What is 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.
The market study is broken down by Type (Benefit-based Anti-cancer Insurance and Reimbursable Anti-cancer Medical Insurance), by Application (Lung Cancer, Liver Cancer and Others) and major geographies with country level break-up.
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).
AdvanceMarketAnalytics has segmented the market of Global Anti-cancer Insurance market by Type, Application 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.
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.
- Benefit based Anti-cancer Insurance Accounts for Larger Market Share
- Rising Incidents of Cancer
- High Cost of Cancer Treatment
- Increasing Penetration of Insurance Market
- Asia Pacific Region Presents Huge Opportunity to Expand especially after Markets like India are Opening up for Foreign Investment in Insurance Sector
- Less Awareness about Insurance in Developing Countries
- Rising Competition due to Presence of Large Number of Players in Market
Key Target AudienceAnti-cancer Insurance Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About ApproachTo 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 the 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 purpose to understand companys positioning regarding 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 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as 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) etc.
2. Can we have customized study for Anti-cancer Insurance Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Anti-cancer Insurance Market by 2026?
Analysts at AMA estimates Anti-cancer Insurance Market to reach USD Million by 2026.