Drug Discount Card Market To Reach USD 28.9 Billion By 2032 - DataHorizzon Research
Drug Discount Cards to Attract Consumer Growth. Medical Industry at Global Scale to Witness Shift in Trends.
Fort Collins, Colorado, April 04, 2024 (GLOBE NEWSWIRE) -- *The Drug Discount Card Market size was valued at USD 14.2 Billion in 2023 and is expected to reach a market size of USD 28.9 Billion by 2032 at a CAGR of 8.3%.*
Prescription discount cards, or *drug discount cards,* grant consumers discounts on prescription medications. These cards are typically issued by various entities such as pharmaceutical companies, health insurance providers, pharmacies, and non-profit organizations. The growing price of prescription drugs presents a significant concern for consumers, particularly those without adequate insurance coverage. A report by the U.S. Department of Health and Human Services in October 2023 showed a surge in prices for over 4,200 medicines, with 46 percent exceeding the inflation rate between January 2022 and 2023. Such steep increases in drug prices pose challenges for patients, healthcare providers, employers, and taxpayers.
*Segmentation Overview:*
The global drug discount card market has been segmented into *card type, therapeutic category, sales channel, age group, end-user, and region.* Based on the therapeutic category, the market is further segmented into cardiovascular drugs, diabetes drugs, pain medications, mental health medications, cancer drugs, and others. Cancer drugs have experienced significant growth in 2023 and are expected to dominate the market in the forecast period due to a rise in cancer patients.
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*Drug Discount Card Market Report Highlights:*
· The global drug discount card market growth is anticipated at a *CAGR of **8.3% by 2032.*
· As healthcare costs continue to climb, consumers actively seek avenues to mitigate expenses associated with prescription medications. Medicine discount cards aptly respond to this necessity by furnishing discounts and cost savings on medication purchases. Various factors underpin the growing demand for affordable healthcare.
· North America accounts for a significant global drug discount card market share. The dominance is primarily attributed to the well-established market in the United States, where numerous providers offer discount programs aimed at helping consumers save on prescription medications. The region commands a significant portion of the revenue share, fueled by growth in prescription drug prices and a sizable population lacking health insurance coverage.
· Some prominent players in the global drug discount card market report include GoodRx, SingleCare, WellCard Savings, RxSaver, Optum Perks, Kroger Prescription Savings Club, ScriptSave, Walmart Rx Savings Program, Prescription Hope, FamilyWize, NeedyMeds and Humana
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*Drug Discount Card Market Segmentation:**By Card Type: *Branded Cards, Generic Cards and Specialty Cards
*By Therapeutic Category:* Cardiovascular drugs, Diabetes drugs, Pain medications, Mental health medications, Cancer drugs, and Others
*By** Sales Channel:* Online and Offline
*By Age:* Pediatric, Adult
*By End Use:* Healthcare Providers and Healthcare Payers
*By Region:* North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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