Healthcare Discount Plan Market - Forecast(2022 - 2027)

Report Code: HCR 1402 Report Format: PDF + Excel

Healthcare Discount Plan Market Overview

The Healthcare discount plan market contributed a market share equivalent of 19.12 Billion in the year 2020 and is poised to grow at a CAGR of 15.5% throughout the forecast period of 2021-2026. The healthcare discount plan gained momentum in the year 2020 owing to the pandemic, and the overall increase for healthcare insurance. Higher claims for the healthcare insurance premium, made the prices shoot up, making it an expensive affair for a nominal earning individual. The associated reason for the surge in health discount plans is the cost advantage they offer, in comparison with health insurance. Although both concepts vary in their very nature, people often use them interchangeably. Medical discount cards are offered by companies, which are in turn associated with consumer health alliances. By owning a medical discount card a person becomes eligible for obtaining various medical benefits like reduced pharmacy cost or dental check-up costs and others. The concept gained popularity owing to patient care, improve quality of care, patient satisfaction and lastly an affordable treatment plan. 

The following aspects provide optimal growth for the healthcare discount plan industry and make the overall outlook optimistic.

Report Coverage

The report: Healthcare Discount Plan Market Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of the Healthcare Discount Plan Market Forecast.
By Service: Health Advocate, Virtual Visits, Alternative Medicines, Prescription Drugs, Dental Care, Vision Care, Hearing Aids, Chiropractic Care, Nurse Services, Vitamins and Supplements, Wellness Plans and others
By Deployment Model: Discounts for Family Member, Cumulative Discounts on Premiums and No Claim Bonus
By Geography- - North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa)

Key Takeaways

  • North America had the maximum share of the Healthcare Discount Plan market in the year 2020 owing to the surge in covid cases and other diseases.
  • The growth in this industry would be on factors such as a rise in the insurance costs, and other drugs or services.
  • The report consisting of Strengths, Weaknesses, Opportunities and Threat would be provided in the market report.
  • A challenge for the industry is the rising competition, with huge numbers of players competing at higher competitive prices. 

Healthcare Discount Plan Market Revenue Analysis- By Geography

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Healthcare Discount Plan Market Segment Analysis- By Service

The healthcare discount plan is segmented into various subcategories such as dental care, vision care, nurse services amongst others. Vitamins and Supplements segment dominated the market share of 2020 for Healthcare Discount Market. The reason for the higher demand is linked to the rising awareness of a balance and a nutritional diet, a person should have in a day to improve his/her immunity. By taking the multivitamins and supplements in the right proportion, the person can recover from the deficit nutrients he/she would have missed out on in their diet.

During the forecast period of 2021-2026, the former segment, i.e., Vitamins and Supplements will cater to the CAGR of 16.1% and is the fastest-growing segment. The accompanying reason in the attention to health, owing to the presence of various medical blogs and websites, and also due to the pro-active approach of the people. It is also supplemented by the fact of increased customization available within the vitamin and supplement market that can fulfil requirements according to specific needs. Owing to the following reason, vitamins and supplements would be the segment that will dominate the service aspect of the Healthcare Discount Plan market.

Healthcare Discount Plan Market Segment Analysis- By Deployment Model

Discount for Family Members had constituted for the maximum share for the year 2020. The accompanying reason for the surge in this type is the competitive rates available for incorporating family members and getting discounts for an additional member. The rising healthcare insurance costs are now motivating people to adopt discount plans and cards. The weakening of economies and the rising healthcare costs are driving the healthcare discount plan market. The following segment would continue to grow at the fastest CAGR of 16.3% over the forecast period of 2021-2026 owing to the COVID-19 pandemic and for the rising concern of covering the entire household for any unprecedented medical expense.

Healthcare Discount Plan Market Segment Analysis- By Geography

The demand for healthcare discount plans have been majorly contributed by North America, constituting 37.1% market share in the year 2020. Owing to the pandemic, and rising health insurance costs, the former-discount plans came as a saviour. The annual premium is much cheaper than insurance costs, although the functionality of both is different. The demand is set to follow the same trajectory in the North American region for the forecast period of 2021-2026, owing to various parliamentary bills introduced in the USA to reduce the cost of discount medical plans and cater to a much larger population.

Healthcare Discount Plan Market Drivers

Rising cost for health-insurance

Due to a higher claim ratio than usual in western countries, the premium for health insurance rose significantly . The following reason can serve as a boon for the healthcare discount plan market, as the costs and premiums are significantly lower than the former.

Integration of more services than before

By integrating more services under the discount plan, the industry can look to grow across verticals. With the support of various government agencies, the demand for such discount plans will ramp up.

Healthcare Discount Plan Market Challenges

Intense Competition

The number of vendors providing such services has increased multiple times than before, thereby hindering the market growth of individual companies operating.

Healthcare Discount Plan Market Landscape

The Healthcare Discount Plan primary strategies are product launches, mergers and acquisitions, joint ventures, and R&D activities. The top 10 companies working in the following industry are- Access One Consumer Health, Inc., Careington International Corporation, AmeriPlan, Alliance HealthCard of Florida, United Health Group, Humana, Cigna, United Health Group, Sam's West, Xpress Healthcare.

Recent Development

In September 2019, Sam’s Club partnered with Humana, 98point6, and Quest Diagnostics to form a program known as “Sam’s Club Care Accelerator Together” which will focus on providing discount healthcare plans across the region of North America. The plan is divided into four subcategories known as Starter A, Starter B, Standard and Premium, each offering a unique benefit to the end-user.

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1. Healthcare Discount Plan Market - Market Overview
1.1 Definitions and Scope
2. Healthcare Discount Plan Market - Executive Summary
2.1 Market Revenues and Key Trends by Company
2.2 Key Trends by Service
2.3 Key Trends by Deployment Model
2.4 Key Trends by Geography 
3. Healthcare Discount Plan Market - Comparative Analysis
3.1 Product Benchmarking- Key Companies
3.2 Financial Analysis- Key Companies
3.3 Market Share Analysis- Key Companies
3.4 Patent Analysis
3.5 Pricing Analysis
4. Healthcare Discount Plan Market - Startup Companies Scenario
4.1 Key Startup Company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Application Analysis
4.1.4 Venture Capital and Funding Scenario
5. Healthcare Discount Plan Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Case Studies of Successful Ventures
6. Healthcare Discount Plan Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porter Five Forces Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Power of Customers
6.3.3 Threat of New Entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of Substitutes
7. Healthcare Discount Plan Market - Strategic Analysis
7.1 Value- Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle
8. Healthcare Discount Plan Market -By Service (Market Size- $Million/$Billion)
8.1 Prescription Drugs
8.2 Virtual Visits
8.3 Alternative Medicines
8.4 Vision Care
8.5 Hearing Aids
8.6 Chiropractic Care
8.7 Nurse Services
8.8 Vitamins and Supplements
8.9 Wellness Plans
8.10 Health Advocate
8.11 Podiatry Plans
8.12 Others
9. Healthcare Discount Plan Market - By Deployment Model (Market Size- $Million/$Billion)
9.1 Discount for Family Members
9.2 Cumulative Discounts on Premium
9.3 No Claim Bonus
    9.4 Others
10. Healthcare Discount Plan Market - By Geography (Market Size- $Million/$Billion)
    10.1 North America
1.1.1 U.S.
1.1.2 Mexico
1.1.3 Canada
    10.2 Europe
1.1.4 U.K.
1.1.5 France
1.1.6 Germany
1.1.7 Italy
1.1.8 Spain
1.1.9 Russia
1.1.10 Rest of Europe
    10.3 Asia Pacific
1.1.11 China
1.1.12 India
1.1.13 Japan
1.1.14 South Korea
1.1.15 Australia & New Zealand
1.1.16 Rest of Asia Pacific
    10.4 South America
1.1.17 Brazil
1.1.18 Argentina
1.1.19 Rest of South America
    10.5 Rest of the World
1.1.20 Middle East
1.1.21 Africa 
11. Healthcare Discount Plan Market Entropy
12. Healthcare Discount Plan Market - Industry/ Segment Competition Landscape Premium
    12.1 Market Share Analysis
12.1.1 Global Market Share- Key Companies
12.1.2 Market Share by Region- Key Companies
12.1.3 Market Share by Country- Key Companies
12.1.4 Best Practices for Companies
13. Healthcare Discount Plan Market - Key Company List by Country Premium (Premium)
14. Healthcare Discount Plan Market -Company Analysis
    14.1 Company Revenue, Products, M&A, Developments
    14.2 Company 1
    14.3 Company 2
    14.4 Company 3
    14.5 Company 4
    14.6 Company 5
    14.7 Company 6
    14.8 Company 7
    14.9 Company 8
    14.10 Company 9
    14.10 Company 10 and more 
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