About Anti-cancer Insurance
Cancer is a broad term for a variety of disorders characterised by the uncontrollable division of aberrant cells with the ability to infiltrate and destroy normal human tissue. Cancer has a high proclivity for spreading throughout the body. Cancer is the second largest cause for deaths in world. Globally, the cancer treatments are also very high, due to wide range of medications, therapies and expensive healthcare equipment required in the treatment. The death rates are also decreeing, due to presence of advanced medical facilities. With Increasing Penetration of Insurance market, people are opting for cancer specific insurance policies. Although, rising competition is creating certain friction. Similarly, the emergence of tech based alternatives to traditional insurance companies such as that from Ant Group are rising in popularity. Geographically, Asia Pacific is emerging as a major market outside North America and Europe in terms of high growth prospectus.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Anti-cancer Insurance market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solution to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allianz SE (Germany), American International Group Inc. (United States), UnitedHealth Group Inc. (United States), MetLife, Inc. (United States), Ant Group (China), Prudential Plc (United Kingdom), Liberty Mutual Group (United States), Assicurazioni Generali S.p.A. (Italy), BNP Paribas Group (France), Axa S.A. (France) and China Life Insurance Company Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Aviva plc (United Kingdom), Zurich Insurance Group Ltd. (Switzerland) and Aegon (India).
Segmentation Overview
AMA Research has segmented the market of Global Anti-cancer Insurance market by Type (Benefit-based Anti-cancer Insurance and Reimbursable Anti-cancer Medical Insurance), Application (Lung Cancer, Liver Cancer and Others) and Region.
On the basis of geography, the market of Anti-cancer Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use, the sub-segment i.e. Adult will boost the Anti-cancer Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Benefit based Anti-cancer Insurance Accounts for Larger Market Share
Market Growth Drivers:
Rising Incidents of Cancer, High Cost of Cancer Treatment and Increasing Penetration of Insurance Market
Challenges:
Rising Competition due to Presence of Large Number of Players in Market
Restraints:
Less Awareness about Insurance in Developing Countries
Opportunities:
Asia Pacific Region Presents Huge Opportunity to Expand especially after Markets like India are Opening up for Foreign Investment in Insurance Sector
Market Leaders and their expansionary development strategies
In 2020, America’s largest mutual insurer company, New York Life Insurance Co. announced completion of acquisition of Cigna Corp.’s arm dealing with life, accident, and disability insurance business. The acquisition deal was valued at USD 6.3 billion, all in cash. The acquisition will significantly bolster New York Life’s market standings in the North American Market.
In 2021, Alliance Insurance, an India based Insurance brokers company announced a partnership with Clovia, which is a women’s personal care brand to launch a tailor made insurance policy to counter breast cancer known as “women’s cancer shield”. The deal involves clovia to be medium to reach out to consumers, whereas the Alliance would facilitate as the insurance partner aiding in breast cancer insurance policy.
Key Target Audience
Anti-cancer Insurance Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.