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India Cancer Insurance Market, By Type (Standalone Cancer Insurance Plans, Cancer-specific Add-ons to Health Insurance Policies, Comprehensive Health Insurance Plans Covering Cancer Treatment); By Coverage (Basic Coverage Plans, Premium Coverage Plans with Higher Sum Insured, Plans with Coverage for Specific Stages of Cancer); By Payer Type (Individual Policyholders, Group Insurance Plans offered by Employers, Government-backed Insurance Schemes (Ayushman Bharat)); By Treatment Coverage (Coverage for Surgery, Coverage for Chemotherapy, Coverage for Radiation Therapy); By Distribution Channel (Direct Sales, Insurance Agents and Brokers, Online Sales Channels, Corporate Tie-ups and Bancassurance Partnerships); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: March 2024
- Report ID: BWC24209
- Available Format: PDF
- Page: 200
Report Overview
Rising cancer incidence, growing awareness, increasing disposable income, and government initiatives are expected to drive the India Cancer Insurance Market during the forecast period between 2024 and 2030.
India Cancer Insurance Market – Industry Trends & Forecast Report, 2030
India Cancer Insurance Market size was estimated at USD 6.46 billion in 2023. During the forecast period between 2024 and 2030, the India Cancer Insurance Market size is projected to grow at a CAGR of 6.45% reaching a value of USD 7.89 billion by 2030. Prominent drivers of the market are the increasing demand for cancer insurance among both adults and children as a means to safeguard their lives, the rising geriatric population, growing cancer incidences, and the associated need for cancer insurance. A crucial factor propelling market growth is the escalating incidence of cancer and the high costs associated with its treatment. The demand for cancer insurance has surged due to the financial strain imposed by the expensive nature of cancer treatments, often surpassing the budgets of a considerable portion of the global population. This trend presents a lucrative business opportunity for cancer insurance providers. In the 21st century, changing lifestyles have heightened the risk of cancer, posing not only a threat to individuals' disposable income but also potentially leading patients into a cycle of debt. The probability of developing cancer has markedly increased, accompanied by a substantial rise in treatment costs. Also, it is noteworthy that the cost of cancer treatment is significantly higher in many regions worldwide compared to the Indian market. Notably, enhanced marketing strategies for these insurance policies and various government initiatives aimed at promoting the uptake of medical insurance are fostering a robust demand for cancer insurance.
Cancer Insurance – Overview
Cancer insurance in India refers to a specialized type of insurance coverage designed to provide financial protection and support to individuals diagnosed with cancer. This insurance typically offers coverage for various aspects of cancer-related expenses, including medical treatments, hospitalization, surgery, chemotherapy, and other associated costs. The policy is structured to ease the financial burden on policyholders by providing financial assistance during the course of cancer treatment. With the increasing prevalence of cancer and rising healthcare costs, cancer insurance in India aims to offer individuals and their families a level of financial security and support in the face of a cancer diagnosis. The policy terms and coverage details may vary among insurance providers, but the overarching goal is to help policyholders manage the financial challenges associated with combating cancer.
India Cancer Insurance Market
Growth Drivers
Rising Cancer Incidence
In response to the escalating incidence of cancer, the imperative need for comprehensive health insurance in India becomes increasingly evident. As of 2022, the country witnessed approximately 1.2 million new cancer cases, resulting in 9,30,000 deaths. This alarming data underscores the urgent requirement for versatile and inclusive health insurance policies, especially as diseases like cancer continue to proliferate. With healthcare costs on the rise, possessing a robust health insurance plan is crucial to alleviate the financial burden associated with cancer treatment. A comprehensive policy not only offers financial protection but also ensures extensive coverage, adaptability, and sufficient coverage limits, providing individuals and their families with a necessary safeguard against the escalating healthcare expenses linked to rising cancer incidence.
Government’s Supportive Initiatives
In a significant stride towards healthcare inclusivity, the Indian government launched the Vajpayee Arogyashree Scheme (VAS) in 2010. While addressing the broader spectrum of health issues for economically disadvantaged households, this initiative specifically targets cancer, heart, and neurological diseases. Offering free tertiary care to those below the poverty line, VAS eliminates fees and copayments, includes screening programs, and facilitates transportation for rural families to urban hospitals. A study led by Neeraj Sood, Director of Research at the Schaeffer Center and funded by the World Bank Group, underscores VAS's impact. The evaluation of over 82,000 households revealed a substantial 64% reduction in mortality rates and a commendable 60% decline in out-of-pocket expenses related to covered medical conditions. The evidence underscores the pivotal role of government-backed insurance programs in fostering healthcare accessibility and alleviating financial burdens, particularly in the realm of cancer care.
Challenges
Low Awareness
Insufficient awareness poses a significant impediment to the growth of the India Cancer Insurance Market. The lack of widespread knowledge about the importance and benefits of cancer insurance hampers its adoption. This limited awareness inhibits individuals from recognizing the necessity of financial protection against the escalating costs associated with cancer treatment. Efforts to enhance awareness through targeted education and promotional initiatives are crucial to overcome this obstacle and drive the expansion of the cancer insurance market in India.
Impact of Escalating Geopolitical Tensions on India Cancer Insurance Market
The India Cancer Insurance Market face potential challenges due to escalating geopolitical tensions. The geopolitical climate, marked by strained relations and potential disruptions, impacts the stability and growth of the healthcare sector. In this context, the cancer insurance market faces hurdles in terms of funding, resource allocation, and operational continuity. The increased geopolitical risks may lead to fluctuations in financial markets and influence government healthcare policies. As a result, stakeholders in the India Cancer Insurance Market need to navigate a complex landscape, adapting strategies to mitigate geopolitical threats and ensure the continued provision of essential cancer care services.
India Cancer Insurance Market
Segmental Coverage
India Cancer Insurance Market – By Type
By type, the India Cancer Insurance Market is divided into Standalone cancer insurance plans, Cancer-specific add-ons to health insurance policies, and Comprehensive health insurance plans covering cancer treatment segments.
India Cancer Insurance Market – By Coverage
Based on coverage, the India Cancer Insurance Market is divided into Basic coverage plans, Premium coverage plans with higher sum insured, and Plans with coverage for specific stages of cancer segments.
India Cancer Insurance Market – By Payer Type
On the basis of payer type, the India Cancer Insurance Market is divided into Individual policyholders, Group insurance plans offered by employers, and Government-backed insurance schemes (e.g., Ayushman Bharat) segments.
India Cancer Insurance Market – By Treatment Coverage
Based on treatment coverage, the India Cancer Insurance Market is divided into Coverage for surgery, Coverage for chemotherapy, Coverage for radiation therapy, and Others (Targeted therapy, immunotherapy, or other advanced treatments) segments.
India Cancer Insurance Market – By Distribution Channel
Based on distribution channel, the India Cancer Insurance Market is divided into Direct sales, Insurance agents & brokers, Online sales channels, and Corporate tie-ups & bancassurance partnerships segments. The insurance agents & brokers segment holds the highest share in the India Cancer Insurance Market by distribution channel. The dominance is particularly notable in the Asia Pacific regions. Nevertheless, the landscape is evolving with technological progress. Cancer insurance policies, traditionally brokered by agents, are increasingly transitioning to online platforms and other channels like bancassurance. This shift aims to provide customers with more convenient and efficient means of policy claiming.
India Cancer Insurance Market – By Region
Geographically, the India Cancer Insurance Market is divided into North India, South India, East India, and West India regions.
Competitive Landscape
Major players operating in India Cancer Insurance Market include ICICI Lombard General Insurance, HDFC ERGO General Insurance, Max Bupa Health Insurance, Star Health and Allied Insurance, Care Health Insurance, Bajaj Allianz General Insurance, New India Assurance Company, Tata AIG General Insurance, and Future Generali India Insurance. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
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In February 2024 - The recent approval of NexCAR19 marks a significant advancement in India's fight against cancer. Developed through a collaboration with the National Cancer Institute (NCI) and the Vajpayee Arogyashree Scheme, this CAR T-cell therapy offers an affordable and locally produced option for patients. Led by Dr. Alka Dwivedi and her team, the therapy showed promising results, with a 64% reduction in mortality rates and a 60% decrease in out-of-pocket expenses. This achievement not only addresses the growing cancer burden in India but also establishes a model for global collaboration in developing impactful cellular therapies.
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In July 2023 - Narayana Health announced its plans for substantial expansion in the Caribbean and reinforced cancer care infrastructure in India.
Scope of the Report
|
Attributes |
Details |
|
Years Considered |
Historical Data – 2019–2030 |
|
Base Year – 2023 |
|
|
Estimated Year – 2024 |
|
|
Forecast Period – 2024–2030 |
|
|
Facts Covered |
USD Billion |
|
Market Coverage |
India |
|
Product/ Service Segmentation |
Type, Coverage, Payer Type, Treatment Coverage, Distribution Channel, Region |
|
Key Players |
ICICI Lombard General Insurance, HDFC ERGO General Insurance, Max Bupa Health Insurance, Star Health and Allied Insurance, Care Health Insurance, Bajaj Allianz General Insurance, New India Assurance Company, Tata AIG General Insurance, Future Generali India Insurance |
By Type
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Standalone cancer insurance plans
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Cancer-specific add-ons to health insurance policies
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Comprehensive health insurance plans covering cancer treatment
By Coverage
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Basic coverage plans
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Premium coverage plans with higher sum insured
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Plans with coverage for specific stages of cancer
By Payer Type
-
Individual policyholders
-
Group insurance plans offered by employers
-
Government-backed insurance schemes (e.g., Ayushman Bharat)
By Treatment Coverage
-
Coverage for surgery
-
Coverage for chemotherapy
-
Coverage for radiation therapy
By Distribution Channel
-
Direct sales
-
Insurance agents & brokers
-
Online sales channels
-
Corporate tie-ups & bancassurance partnerships
By Region
-
North India
-
South India
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East India
-
West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Cancer Insurance Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Rising cancer incidence
- Growing awareness
- Increasing disposable income
- Government initiatives
- Restraints
- Low awareness
- Affordability issues for lower income groups
- Claim settlement ratios
- Lack of standardization
- Opportunities
- Untapped market
- Product innovation
- Digital distribution
- Challenges
- Stringent regulatory environment
- Growing competition
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Cancer Insurance Market: Marketing Strategies
- India Cancer Insurance Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Type
- Standalone cancer insurance plans
- Cancer-specific add-ons to health insurance policies
- Comprehensive health insurance plans covering cancer treatment
- By Coverage
- Basic coverage plans
- Premium coverage plans with higher sum insured
- Plans with coverage for specific stages of cancer
- By Payer Type
- Individual policyholders
- Group insurance plans offered by employers
- Government-backed insurance schemes (e.g., Ayushman Bharat)
- By Treatment Coverage
- Coverage for surgery
- Coverage for chemotherapy
- Coverage for radiation therapy
- Others (Targeted therapy, immunotherapy, or other advanced treatments)
- By Distribution Channel
- Direct sales
- Insurance agents & brokers
- Online sales channels
- Corporate tie-ups & bancassurance partnerships
- By Region
- North India
- South India
- East India
- West India
- By Type
- Market Size & Forecast, 2019–2030
- North India Cancer Insurance Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Coverage
- By Payer Type
- By Treatment Coverage
- By Distribution Channel
- Market Size & Forecast, 2019–2030
- South India Cancer Insurance Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Coverage
- By Payer Type
- By Treatment Coverage
- By Distribution Channel
- Market Size & Forecast, 2019–2030
- East India Cancer Insurance Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Coverage
- By Payer Type
- By Treatment Coverage
- By Distribution Channel
- Market Size & Forecast, 2019–2030
- West India Cancer Insurance Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Coverage
- By Payer Type
- By Treatment Coverage
- By Distribution Channel
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- India Cancer Insurance Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on India Cancer Insurance Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- ICICI Lombard General Insurance
- HDFC ERGO General Insurance
- Max Bupa Health Insurance
- Star Health and Allied Insurance
- Care Health Insurance
- Bajaj Allianz General Insurance
- New India Assurance Company
- Tata AIG General Insurance
- Future Generali India Insurance
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 India Cancer Insurance Segmentation
Figure 2 India Cancer Insurance Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Figure 5 India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Figure 6 India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Figure 7 India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Figure 8 India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Figure 9 India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Figure 10 North India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Figure 11 North India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Figure 12 North India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Figure 13 North India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Figure 14 North India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Figure 15 North India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Figure 16 South India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Figure 17 South India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Figure 18 South India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Figure 19 South India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Figure 20 South India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Figure 21 South India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Figure 22 East India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Figure 23 East India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Figure 24 East India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Figure 25 East India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Figure 26 East India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Figure 27 East India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Figure 28 West India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Figure 29 West India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Figure 30 West India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Figure 31 West India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Figure 32 West India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Figure 33 West India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
List of Tables
Table 1 India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Table 2 India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Table 3 India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Table 4 India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Table 5 India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Table 6 India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Table 7 North India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Table 8 North India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Table 9 North India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Table 10 North India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Table 11 North India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Table 12 North India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Table 13 South India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Table 14 South India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Table 15 South India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Table 16 South India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Table 17 South India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Table 18 South India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Table 19 East India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Table 20 East India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Table 21 East India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Table 22 East India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Table 23 East India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Table 24 East India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Table 25 West India Cancer Insurance Market Size, By Value (USD Million), 2019–2030
Table 26 West India Cancer Insurance Market Share, By Type, By Value, 2019–2030
Table 27 West India Cancer Insurance Market Share, By Coverage, By Value, 2019–2030
Table 28 West India Cancer Insurance Market Share, By Payer Type, By Value, 2019–2030
Table 29 West India Cancer Insurance Market Share, By Treatment Coverage, By Value, 2019–2030
Table 30 West India Cancer Insurance Market Share, By Distribution Channel, By Value, 2019–2030
Table 31 ICICI Lombard General Insurance Company Overview
Table 32 ICICI Lombard General Insurance Company Overview
Table 33 HDFC ERGO General Insurance Company Overview
Table 34 HDFC ERGO General Insurance Company Overview
Table 35 Max Bupa Health Insurance Company Overview
Table 36 Max Bupa Health Insurance Company Overview
Table 37 Star Health and Allied Insurance Company Overview
Table 38 Star Health and Allied Insurance Company Overview
Table 39 Care Health Insurance Company Overview
Table 40 Care Health Insurance Company Overview
Table 41 Bajaj Allianz General Insurance Company Overview
Table 42 Bajaj Allianz General Insurance Company Overview
Table 43 New India Assurance Company Overview
Table 44 New India Assurance Company Overview
Table 45 Tata AIG General Insurance Company Overview
Table 46 Tata AIG General Insurance Company Overview
Table 47 Future Generali India Insurance Company Overview
Table 48 Future Generali India Insurance Company Overview
Table 49 Other Prominent Players Company Overview
Table 50 Other Prominent Players Company Overview
Market Segmentation
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