Cancer Insurance Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Cancer Insurance Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 15, 2024 /EINPresswire.com/ -- The global cancer insurance market has demonstrated robust growth, expanding from $70.00 billion in 2023 to a projected $75.67 billion in 2024, with a compound annual growth rate (CAGR) of 8.1%. This growth can be attributed to rising cancer incidence rates, medical inflation, increased awareness and education, and anticipated premium increases reflecting higher treatment costs, economic growth, and supportive government policies.

Rising Cancer Incidences Fuel Market Growth
The cancer insurance market is expected to see significant growth over the coming years, reaching an estimated $103.76 billion by 2028, driven by a CAGR of 8.2%. This growth is supported by factors such as an aging population, ongoing product and service innovations, favorable economic trends, evolving healthcare policies, and effective awareness campaigns. Additionally, advancements in technology are influencing coverage options, with trends including comprehensive product innovations, customizable policies, integration with health plans or as riders, and improvements in technology. The rise in cancer incidences is a major driver for the market, with factors such as aging populations, lifestyle changes, and environmental exposures contributing to this increase. Cancer insurance offers financial protection by covering medical expenses and related costs not typically included in standard health insurance, thus mitigating the financial burden of cancer treatment. For example, the International Agency for Research on Cancer (IARC) and the American Cancer Society (ACS) reported nearly 20 million new global cancer cases in 2022, with projections indicating a 77% increase to 35 million cases annually by 2050. Lung cancer remains the most diagnosed and fatal, followed by breast and colorectal cancers. This rising incidence will further drive the growth of the cancer insurance market.

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Key Players and Market Trends
Leading companies in the cancer insurance market include 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, and Saga Plc. These companies are focusing on innovative insurance products, such as specialized cancer insurance policies for women, to provide tailored coverage for specific health needs. For instance, Elephant.in, an India-based insurance company, introduced a new cancer insurance policy in March 2024 designed specifically for women. This policy covers five major cancers affecting women—breast, cervical, ovarian, oral, and colorectal—with lump sum payouts ranging from ₹5,00,000 ($0.5 million) to ₹30,00,000 ($0.3 million), offering robust financial support for women facing cancer.

Segments:
• Type: Lung Cancer, Liver Cancer
• Insurance Plan: Individual Plan, Supplement Plan, Critical Illness Plan
• Distribution Channel: Brokers, Bancassurance, Agents, Direct Sales, Others Distribution Channels
• End-user: Adult, Children

Geographical Insights: North America Leading the Market
North America was the largest region in the cancer insurance market in 2023, with the market expected to see significant growth in other regions as well. The report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Cancer Insurance Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Cancer Insurance Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cancer insurance market size, cancer insurance market drivers and trends, cancer insurance market major players, competitors' revenues, market positioning, and market growth across geographies. The cancer insurance market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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