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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 wit

Publisher BlueWeave Consulting
Published Mar 14, 2024
Length 200 Pages
SKU # BLWC18632656

Description

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


India Cancer Insurance Market Size Expands at Significant CAGR of 6.45% to Touch Whopping USD 7.9 Billion by 2030
India Cancer Insurance Market is flourishing due to the rising cancer incidence, growing awareness about insurance coverage for cancer treatment, an increasing level disposable income, and the government’s supportive initiatives.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Cancer Insurance Market size at USD 6.46 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Cancer Insurance Market size to expand at a CAGR of 6.45% reaching a value of USD 7.89 billion by 2030. Cancer Insurance Market in India is propelled by the increasing demand for cancer insurance among both adults and children to cover the financial risks caused by cancer and related ailments, the growing geriatric population, increasing 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 the 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.

Impact of Escalating Geopolitical Tensions on India Cancer Insurance Market

The India Cancer Insurance Market faces potential challenges for its growth 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 Information
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 region. 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.

Competitive Landscape

The India Cancer Insurance Market is fragmented, with numerous players serving the market. The key players dominating the 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. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Cancer Insurance Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Cancer Insurance Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Table of Contents

200 Pages
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. India Cancer Insurance Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Rising cancer incidence
3.2.1.2. Growing awareness
3.2.1.3. Increasing disposable income
3.2.1.4. Government initiatives
3.2.2. Restraints
3.2.2.1. Low awareness
3.2.2.2. Affordability issues for lower income groups
3.2.2.3. Claim settlement ratios
3.2.2.4. Lack of standardization
3.2.3. Opportunities
3.2.3.1. Untapped market
3.2.3.2. Product innovation
3.2.3.3. Digital distribution
3.2.4. Challenges
3.2.4.1. Stringent regulatory environment
3.2.4.2. Growing competition
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. India Cancer Insurance Market: Marketing Strategies
5. India Cancer Insurance Market Overview
5.1. Market Size & Forecast, 2019–2030
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Type
5.2.1.1. Standalone cancer insurance plans
5.2.1.2. Cancer-specific add-ons to health insurance policies
5.2.1.3. Comprehensive health insurance plans covering cancer treatment
5.2.2. By Coverage
5.2.2.1. Basic coverage plans
5.2.2.2. Premium coverage plans with higher sum insured
5.2.2.3. Plans with coverage for specific stages of cancer
5.2.3. By Payer Type
5.2.3.1. Individual policyholders
5.2.3.2. Group insurance plans offered by employers
5.2.3.3. Government-backed insurance schemes (e.g., Ayushman Bharat)
5.2.4. By Treatment Coverage
5.2.4.1. Coverage for surgery
5.2.4.2. Coverage for chemotherapy
5.2.4.3. Coverage for radiation therapy
5.2.4.4. Others (Targeted therapy, immunotherapy, or other advanced treatments)
5.2.5. By Distribution Channel
5.2.5.1. Direct sales
5.2.5.2. Insurance agents & brokers
5.2.5.3. Online sales channels
5.2.5.4. Corporate tie-ups & bancassurance partnerships
5.2.6. By Region
5.2.6.1. North India
5.2.6.2. South India
5.2.6.3. East India
5.2.6.4. West India
6. North India Cancer Insurance Market
6.1. Market Size & Forecast, 2019–2030
6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Coverage
6.2.3. By Payer Type
6.2.4. By Treatment Coverage
6.2.5. By Distribution Channel
7. South India Cancer Insurance Market
7.1. Market Size & Forecast, 2019–2030
7.1.1. By Value (USD Million)
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Coverage
7.2.3. By Payer Type
7.2.4. By Treatment Coverage
7.2.5. By Distribution Channel
8. East India Cancer Insurance Market
8.1. Market Size & Forecast, 2019–2030
8.1.1. By Value (USD Million)
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Coverage
8.2.3. By Payer Type
8.2.4. By Treatment Coverage
8.2.5. By Distribution Channel
9. West India Cancer Insurance Market
9.1. Market Size & Forecast, 2019–2030
9.1.1. By Value (USD Million)
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Coverage
9.2.3. By Payer Type
9.2.4. By Treatment Coverage
9.2.5. By Distribution Channel
10. Competitive Landscape
10.1. List of Key Players and Their Offerings
10.2. India Cancer Insurance Company Market Share Analysis, 2023
10.3. Competitive Benchmarking, By Operating Parameters
10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India Cancer Insurance Market
12. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
12.1. ICICI Lombard General Insurance
12.2. HDFC ERGO General Insurance
12.3. Max Bupa Health Insurance
12.4. Star Health and Allied Insurance
12.5. Care Health Insurance
12.6. Bajaj Allianz General Insurance
12.7. New India Assurance Company
12.8. Tata AIG General Insurance
12.9. Future Generali India Insurance
12.10. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
14.1. Qualitative Research
14.1.1. Primary & Secondary Research
14.2. Quantitative Research
14.3. Market Breakdown & Data Triangulation
14.3.1. Secondary Research
14.3.2. Primary Research
14.4. Breakdown of Primary Research Respondents, By Region
14.5. Assumptions & Limitations
*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

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