Cancer Insurance Global Market Report 2024

Cancer insurance is an additional form of health coverage designed to assist with expenses arising from the diagnosis and treatment of cancer that go beyond what regular health insurance typically covers. This can encompass medical treatments, non-medical costs, income loss during treatment, and other related expenditures.

There are several types of cancer insurance, such as lung cancer and liver cancer coverage. Lung cancer insurance targets individuals specifically concerned about the risks associated with lung cancer, offering financial assistance for medical treatments, care, and associated expenses related to lung cancer diagnosis and treatment. These insurance plans are classified into individual plans, supplement plans, and critical illness plans. Distribution channels include brokers, bancassurance, agents, direct sales, and others, while the end users encompass both adults and children.

The cancer insurance market research report is one of a series of new reports that provides cancer insurance market statistics, including cancer insurance industry global market size, regional shares, competitors with an cancer insurance market share, detailed cancer insurance market segments, market trends and opportunities, and any further data you may need to thrive in the cancer insurance industry. This cancer insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cancer insurance market size has grown strongly in recent years. It will grow from $70.0 billion in 2023 to $75.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. Historical growth can be traced to rising cancer incidence rates, medical inflation, heightened awareness and education, and potential premium increases reflecting higher treatment costs, economic expansion, governmental 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%. Projected growth is anticipated due to an aging population, advancements in products and services, economic shifts, healthcare policies and regulations, awareness initiatives, marketing efforts, and the impact of pandemics. Key trends in the forecast period include innovative product developments for broader coverage, customizable policies adapted to personal requirements, integration with health plans or as supplementary options, and technological advancements influencing coverage offerings.

The increasing number of cancer cases is expected to drive the growth of the cancer insurance market in the future. This rise is mainly attributed to factors such as aging populations, lifestyle changes such as tobacco use and unhealthy diets, and environmental elements such as pollution and exposure to carcinogens. Cancer insurance offers financial protection by covering medical expenses and other related costs that regular health insurance may not cover, thus helping individuals cope with the substantial financial burdens associated with cancer treatment. For example, according to the International Agency for Research on Cancer (IARC) and the American Cancer Society (ACS), global cancer cases reached nearly 20 million in 2022, with projections indicating a 77% increase to 35 million annually by 2050. Lung cancer was the most prevalent (12.4%), followed by breast (11.6%) and colorectal cancers (9.6%). Lung cancer also accounted for the most deaths, causing 1.8 million fatalities (18.7%), followed by colorectal (9.3%) and liver cancers (7.8%). Therefore, the rising number of cancer cases is expected to boost the growth of the cancer insurance market.

Key players in the cancer insurance market are focusing on developing innovative insurance products, such as specialized cancer insurance policies tailored for women, to offer personalized coverage for their specific healthcare needs. These policies address the unique medical and financial requirements of female policyholders dealing with a cancer diagnosis, providing them with specialized coverage and assistance. For instance, Elephant.in, an India-based insurance company, introduced a unique cancer insurance policy specifically designed for women in March 2024. This policy aims to provide strong financial security to women facing the significant challenges of cancer diagnosis and treatment, covering the five main types of cancers affecting women - breast, cervical, ovarian, oral, and colorectal. It offers lump sum payouts upon diagnosis of any covered cancer, providing financial support ranging from ₹5,00,000 ($0.5 million) to ₹30,00,000 ($0.3 million).

In March 2024, Osara Health, a U.S.-based healthcare solutions provider, collaborated with Allstate Benefit to offer comprehensive cancer support programs to its policyholders. This partnership represents a significant development in the U.S. health insurance market, aiming to improve the overall cancer care experience for individuals battling cancer. Allstate Benefits, a U.S.-based insurance company specializing in cancer insurance policies, is part of this initiative.

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.

North America was the largest region in the cancer insurance market in 2023. The regions covered in the cancer insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cancer insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cancer insurance market includes revenues earned by entities by providing services such as lump-sum payments, non-medical expense coverage, support services, and nutritional counseling. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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