Cancer is one of the most important health problem and the most costly 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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Adroit Market Research launched a fresh research study titled, “Global Cancer Insurance Market Size 2018, By End User (Male, Female), By Distribution Channel (Brokers, Bancassurance, Agents, Direct Sales, Others), By Region and Forecast 2018 to 2025”. 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.
The global cancer insurance market is estimated to account for over USD 112.5 billion revenue by 2025, driven by increasing incidences of cancer, growing healthcare awareness and increasing government initiatives is fuelling the growth of this market at a healthy growth rate. The fact, however is that chances of being detected with cancer has increased with the changing lifestyle patterns. Worse there are over 100 types of cancer and any person can fall victim to this deadly disease. 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% now.
Browse Complete Report on Cancer Insurance Market
In the 21st century the probability of getting caner has increased substantially and the treatment cost has increased many fold. In fact the total cost of cancer treatment has a potential to burn the hard earned money and causes financial burden on the uninsured medium and low class society. As per the reports by ‘’The American Cancer Society’’, cancer is the leading cause of death with approximately 1.5 million fresh cancer cases detected in 2017 and over 15 million cancer patients are currently residing in U.S. The cancer has not only put a toll on the health of the patients but has contributed to a tremendous financial burden. In the year 2014, over 80 billion USD were spent on cancer related health care expenditures.
Total U.S. Expenditure For Cancer By Source of Payment (2014)
Potentials of Asia Region Markets
The cancer insurance market in Japan is the largest, however the Japan’s insurance market is in the maturation stage and the companies have been working to expand their business base
overseas. The emerging country markets of Asia region countries and BRICs have the potential for large growth. The insurance penetration rates (ratio of insurance premiums against GDP) of the United States and European countries are roughly as high as Japan’s – about 7%-12%. On the other hand, the insurance penetration rate of emerging markets of the Asian region and BRICs is relatively low – in the 1%-4% range – so, those markets can be considered to have considerable growth potential.
Cancer in India – Background and Facts
Growing Incidences- Cancer is the leading cause of death in India and as of 2016 approximately 1.4 million new cases were detected and among these the women dominated the cases with most of the cases were of breast, lung and cervical cancer.
Insufficient Intervention – There has been not enough intervention by government in providing cancer awareness which has pushed approximately 45% of families with one cancer patient into catastrophic expenditures.
Inadequate Infrastructure – The total number of hospitals, staff and equipment for oncology are not enough to manage the current trend of existing and the growing trend of new cancer cases.
Poor Awareness and no early detection technique– Cancer of all types if detected at early stage can be efficiently cured and treated. However the disease and techniques to test it is having low awareness among the general and the well educated people.
High Costs – The treatment cost of dreadful cancer is very high and in the range of INR 20-50 lakhs.
Cancer Treatment Cost India (USD)
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.
Key segments of the global cancer insurance market
End User Type Overview, 2015 – 2025 (Revenue)
Distribution Channel Type Overview, 2015 – 2025 (Revenue)
Regional Overview, 2015 – 2025 (Revenue)
Rest of North America
Rest of Europe
Rest of Asia Pacific
The report analyzes several players in the market, some of which include:
Munich Reinsurance America, Inc.
American Express Company
Cancerex Insurance Services
Atlas Cancer Insurance Services Ltd.
Bajaj Finserv Limited
China Pacific Life Insurance Co., Ltd.
Munich Reinsurance Company
Ping An Insurance Company of China, Ltd.
China Life Insurance Company Limited
MAPFRE Insurance Company Inc.
Prudential Financial Inc.
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