Report Overview

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

• 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.

• 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

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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Cancer Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising cancer incidence
         2. Growing awareness
         3. Increasing disposable income
         4. Government initiatives
      2. Restraints
         1. Low awareness
         2. Affordability issues for lower income groups
         3. Claim settlement ratios
         4. Lack of standardization
      3. Opportunities
         1. Untapped market
         2. Product innovation
         3. Digital distribution
      4. Challenges
         1. Stringent regulatory environment
         2. Growing competition
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Cancer Insurance Market: Marketing Strategies
5. India Cancer Insurance Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Standalone cancer insurance plans
         2. Cancer-specific add-ons to health insurance policies
         3. Comprehensive health insurance plans covering cancer treatment
      2. By Coverage
         1. Basic coverage plans
         2. Premium coverage plans with higher sum insured
         3. Plans with coverage for specific stages of cancer
      3. By Payer Type
         1. Individual policyholders
         2. Group insurance plans offered by employers
         3. Government-backed insurance schemes (e.g., Ayushman Bharat)
      4. By Treatment Coverage
         1. Coverage for surgery
         2. Coverage for chemotherapy
         3. Coverage for radiation therapy
         4. Others (Targeted therapy, immunotherapy, or other advanced treatments)
      5. By Distribution Channel
         1. Direct sales
         2. Insurance agents & brokers
         3. Online sales channels
         4. Corporate tie-ups & bancassurance partnerships
      6. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. North India Cancer Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Coverage
      3. By Payer Type
      4. By Treatment Coverage
      5. By Distribution Channel
7. South India Cancer Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Coverage
      3. By Payer Type
      4. By Treatment Coverage
      5. By Distribution Channel
8. East India Cancer Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Coverage
      3. By Payer Type
      4. By Treatment Coverage
      5. By Distribution Channel
9. West India Cancer Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Coverage
      3. By Payer Type
      4. By Treatment Coverage
      5. By Distribution Channel
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Cancer Insurance Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    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)
    1. ICICI Lombard General Insurance
    2. HDFC ERGO General Insurance
    3. Max Bupa Health Insurance
    4. Star Health and Allied Insurance
    5. Care Health Insurance
    6. Bajaj Allianz General Insurance
    7. New India Assurance Company
    8. Tata AIG General Insurance
    9. Future Generali India Insurance
    10. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    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