Allied Market Research published a report, titled, Global Cancer Insurance Market Share by Insurance Plan (Individual, Supplement, Critical Illness, and Others), and Gender (Male and Female): Global Opportunity Analysis and Industry Forecast, 2023–2032. According to the report, the global cancer insurance industry generated $61.7 billion in 2022, and is anticipated to generate $159.9 billion by 2032, witnessing a CAGR of 10.2% from 2023 to 2032.
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Prime determinants of growth
Growing advancement in cancer treatment and increasingly aging population are two main significant factors driving the growth of the cancer insurance market. Furthermore, high costs of insurance premiums to hamper the cancer insurance market growth. Moreover, rising cancer cases to provide significant opportunity for cancer insurance market growth.
COVID-19 scenario
- The COVID-19 pandemic had a positive impact on the global cancer insurance market size. Due to the virus’s quick spread, businesses were compelled to provide more health offerings including cancer insurance solution.
- Businesses recognized the need to attain cancer insurance solutions to provide financial benefits to the people during the time of pandemic. The pandemic highlighted the importance of weak health and immunity.
The individual plan segment to maintain its leadership status throughout the forecast period
Based on insurance plan segment, the individual plan segment attained more than half of the market-share and will continue to dominate the market for the forecast period as the plan is affordable for middle- and lower-class income earning groups. However, from 2023 to 2032, the critical illness plan is expected to grow at the fastest rate of 12.3%. This is due to the lump sum benefit provided by the plan.
The male segment to maintain its leadership status throughout the forecast period
Based on gender, the male segment held the highest market share in 2022, accounting for more than three-fifths of the cancer insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because of increasing smoking and alcohol intake among the males. However, from 2023 to 2032, the female segment is expected to grow at the fastest rate of 11.7%. This is because of increasing lack of proper diet among the young females.
The North America segment to maintain its leadership status throughout the forecast period
Based on region, North America held the highest market share in 2022, accounting for around one-third of the cancer insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because of increasing cancer cases in the region. However, from 2023 to 2032, the Asia-Pacific segment is expected to grow at the fastest rate of 12.9%. This is because of increasing population, pollution and health problems in the region.
Leading Market Players:
- AXA
- AIG
- Breeze
- Physicians Mutual
- Mutual of Omaha
- United American
- United Healthcare
- China Life
- Cigna Global
- Aflac
The report provides a detailed analysis of these key players of the global cancer insurance market. These players have adopted different strategies such as new product launches, and other strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cancer insurance market analysis from 2022 to 2032 to identify the prevailing market.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cancer insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cancer insurance market trends, key players, market segments, application areas, and market growth strategies.
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