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Cancer Insurance Market | Industry Key Players - Allianz SE, Munich Reinsurance America, Inc., American Express Company, Cancerex Insurance Services, Aviva PLC, Saga Plc
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The global cancer insurance market is estimated to account for over USD 112.5 billion revenue by 2025, driven by increasing incidences of cancer, growing healthcare awareness and increasing government initiatives is fuelling the growth of this market at a healthy growth rate. The fact, however is that chances of being detected with cancer has increased with the changing lifestyle patterns. Worse there are over 100 types of cancer and any person can fall victim to this deadly disease. According to British Journal of Cancer, the cancer diagnosis rate has increased tremendously over the years and the cancer risk to people born since 1960 stands greater than 50% now.
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In the 21st century the probability of getting caner has increased substantially and the treatment cost has increased many folds. In fact the total cost of cancer treatment has a potential to burn the hard earned money and causes financial burden on the uninsured medium and low class society. As per the reports by ‘’The American Cancer Society’’, cancer is the leading cause of death with approximately 1.5 million fresh cancer cases detected in 2017 and over 15 million cancer patients are currently residing in U.S. The cancer has not only put a toll on the health of the patients but has contributed to a tremendous financial burden. In the year 2014, over 80 billion USD were spent on cancer related health care expenditures.
Key segments of the global cancer insurance market
End User Type Overview, 2015 – 2025 (Revenue)
• Male
• Female
Distribution Channel Type Overview, 2015 – 2025 (Revenue)
• Brokers
• Bancassurance
• Agents
• Direct Sales
• Others
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