Healthcare Discount Plan Market: Current Analysis and Forecast (2023-2030)

Report Description

The healthcare discount plan market was valued at USD 19,200 million in 2022 & expected to grow at a strong CAGR of around 15.5% during the forecast period (2023-2030) owing to the growing competition in the market, coupled with the increasing prevalence of chronic diseases. The developing competition and investment in the market, combined with the rising prevalence of chronic infections will drive the market. For instance, in January 2023, UnitedHealthcare Community Plan of New York declared a USD 750,000 investment to support a grant program in collaboration with the Community Health Care Association of New York State. As the medical care industry turns out to be more competitive, insurance suppliers, medical services offices, and drug companies are looking for creative ways of drawing in and holding clients. Adding to this, the rise in chronic diseases has created a pressing need for reasonable medical services choices, as dealing with these circumstances frequently requires normal clinical visits and costly drugs. As the demand for accessible healthcare continues to rise. Thus, the above-mentioned factors propelled the growth of the healthcare discount plan.

Some of the major players operating in the market include eHealthInsurance Services, Inc., Health Advocate, SSM Health Insurance Co., Aetna Inc., AmeriPlan Corporation, Careington International Corporation, Coast to Coast Vision, NEW BENEFITS, UnitedHealth Group, Cigna. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst service type, dental care held a significant share of the market in 2022.”

Based on service type, the market is segmented into prescription drugs, dental care, vision care, hearing aids, alternative care, online wellness improvement plan, and others. Amongst these, dental care held a significant share of the market in 2022. Dental care’s significance in overall health, the recurring nature of dental expenses, the potential for cross-selling other healthcare services, and the accessibility of healthcare discount plans all contribute to their growth. For instance, DentalPlans.com announced in June 2023 that it would be launching a brand-new guided online plan finder that would quickly provide customers with recommendations for dental plans. As the demand for affordable and comprehensive dental care options continues to rise, healthcare discount plans are likely to see further expansion, providing a viable solution for many individuals seeking to prioritize their oral health without breaking the bank.

“Amongst coverage type, the individual category is expected to grow at a substantial CAGR during the forecasted period (2023-2030).”

By coverage type, the market is segmented into individual, family, and others. Among these, the individual category is expected to grow at a substantial CAGR during the forecasted period (2023-2030). The individual plays a critical role in driving the growth of healthcare discount plans through their choices and preferences. The individual’s choice to embrace healthcare discount plans as a cost-effective and accessible option, their willingness to share positive experiences with others, their proactive approach to managing healthcare expenses, and their adaptability to changing healthcare scenarios all collectively contribute to driving the growth of healthcare discount plans in the market.

“Asia-Pacific has extensive growth.”

Asia-Pacific is expected to grow with a significant CAGR during the forecast period because of the extended middle-class populace and the raising medical care consumption in the Asia-Pacific area has powered the quick development of healthcare discount plans. These plans offer a solution to the rising costs of medical care while simultaneously meeting the rising demand for affordable healthcare services among people with middle-class incomes in Asia-Pacific. As the locale keeps on encountering economic development and developing medical care needs, medical services discount plans are probably going to assume a fundamental part in further developing medical care accessibility and reasonableness for a significant portion of the population. Therefore, the major players have rapidly adopted strategic alliances such as collaboration, and acquisition, to maintain a competitive edge in the market. For instance, in September 2022, the leading Health Maintenance Organization (HMO) in the Philippines, MediCard Philippines, Inc. (“MediCard”), provides health insurance and healthcare services to more than 920,000 members across corporate and individual plans. AIA Group Limited announces that it has agreed to acquire all of MediCard’s shares.

Healthcare Discount Plan Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global healthcare discount plan market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Healthcare Discount Plan Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global healthcare discount plan market were the three major steps undertaken to create and analyze the adoption of healthcare discount plan in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global healthcare discount plan market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the healthcare discount plan market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the healthcare discount plan market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as service type, coverage type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the healthcare discount plan market. Further, we conducted factor analysis using dependent and independent variables such as service type, coverage type of the healthcare discount plan market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the healthcare discount plan market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global healthcare discount plan market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the healthcare discount plan market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global healthcare discount plan market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global healthcare discount plan market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the service type, coverage type in the global healthcare discount plan market.

The main objective of the Global Healthcare discount plan Market Study

The current & future market trends of the global healthcare discount plan market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the healthcare discount plan market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the service type, coverage type
• Define and analysis of the regulatory framework for the healthcare discount plan industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the healthcare discount plan market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the healthcare discount plan market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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