The Drug Discount Card Market is estimated to be valued at US$ 15.5 Mn or Million in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

The drug discount card market provides discounts to users on prescription drugs at pharmacies. These cards work similar to insurance where users save on out-of-pocket costs for medications. The cards are generally offered by pharmacy benefit managers, retailers, and other third parties. They help save on costs for drugs that are not covered by insurance or have high co-pays. The cards ensure access to affordable medications for chronic conditions such as diabetes, high blood pressure, and more. They help drive adherence to treatment regimens by making drugs affordable.
 

Market Dynamics:

The growth of the drug discount card market is driven by the rising healthcare costs. There is an increasing burden of out-of-pocket costs associated with medications for patients. This is a major factor promoting the adoption of discount cards to offset prescription drug expenses. Additionally, the increasing prevalence of chronic diseases due to the aging population and changing lifestyles has led to greater utilization of prescription drugs. Discount cards help patients procure required medication at lower costs and ensure treatment adherence. Furthermore, partnerships between discount card providers and pharmacies are expected to increase sales volume by enhancing accessibility to such offerings. However, regulations related to drug discounts vary across regions and this may hamper market growth.
 

Segment Analysis

The drug discount card market is dominated by the discount card issuer sub-segment. This is because discount card issuers provide a variety of discount cards for different kinds of drugs at discounted rates. This enables customers to choose the card as per their medical needs and save costs on medication expenses.

 

PEST Analysis

Political: The drug discount card market is regulated by various policies implemented by regulatory authorities like FDA in the US. Any changes in regulations can impact business models in this market.
Economic: Fluctuations in the economy impact the affordability of healthcare and drugs. A weak economy contributes to rise in demand for drug discount cards to save costs on medication.
Social: Growing elderly population drives demand for healthcare services and medicines. Rise in diseases due to changing lifestyles also increases the need for medication. This augments the demand for drug discount cards.
Technological: E-cards and apps developed by players help users search for discounts and deals on drugs conveniently. Digital innovations facilitate access and discovery of drug discount programs.

 

Key Takeaways

The Global Drug Discount Card Market Size is expected to grow from US$ 15.5 Mn in 2023 to US$ 26.7 Mn by 2030, exhibiting a CAGR of 7.2% during the forecast period. The market is forecast to witness robust growth owing to the rising medical costs of prescription drugs and increasing elderly population susceptible to chronic diseases.

Regional analysis: North America dominates the global market and is expected to continue its dominance during the forecast period. This is attributed to factors such as strong penetration of drug discount programs, increasing healthcare spending, and growing prevalence of chronic diseases in the region.

Key players: Key players operating in the drug discount card market are GoodRx, SingleCare, WellCard Savings, RxSaver, Optum Perks, Kroger Prescription Savings Club, ScriptSave, Walmart Rx Savings Program, Prescription Hope, FamilyWize. GoodRx is the dominant player owing to its strong network of Pharmacies, substantial number of monthly active users, and product offerings such as discount cards and apps.
 

Read More - https://www.newsanalyticspro.com/drug-discount-card-market-growth-trends-analysis-size-and-share-forecasts/