Description

According to the Market Statsville Group (MSG), the global medicare and medicaid market is estimated to grow at a CAGR of 11.9% from 2022 to 2030. Medicare is a federal program or service that offers health coverage to people aged 65 and above and those under 65 with a disability, regardless of their income. Medicaid is a federal or state program that provides health coverage if you have a very low income. The growing prevalence of chronic diseases, rising population, and others drive the market's growth. Advancing technologies to enhance the documentation process and improve operations will create lucrative opportunities for the market’s growth in forthcoming years across the globe.

Medicare and Medicaid are two government programmes that assist specified persons in the United States with medical and other health-related services. Medicare is a social insurance programme, whereas Medicaid is a social welfare or social protection programme. According to the Center for Budget and Policy Priorities, Medicaid, Medicare, the Children's Health Insurance Program (CHIP), and other health insurance subsidies accounted for 26% of the federal budget in 2017.

In 2018, one-third of all beneficiaries were enrolled in Medicare Advantage plans as opposed to regular Medicare; some of these beneficiaries also had coverage from a prior employer/union or Medicaid. Medicare Advantage plans are expected to limit patients' out-of-pocket costs for in-network services covered by Medicare Parts A and B to no more than $6,700, and may additionally cover Medicare-excluded supplemental benefits, such as eyeglasses, dental services, and hearing aids.

COVID-19 Impact on the Global Medicare and Medicaid Market

COVID-19 positively impacted the market’s growth as people opted more for medicare or medicaid services to ensure their well-being and enhance their quality of life. It also managed the treatment of low-income people during the pandemic and covered COVID-19 treatment. Further, it is being implemented in many emerging economies to provide ease of treatment to low-income people.

Scope of the Global Medicare and Medicaid Market

The study categorizes the medicare and medicaid market based on type, disease, and end-users at the regional and global levels.

By Type Outlook (Sales, USD Million, 2017-2030)

• Medicare
• Medicaid

By Disease Outlook (Sales, USD Million, 2017-2030)

• Chronic
• Disability
• Accident
• Other

By End-users Outlook (Sales, USD Million, 2017-2030)

• People above 65 of age
• People below 65 with disability
• Low-income class
• Others

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Chronic diseases segment accounts for a major market share in medicare and medicaid

Based on the diseases, the chronic disease segment accounts for the major market share in 2021, backed by the increasing deaths of people of age, mostly due to cardiovascular disease or cancer. The World Health Organization (WHO) states cardiovascular diseases are the leading cause of death globally. It is expected that around 22.2 million mortalities will be registered due to cardiovascular diseases by the end of 2030. In addition, treatment for such diseases is costly, and the geriatric population is prone to it. Such factors will drive the segment’s and market’s growth.

North America dominates the global medicare and medicaid market

The regional analysis shows North America accounts for the major market share in 2021. The growth is attributed to the presence of various major market players operating in the market. Major players are adopting various key strategies and technological support to enhance their service efficiency and documentation process. Such initiatives will drive the markets’ growth in the region in the near future. However, Asia-Pacific is estimated to showcase the highest CAGR during the forecasting period, backed by the increasing government schemes and initiatives to enhance the quality of life of low-income people.

Key Market Players in the Global Medicare and Medicaid Market

Key players operating in the market are adopting various strategies to reach potential and needy customers and cater to the needs of the end-users. Major players in the global medicare and medicaid market are:

• Automated Health Systems, Inc.
• Centene Corporation
• Humana
• Blue Cross Blue Shield
• Cigna
• United Healthcare
• Aetna
• Colonial Penn Life Insurance Company.
• Continental Life Insurance Company of Brentwood, Tennessee.
• Everence Association, Inc.  

Key Issues Addressed

• What is the market size by various segmentation of the medicare and medicaid market by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the medicare and medicaid market?
• What are the key opportunities and trends for manufacturers involved in the medicare and medicaid market supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of medicare and medicaid in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of leading and prominent companies in the market.