are beginning to favor it more and more. Additionally, the rising senior population in emerging countries has greatly increased awareness of and demand for income protection and insurance products.
Companies that provide cancer insurance have increased the cost of insurance premiums due to increased healthcare expenditures, including the cost of pharmaceuticals, hospital admission fees, and several additional treatments. Furthermore, the bulk of clients globally have a variety of chronic conditions. According to medical professionals, the cost of treating chronic illnesses has dramatically grown. The high cost of claim settlement, which limits market development, must thus be addressed by insurance companies.
The global cancer insurance market has been segmented into distribution channels and end-users.
- The cancer insurance market is divided into brokers, bancassurance, agents, and direct sales, among other categories, according to the distribution methods used. Agents comprise the bulk of the worldwide cancer insurance industry since they act on behalf of the individual or organization. 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’s point of view while claiming for the policy. The agents are most popular in the European and Asia Pacific regions. The projection period anticipates extremely strong development in the world’s developing countries, according to bancassurance and other channels like an internet medium.
- The global cancer insurance market is segmented based on end-users: adults and children. The children category held the highest growth rate during the forecast period 2021. The growing senior population has increased awareness of and interest in income protection and insurance products in emerging nations.
The global cancer insurance market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. In 2022, the Asia Pacific dominated the market. The rising prevalence of cancer insurance among those over 50 is mostly responsible for this region’s market growth for cancer insurance. This rise is mostly attributed to populous nations like China, Japan, and India. Additionally, healthcare expenditure is increasing in Asia-Pacific due to the region’s growing senior and elderly populations, declining birth rates, and greater critical disease survival rates. The healthcare systems in these areas are expanding their scope to protect more people from life-threatening illnesses like cancer to cover the accompanying expenditures.
Cancer Insurance Market Competitive Landscape
Some of the main competitors dominating the global cancer insurance market include– 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.
Global Cancer Insurance Market is segmented as follows:
Cancer Insurance Market by Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Direct Sales
Cancer Insurance Market by End-user Outlook (Revenue, USD Million, 2017 – 2030)
Cancer Insurance Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Cancer Insurance Market Report Scope
|Market Size Value in 2022
|USD 80.22 billion
|Revenue Forecast in 2030
|USD 140.43 billion
|CAGR of 7.2 % from 2023 to 2030
|Base Year for Estimation
|2017 – 2022
|2023 – 2030
|Revenue in USD million and CAGR from 2023 to 2030
|Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
|Distribution Channel, End-user, and Region
|North America; Europe; Asia Pacific; Latin America; Middle East & Africa
|U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies 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.