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Cancer Insurance Market Trends, Share, Size, Key Profiles, In-Depth Analysis And Forecast To 2033
Cancer Insurance Market Trends
As per the report, 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 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%.
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Rising Cancer Incidences Drive Growth In Cancer Insurance Market
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.
Novel Cancer Insurance Policies Targeting Women's Specific Health Needs
Major companies operating in the cancer insurance market are focusing on innovative insurance products, such as a special cancer insurance policy for women, to provide customized coverage for their specific health needs. The cancer insurance policy for women addresses the unique healthcare and financial needs of female policyholders facing a cancer diagnosis, providing specialized coverage and support. For instance, in March 2024, Elephant. in, an India-based insurance company, launched a unique cancer insurance policy designed specifically for women. The newly introduced policy is designed to provide robust financial security for women facing the significant burdens of cancer diagnosis and treatment. It covers the five main types of cancers that affect women-breast, cervical, ovarian, oral, and colorectal. The policies ensure lump sum payouts upon diagnosis of any covered cancer, offering financial support ranging from ₹5,00,000 ($0.5 million) to ₹30,00,000 ($0.3 million).
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
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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
Contents of the report:
1. Executive Summary
2. Cancer Insurance Market Report Structure
3. Cancer Insurance Market Trends And Strategies
4. Cancer Insurance Market - Macro Economic Scenario
5. Cancer Insurance Market Size And Growth
…..
27. Cancer Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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