Drug Discount Card Market Size is valued at USD 14.46 Billion in 2022 and is predicted to reach USD 28.88 Billion by the year 2031 at an 8.16% CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- The increasing expense of healthcare and prescription drugs has led to a higher demand for drug discount cards. These cards offer patients significant savings on their medications, addressing the financial challenges posed by escalating healthcare expenses.
- The significant presence of uninsured and underinsured individuals who are burdened with exorbitant costs for their medication is a primary catalyst for the expansion of the pharmacy discount card industry.
- North America dominated the market and accounted for a global revenue share in 2023.
- A significant challenge facing the drug discount card market is the lack of awareness surrounding its use and benefits among consumers.
A drug discount card is a card that allows people to save money on prescription prescriptions. Various organizations, including pharmaceutical firms, charity organizations, and pharmacy chains, frequently issue these cards. When filling a prescription at a pharmacy, individuals display the drug discount card. The chemist then applies the discount, and the individual pays the lower sum out of pocket. Consumers are looking for ways to decrease their out-of-pocket spending as the cost of healthcare, particularly prescription pharmaceuticals, grows. Drug discount cards enable patients to obtain prescriptions at a lesser cost, reducing the financial burden of healthcare.
However, the COVID-19 pandemic has substantially influenced various industries, including healthcare and the pharmacy discount card business. The pandemic's economic impact has heightened concerns about healthcare affordability. With many people experiencing financial difficulties, there has been a greater emphasis on minimizing the cost of vital healthcare services, such as prescription pharmaceuticals.
Competitive Landscape
Some Major Key Players In The Drug Discount Card Market:
- GoodRx
- SingleCare Services
- WellCard Savings
- RxSaver
- Optum Perks
- Kroger Prescription Savings Club
- 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
Market Segmentation:
The Drug Discount Card Market is segmented on the basis of type, therapeutic category, and sales channel. Based on type, the market is segmented into Branded Cards and Generic Cards. The therapeutic category segment includes Cardiovascular drugs, Diabetes drugs, Pain medications, Mental health medications, Cancer drugs, and Others. The sales channel segment consists of online and offline sales.
Based On Type, The Generic Cards Segment Is A Major Contributor To The Drug Discount Card Market
The Generic Cards category is expected to hold a major share of the global Drug Discount Card Market in 2022. In recent years, the generic card section of the pharmacy savings card market has grown dramatically. This increase can be ascribed to a number of important variables. The growing preference for low-cost alternatives has increased the need for generic pharmaceuticals, which are generally less expensive than brand-name versions. Generic medicine discount cards are designed expressly for this booming industry, providing significant savings on a wide range of generic prescription drugs.
The Offline Segment Witnessed Rapid Growth
The offline segment is expected to grow at a rapid rate in the global Drug Discount Card Market. Hospitals, retail stores, clinics, and other businesses fall within this category. Despite technological developments in healthcare, a sizable portion of the population prefers traditional, face-to-face contact regarding their pharmaceutical needs. Physical pharmacies, sometimes known as brick-and-mortar stores, continue to play an important role in the process of distributing pharmaceuticals and offering vital patient counselling.
In The Region, The North American Drug Discount Card Market Holds A Significant Revenue Share.
The North America Drug Discount Card Market is expected to record the highest market revenue share in the near future. The sector market's expansion can be attributable mostly to rising healthcare costs. As medical costs rise, people seek more economical access to prescription prescriptions, fueling the demand for pharmacy discount cards. Furthermore, the region's well-established pharmaceutical sector and excellent healthcare infrastructure create an ideal environment for market expansion. The Asia-Pacific region is expected to be a significant growing region. The Asia-Pacific region's growing middle-class population, combined with increased healthcare knowledge, has accelerated the use of prescription discount cards. A thriving pharmaceutical industry and a rapidly expanding healthcare infrastructure further support this growth.
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.
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In Dec 2021, Express Scripts introduced a novel method that seeks to incorporate the cost of prescription discount cards into the current advantages of its members. Upon the implementation of the new Right Price program, qualified members who possessed a discount card would have observed the automatic application of their savings at the pharmacy counter.
- 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.
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 |
|
Competitive Landscape |
GoodRx, SingleCare, WellCard Savings, RxSaver, Optum Perks, Kroger Prescription Savings Club, ScriptSave, 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 and others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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