2024 Cancer Insurance Market Report : Market Size, Growth Drivers, And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Cancer Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing cancer incidence rates, medical inflation, awareness and education, and a potential rise in premiums reflecting increased treatment costs, economic growth, government policies, and support.

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%. The growth in the forecast period can be attributed to an aging population, product and service innovations, economic trends, healthcare policies and regulations, awareness campaigns and marketing, and pandemic impact. Major trends in the forecast period include product innovation for more comprehensive coverage, customizable policies tailored to individual needs, integration with health plans or offered as riders, and advancements in technology influencing coverage options.

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Market Drivers and Trends:

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.

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).

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Major Key Players of the Market:

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

Cancer Insurance Market 2024 Key Insights:

• 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%.
• Rising Cancer Incidences Drive Growth In Cancer Insurance Market
• Novel Cancer Insurance Policies Targeting Women's Specific Health Needs
• North America was the largest region in the cancer insurance market in 2023

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