Increased Cost in Cancer Diagnosis Fuelling the Growth of Global Cancer Insurance Market
According to a new report published by Reports Monitor titled, “Cancer Insurance Market By Insurance Type, Agreement Overview, & Distribution Overview: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the cancer insurance market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Over the previous decade, there has been a change in outlook in the treatment of cancer, driven by progressions in personalized medicine and immuno-oncology. From the time of 2011 through 2016, 68 novel treatments have propelled across the world for the treatment of cancer. These advancements have prompted enhanced results for patients, particularly for metastatic disease and have prompted an increased number of patients receiving treatment. For doctors and payers, the convergence of novel treatments and increasing use of demonstrative testing has increased the already complex treatment calculations of numerous tumor types. Hence, many individuals are taking up different cancer insurance plans, as it acts just like a superficial form of financial backup, even if it doesn’t meet the overall treatment cost. The emphasis on oncology will stay high throughout the following decade driven by the ongoing research & development and unmet need.
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Cancer is one of the main causes of deaths over the world, which is credited to the increasing incidences of the ailment. In this way, healthcare professionals are focusing on the advancement of viable diagnostic and treatment solutions to check the prevalence level. Early discovery of the disease increases the success rate of treatment procedures. Subsequently, cancer insurance agencies and market players, through different awareness programs, are advancing the insurance plans and routine checkups.
North America is anticipated to be the largest revenue generator in the market and has captured more than 41% of the total revenue share in 2016. North America, among other regional segments, is expected to dominate the overall cancer insurance market, attributable to variables, for example, increasing expenses of cancer treatments and growing awareness for cancer care and treatments.
Furthermore, favorable government approaches supporting the growth of the manufacturing industry combined with the lower fabricating costs in nations, for example, India and China, are expected to draw in the attention of worldwide players to set their manufacturing plants in these parts. Likewise, the increase in the patient base is expected to accelerate the growth of the market in the Asia-Pacific region.
The major companies profiled in the report include: Allianz, Berkshire Hathaway, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, and Manulife Financial amongst others.
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