The increasing incidence of cancer and the expensive cancer treatment, which often goes out of budget for a large part of the global population, provides a growing business opportunity for the cancer insurance providers.
Dallas, United States - November 5, 2020 /MarketersMedia/ —
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. As a general observation the cancer insurance industry is a growing industry as incidence of cancer is on the rise. People are becoming more conscious about their health and are investing a fair amount of money for insurance purposes. The treatment cost of cancer is very high and huge amount of out-of-pocket expenditure is involved for the people without cancer insurance policies. For instance, in India, the greatest public health challenge is providing an affordable and equitable cancer care. The per capita expenditure on cancer care in India is below USD 10 as compared to USD 100 per person in the developed and high income nations.
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The Indian health care expenditure is slightly above 1% of GDP and the out of pocket cancer payments comprises of over three quarters of expenditure in cancer. Also, the growing burden of cancer and its expenditure is imposing catastrophic threat which negatively affect the welfare of the patient’s family for several years down the line.
Cancer Insurance Market: New Alterations to Support International Cancer Therapeutics, Goes Beyond Covering Hospital Stays Alone
Growing instances of cancer led by current lifestyle and associated treatment burden on the back of high pricing brackets have critically affected patient reliance on high end treatment. However, several federal governments are investing aggressively towards novel healthcare models to improve healthcare delivery. This also includes tremendous scope for renewed medical reimbursements and insurance coverage plans to make cancer therapeutics more affordable. Adroit Market Research takes a detailed look into versatile market developments and trends that tend to have a significant impact on holistic growth trajectory.
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Recent research shows that emerging economies which are lacking in expert diagnosis and treatments, often witness multitudes of cancer patients opting for international treatment facilities. However, this actually burns a hole into the pockets of the patients as international cancer therapeutics are way too pricy.
Rising to the above situation, several governments across developing economies are actively vouching for competitive cancer insurance plans to encourage effective diagnosis and treatment amongst cancer patients. Leading players in cancer insurance market are investing towards refurbishments to eliminate current bottlenecks. As conventional cancer insurance coverage plans pay for treatments within domestic limitations and do not include international coverage. Leading insurance providers are therefore expanding the efficiencies of cancer insurance plans mimicking critical illness insurance plans which more efficiently fill the gaps in insurance delivery. Developments as such are likely to portray high revenue growth in cancer insurance market in the forthcoming years.
A dedicated cancer insurance coverage plan is designed to adequately meet the priorities of early stage detection and futuristic treatment plan to offset disease prognosis. Cancer insurance policies encompass coverage for multiple stages of cancers, inclusive of early stage to advances stages alike. Unlike the conventionally available policies that over coverage only for hospital stays, a dedicated cancer insurance plab includes coverage for all the therapies and diagnostics for cancer therapeutics.
The prominent players operating in the global cancer insurance market are Allianz SE, Munich Reinsurance America, Inc., American Express Company, Cancerex Insurance Services, Atlas Cancer Insurance Services Ltd., Aviva PLC, 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., Prudential Financial Inc., Chubb Limited among others. Key growth strategies such as strong focus on development of new and innovative products, collaborating with other players to generate awareness for breast health among patient population and expanding its geographic presence are adopted by the market players to expand their presence in the global cancer insurance market. For instance in the year 2014, Aflac Incorporated announced that Aflac Japan will introduce a cancer insurance product exclusively for Japan Post Co., Ltd. and Kampo (Japan Post Insurance Co., Ltd.). This new cancer insurance product was sold through Japan Post and Kampo will provide a lump-sum benefit for initial cancer diagnosis as well as benefits for hospital stays, outpatient visits and anti-cancer drug treatments.
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
Regional Overview, 2015 – 2025 (Revenue)
• North America
• U.S.A
• Rest of North America
• Europe
• U.K.
• Italy
• France
• Denmark
• Germany
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• Rest of Asia Pacific
• Latin America
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