U.S. Healthcare Discount Plan Market Expected To Witness A Substantial Growth Of $3.3 Billion By 2027: Grand View Research Inc.

 

The U.S. healthcare discount plan market size is expected to reach USD 3.3 billion by 2027 and is expected to expand at a CAGR of 9.6% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising healthcare costs, increase in the prevalence of lifestyle-related diseases, and high out-of-pocket expenditures are driving the adoption of healthcare discount plans to promote affordable treatment and curb healthcare costs in U.S.

Increasing number of investments, new package launches, public-private partnerships, joint ventures, and mergers & acquisitions among key payers and providers to deliver affordable healthcare solution are expected to boost market growth. Moreover, increase in demand for improving treatment quality and outcomes and providing coordinated patient care is further fueling market growth. For instance, in June 2020, United Healthcare launched United Healthcare Hearing, a new service that offers affordable and quality hearing solutions. The company also donated 20,000 reusable silicone plugs to fire departments and police nationwide as part of a public awareness campaign.

Increasing demand for low-cost vision care, dental care, chiropractic care, hearing aids, and prescription drugs plan for individuals as well as families that are not covered under insurance is anticipated to drive the demand for healthcare discount plans, thereby positively impacting the market growth in the near future. Moreover, rising burden of chronic diseases and other conditions and the need for affordable and hassle-free treatment are further boosting the demand for healthcare discount plans.

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Moreover, increasing investments, public-private partnerships, and collaborations among key market players offering discount plans to lower medication costs and provide members with affordable healthcare options are expected to drive the market in the country. Moreover, increasing focus of healthcare providers to collaborate with key insurance providers to curb healthcare costs and improve the quality of care and treatment outcomes is further propelling the market growth.

U.S. Healthcare Discount Plan Market Report Highlights

  • By service, the others segment held the largest revenue share of almost 20.0% in 2020 owing to availability of advanced discount plans and additional benefits offered on diabetic supplies, X-Rays, medical supplies, PET, MRI, and CT scans, endoscopies and mammography, laboratory tests and services
  • The dental care segment accounted for the second largest revenue share as of 2020
  • Prescription drugs and wellness plans are other key potential services that accounted for a substantial market share in 2020 owing to high demand from end users.

Increasing investments by key market players to expand their service portfolio and promote affordable medical treatment is fueling market growth. For instance, in March 2020, United Healthcare invested USD 19 million through its California Health Care Investment Program to enhance care quality and improve patient services at Federally Qualified Health Centers in California. This investment further aids in developing and enhancing various health centers in California to reach certain underserved communities in Solano, Santa Barbara, and Santa Clara counties.

Rising healthcare costs and demand for medical/health discount plans to curb healthcare costs are expected to drive the market. In 2017, healthcare costs in the U.S. were USD 3.5 trillion that accounts for 17.9% of the overall GDP of the country, thus making healthcare one of the largest industries in U.S. Increase in the number of partnerships, joint ventures, and mergers and acquisitions to deliver affordable treatment, improve quality of care, and patient satisfaction is further driving the demand for healthcare discount plans in the U.S. For instance, in June 2020, Optum acquired DaVita Medical Group to improve treatment experience and care quality while lowering costs and serving over 80 plans.

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However, the presence of affordable health insurance companies delivering health service plans to their customers is one of the factors restraining the demand for discount plans in the U.S. as affordable insurance plans prove to be more effective and efficient for consumers. Players such as Kaiser Permanente, BlueCross BlueShield, United Healthcare, and Cigna provide better and affordable insurance plans in comparison to medical discount plans to the customers.

Growing number of mergers & acquisitions and the launch of innovative healthcare programs are among the key indicators of existing competition in the market. For instance, in September 2020, Sam’s Club partnered with Humana, Quest Diagnostics, and 98point6 and launched an innovative pilot called “Care Accelerator” to make healthcare more affordable for its members. Moreover, in December 2018, Cigna launched the new Cigna Healthy Pregnancy app to help improve health and lower overall healthcare costs for pregnant women. The app included Cigna’s Healthy Pregnancies, Healthy Babies maternity health engagement program. Some of the prominent players in the U.S. healthcare discount plan market are:

DMPOs

  • New Benefits, Ltd.
  • Access One Consumer Health, Inc.
  • CAREINGTON International Corporation
  • Ameriplan
  • Coverdell
  • Alliance Healthcard of Florida, Inc.

Marketer

  • United Health Group
  • American Dental Care Partners, Inc.
  • Blue Cross and Blue Shield Association
  • DentalPlans.com, Inc.
  • Sam’s West, Inc.
  • Humana, Inc.
  • Cigna
  • Freshbenies
  • Discounts by Design
  • Xpress Healthcare

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

 

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