Cancer Insurance Market Expected to Reach $159.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cancer Insurance Market," The cancer insurance market size was valued at $61.66 billion in 2022, and is estimated to reach $159.9 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032.

Cancer insurance is a kind of critical illness insurance that will deliver predetermined sum of money to the policyholder in case of cancer diagnosis. The purpose of cancer insurance is to offer financial assistance to individuals that are facing high costs associated with cancer treatment, including medical expenses, medications, surgeries and other related costs. The cancer insurance market policy also acts a life insurance for cancer patients The lump sum payment will be used at the discretion of the policyholder to address different financial requirements during the cancer journey.  

The main advantage of having cancer insurance is to ensure that the person is financially protected. When a cancer diagnosis is implemented the cancer  insurance helps in paying for the lump sum benefit thus providing a safety net of funds to cover variety of costs in relation to treatment, recuperation and everyday life.  Furthermore, out of the pocket costs that are expensive in nature are associated with the health insurance. The expenditure of medical procedures, surgeries, prescription drugs and therapies are not entirely covered by the standard health insurance. In addition, cancer fund is flexible in nature and can be utilized in any way the user wants to utilize it.  

Cancer care policy is special kind of policy that is designed to provide financial assistance for cancer patients. The cancer insurance market helps in providing cover against various expenses that are associated with cancer diagnosis and treatment including hospitalization, chemotherapy, radiation and others. The most important eligibility requirement for opting for cancer insurance policy is that the person is not suffering prior to opting for it.  

Various types of cancers are covered under the cancer insurance policy and the cancer coverage is available in different stages. Cancer treatment available at the initial and minor stages is easily carried out. During the advance stage the treatment cost very high. Different cancers are covered under the minor and advanced stages of cancer insurance. Such as lung cancer, breast cancer, ovarian cancer, stomach cancer, hypopharyngeal cancer, prostate cancer  and others.  

Key players in the cancer insurance market trends adopt product launch, collaboration and joint venture as their key development strategy to sustain their growth in the market. For instance, in October 2023, AXA launched  CareForAll solution. CareForAll aims to serve customers living with chronic disease, the silver-haired segment and critical illness survivors, enabling them to access critical illness insurance as needed. Furthermore, in November 2023, GE Healthcare collaborated with BAMF Health to scale turnkey offerings inclusive of leading GE HealthCare technologies and services. The goal of the collaboration is to ensure an agile go-to-market approach to enhance the adoption of Theranostics solutions in the U.S. The arrangement supports a shared interest in better patient outcomes made possible through advanced diagnostics and radiotherapeutics. Theranostics in molecular imaging uses both imaging technology and targeted therapies to identify and treat diseases such as cancer as well monitor response to treatment. Moreover, in November 2022, Aflac and Trupanion entered into joint agreement to offer valuable per insurance solution in Japan. With the help of the joint venture, Aflac Pet insurance will take the advantage of Trupanion’s expertise and leadership in the pet insurance industry. Therefore, such strategies adopted by key players are expected to propel the growth of cancer insurance market. 

Growing advancement in cancer treatment and increasingly aging population are two main significant factors driving the growth of market. Furthermore, high costs of insurance premiums to hamper the cancer insurance market growth. Moreover, rising cancer cases to provide significant opportunity for growth of cancer insurance industry

Key Findings of the Study 

• Based on insurance plan, the individual segment accounted for the highest cancer insurance market share, in terms of revenue in 2022.  

• Based on gender, the male segment attained the highest share  in the cancer insurance industry in 2022. 

• Based on region, North America generated the highest revenue in cancer insurance market size in 2022.   

The key players in the cancer insurance market analysis include AXA , Aflac , Mutual of Omaha , Aviva Plc , Prudential Plc, UNUM Group, CVS Health, China Life, Cigna Group  and United Health  These players have adopted numerous strategies to increase their marketplace penetration and strengthen their position in the market.