Expanding Middle-Class Population and Growing Healthcare Expenditure have Propelled the Growth of the Healthcare Discount Plan Market in the Asia-Pacific Region!
- Himanshu Patni
- November 18, 2023
- HEALTHCARE, NEWS
- Healthcare Discount Plan Market, Healthcare Discount Plan Market Share, Healthcare Discount Plan Market Size, Healthcare Discount Plan Market Trends
- 0 Comments
The expanding middle-class population and growing healthcare expenditure have significantly contributed to the significant growth of healthcare discount plans in the Asia Pacific region. According to the World Economic Forum, in 2020, around 2 billion Asians are members of the middle class. As economies in the region continue to thrive, a larger segment of the population has ascended into the middle class, resulting in increased disposable income and improved living standards. This has led to higher expectations for healthcare services and a desire for better access to quality medical care.
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Further, the Asia-Pacific Healthcare Discount Plan Market is expected to grow at a strong CAGR of 15.5% during the forecast period (2022-2030). Asia-Pacific is anticipated to emerge as the fastest-growing healthcare discount plan market primarily owing to the healthcare costs in the Asia Pacific region have been on the rise due to factors such as advancements in medical technology, an aging population, and the prevalence of chronic diseases. As of 2020, the population of Asia goes above 4.5 billion (including China and India, the two countries with over 1 billion each), more than one-half the world’s total, stated by Census.gov, in 2022. These escalating expenses have placed a burden on individuals and families seeking healthcare services, leading many to search for affordable alternatives.
FIG. 1 Asia-Pacific Healthcare Discount Plan Market Revenue (2020-2030)- USD Mn
Based on the 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, the vision care services category is expected to grow at a substantial CAGR during the forecasted period (2023-2030). By reducing costs, improving health outcomes, and preventing vision-related issues, vision care services can significantly contribute to the expansion of the healthcare discount plan market.
By coverage type, the market is segmented into individuals, families, and others. Among these, the family held a significant share of the market in 2022. As families are looking for ways to save money on healthcare expenses while ensuring that their entire family has access to necessary healthcare services. Organizations like Cigna TTK offer a 10% family discount for 2 individuals however the rate of discount is unaltered with additional individuals added to the plan. In addition, many healthcare discount plans offer family coverage at a lower cost than traditional health insurance plans.
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Global Healthcare Discount Plan Market Segmentation
Market Insight, by Service Type
· Prescription Drugs
· Dental Care
· Vision Care
· Hearing Aids
· Alternative care
· Online Wellness Improvement Plan
· Others
Market Insights, by Coverage Type
· Individual
· Family
· Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o Japan
o India
o South Korea
o Rest of APAC
· Rest of the World
Top Company Profiles
· 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