The global drug discount card market size is expected to reach USD 28.68 million by 2032, according to a new study by Polaris Market Research. The report “Drug Discount Card Market Share, Size, Trends, Industry Analysis Report, By Type (Generic Card, Branded Card); By Sales Channel; By Application; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Drug discount cards extend invaluable savings on prescription medications for those lacking prescription drug coverage. Issued by private entities or non-profits, these cards offer users substantial discounts ranging from 10-25%. Their key benefits encompass notable cost reductions, straightforward accessibility, and extensive coverage of both drugs and pharmacies.
The significant population of uninsured and underinsured individuals in the US, burdened by exorbitant prescription costs, stands as a pivotal driver for the drug discount card market. In 2021, data revealed that over 31 million Americans were without insurance coverage. Moreover, millions more grapple with underinsurance, facing high deductibles and copays. Absent sufficient prescription drug coverage, retail medication prices become overwhelmingly steep. Drug discount cards step in to alleviate this burden, rendering necessary medications more affordable through substantial discounts. For the uninsured, discount cards can curtail out-of-pocket expenses by an impressive 60%. This substantial target demographic heavily relies on discount cards to mitigate their prescription expenses, further propelling market growth.
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Emerging markets in the Asia Pacific, Latin America, and Africa present substantial growth prospects for drug discount card companies. These regions often have significant underinsured and uninsured populations, largely due to comparatively lower healthcare infrastructure and spending compared to developed counterparts. The expenditure on medications out-of-pocket is notably high in these markets.
In response, local startups in these emerging markets are introducing inventive discount card programs and e-health platforms finely tailored to their unique healthcare landscapes. For example, in Africa, a mobile health application offers discounted prescriptions and telehealth services, while in India, a platform provides reduced-cost lab tests and medicines.
This burgeoning opportunity also extends to global discount card players, who can seize the potential for expansion by forging strategic partnerships with local entities in these high-growth emerging markets.
Drug Discount Card Market Report Highlights
Polaris Market Research has segmented the drug discount card market report based on type, sales channel, application, and region:
Drug Discount Card, Type Outlook (Revenue - USD Million, 2019 - 2032)
Drug Discount Card, Sales Channel Outlook (Revenue - USD Million, 2019 - 2032)
Drug Discount Card, Application Outlook (Revenue - USD Million, 2019 - 2032)
Drug Discount Card, Regional Outlook (Revenue - USD Million, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2023 |
USD 15.17 million |
Revenue forecast in 2032 |
USD 28.68 million |
CAGR |
7.3% from 2023 – 2032 |
Base year |
2022 |
Historical data |
2019 – 2021 |
Forecast period |
2023 – 2032 |
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
Segments covered |
By Type, By Sales Channel, By Application, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
For Specific Research Requirements |