Jersey City, NJ,, Dec. 13, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Drug Discount Card Market - (By Type (Branded Cards and Generic Cards), By Therapeutic Category (Cardiovascular drugs, Diabetes drugs, Pain medications, Mental health medications, Cancer drugs, and Others), By Sales Channel (Online and Offline)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Drug Discount Card Market is valued at US$ 14.46 Billion in 2022, and it is expected to reach US$ 28.88 Billion by 2031, with a CAGR of 8.16% during the forecast period of 2023-2031.
Introducing medicine discount cards is a ray of hope, providing a vital lifeline to individuals in desperate need. Often overlooked in the larger healthcare debate, these cards are critical in maintaining accessible and cheap access to critical pharmaceuticals. This article delves into the complexities of drug discount cards, delving into their fundamental relevance, operational mechanics, and far-reaching impact on the healthcare scene.
As healthcare costs continue to rise, there is a greater need for cost-effective solutions, such as prescription discount cards. These cards make it possible for people to get necessary prescriptions without paying expensive out-of-pocket costs. In addition, integrating digital platforms and mobile applications has simplified the distribution and use of medicine discount cards. This technological improvement improves cardholder accessibility and ease, further boosting market expansion.
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Recent Developments:
- In September 2023, GoodRx, a healthcare company based in the United States that operates a telemedicine platform as well as a free website and mobile app that tracks prescription drug prices, announced a partnership with MedImpact, an independent, trend-focused pharmacy benefit manager (PBM), to integrate its drug coupons at the point of sale.
- In June 2021, Walmart expanded the range of advantages provided to members of its Walmart+ membership program. The Walmart+ Rx for less program provides extra discounts on frequently prescribed prescriptions, such as those for cardiovascular health, mental well-being, allergies, diabetic control, and antibiotics.
List of Prominent Players in the Drug Discount Card Market:
- GoodRx
- SingleCare Services
- WellCard Savings
- RxSaver
- Optum Perks
- Kroger Prescription Savings Club
- ScriptSave WellRx
- Walmart Rx Savings Program
- Prescription Hope
- FamilyWize
- NeedyMeds
- Humana
- AARP Prescription Discounts (UnitedHealth Group)
- Blink Health
- Coast2Coast Rx
- HealthWarehouse.com, Inc.
- Inside Rx (Express Scripts)
- Simple Savings Card
- United Networks of America
- USA Rx
- Watertree Health
- Others
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Drug Discount Card Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 14.46 Billion |
| Revenue Forecast In 2031 | USD 28.88 Billion |
| Growth Rate CAGR | CAGR of 8.16 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Type, Therapeutic Category, sales Channel |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Market Dynamics:
Drivers:
Several variables influence the prescription discount card business. For starters, the growing need for affordable healthcare solutions has resulted in an increase in the use of prescription discount cards. Consumers are actively looking for different ways to save money on their drugs in light of rising healthcare expenditures and expensive prescription drug prices. The rising prevalence of chronic disorders is another driver of this industry. As the number of people living with chronic illnesses grows, so does the demand for prescription pharmaceuticals. Individuals who depend on medication to treat their ailments may find drug discount cards to be a convenient and affordable solution.
Challenges:
There are also certain market challenges. One of the difficulties that prescription savings cards encounter is a lack of acceptance at all pharmacies. While many major pharmacies accept these cards, several smaller pharmacies do not participate in such programs. Customers who prefer to use their local or independent pharmacies may find this restricted acceptance a hurdle. Furthermore, drug pricing can be complicated, with talks including pharmaceutical companies, pharmacy benefit managers (PBMs), and pharmacies. As a result, even after applying a discount card, the final price may be more than expected, and consumers may struggle to appreciate the genuine cost reduction.
Regional Trends:
The North America Drug Discount Card Market is expected to record a major market revenue share, and it is projected to grow at a high CAGR in the near future. Collaborations between card issuers and pharmaceutical corporations boost market expansion by lowering drug prices. Government assistance through favourable policies and initiatives also drives the market ahead. The prescription discount card market in North America is positioned for continued expansion, answering the increasing need for affordable healthcare solutions thanks to a high degree of awareness and acceptability. Furthermore, government attempts to improve healthcare accessibility and affordability have created a favourable climate for industry growth. With these variables in play, the Asia-Pacific medication discount card market is positioned for steady and strong expansion in the coming years.
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Segmentation of Drug Discount Card Market-
By Type-
- Branded Cards
- Generic Cards
By Therapeutic Category-
- Cardiovascular drugs
- Diabetes drugs
- Pain medications
- Mental health medications
- Cancer drugs
- Others
By Sales Channel-
- Online
- Offline
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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