Cancer Insurance Market to Grow at 6.7% CAGR to Hit $112.5 Billion by 2025 - Adroit Market Research

Increasing incidences of cancer coupled with high economic burden of treatment is expected to drive the cancer insurance market in coming years. In terms of end user, male segment dominated the global Cancer Insurance market by contributing 59.8% in 2017 and is expected to grow at a CAGR of 6.1% over the forecast period.

Dallas, Texas, April 15, 2019 (GLOBE NEWSWIRE) -- The global cancer insurance market is expected to reach USD 112.5 billion by 2025 majorly driven by driven by increasing incidences of cancer, high economic burden of the disease and increasing awareness regarding reimbursements across the emerging economies. According to British Journal of Cancer, the cancer diagnosis rate has increased tremendously over the years and the cancer risk to people born since 1960 stands greater than 50% as of 2017. High costs of radiation therapy and oncology drugs has resulted in adoption of insurance policies by the people in various countries. Furthermore, availability of cancer insurance policies at very low price is attracting large number of public towards insurance plans. However, lack of awareness regarding cancer cover in countries high prevalence rates is expected to hamper the growth of cancer insurance market in coming years.

The study covers the global cancer insurance market value for a period ranging in between 2015 to 2025, where 2015 to 2017 imply the historical value with forecast between 2018 and 2025. The global cancer insurance market report also includes qualitative insights of the market such as pipeline analysis, porter’s five forces analysis, drivers and restraints.

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In terms of end user, male segment dominated the global market by contributing 59.8% in 2017 and is expected to grow at a CAGR of 6.1% over the forecast period. On the other hand, female segment is expected to emerge as a most potential segment pertaining to high awareness levels pertaining to digitalization. High level of awareness of breast cancer amongst all the major economies has resulted in adoption of cancer polices by women. Additionally, Genetic testing for BRCA1 & BRCA2 is getting popular amongst women hence population detected with abnormal levels are going for cancer policies.

In terms of distribution channel, agents held majority of market share in 2017 and is expected to do so by 2025 however, others segment is expected to grow at fastest CAGR of 7.7% over the forecast period. Increasing popularity of online insurance providers is anticipated to fuel the others segment growth by 2025.
In terms of region, Asia Pacific accounted for majority of the cancer insurance market and is likely to exhibit lucrative growth in coming years. Increasing awareness in countries such as India and china coupled with well-established market in japan is expected to support the market growth in coming years. Within Asia Pacific, japan is the largest market as of 2017, however the Japan’s insurance market is in the maturation stage and the companies have been working to expand their business base overseas. The developing countries within Asia and BRICs have the potential for large growth in coming years. The insurance penetration rates of the U.S. and European countries are roughly as high as Japan’s – approximately 7-12% which is the key factor for well-established cancer insurance market in the country.

The “Global Cancer Insurance Market Size by Distribution Channel (Brokers, Bancassurance, Agents, Direct Sales, Others), by End user (Adult, Children), By Region (US, Germany, UK, Italy, France, Denmark, Rest Europe, China, India, Japan, Rest APAC, and Latin America) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.

Cancer is one of the most important health problem and the costliest illness in the United States. It is also regarded as having a heavy out-of-pocket health care costs which is often physically and emotionally difficult for those living with it. For people suffering with cancer, the yearly out of pocket expenditures is USD 1,061 which is approximately three times more as compared to people without it i.e. USD 375. These surplus expenditures particularly become burdensome for low income category which end up paying a higher amount for health care. Also the people having cancer and having annual income below USD 20,000.0 spend approximately 9% of their annual income on healthcare as compared to 1% expenditure by people having cancer and annual income of USD 55,000. With the rising number of cancer detection cases and burden of healthcare expenditure, cancer insurance can help to provide a financial cushion to help through the time of need and recovery.

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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.

Major points from Table of Contents:
Chapter 1 Research Methodology
Chapter 2 Executive Summary
Chapter 3 Market Overview
Chapter 4 Cancer Insurance Market End User Overview
Chapter 5 Cancer Insurance Market Distribution Channel Overview
Chapter 6 Cancer Insurance Regional Overview
Chapter 7 Company Profiles
Chapter 8 Future Outlook of the Market
Chapter 9 Conclusions and Recommendations
Continued…

Grasp advance knowledge on Cancer Insurance Industry through in-depth Blogs, White Paper & Infographics:

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Read the in depth blog titled “Is Cancer Insurance Plan The Best Way To Treat Cancer?” @ https://www.adroitmarketresearch.com/blogs/is-cancer-insurance-plan-the-best-way-to-treat-cancer

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