Medicare and Medicaid Market is estimated to grow at a CAGR of 11.9% 2030
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 markets’ 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.
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.
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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
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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
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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:
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- 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.
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