The global buy now pay later market is anticipated to grow at a considerable CAGR of 32.7% during the forecast period. Increasing treatment costs for various diseases and the rising chronic diseases such as chronic heart disease, cancer, cardiovascular diseases (CVDs), Parkinson’s, kidney, and others are propelling the growth and demand for BNPL Market across the globe. These diseases require a huge amount of money for treatment, and most of the patients are not able to complete the treatment payment. Hence, the BNPL services are highly being used as it provides the convenience to pay for the treatment at a later period, in installments with no interest fee. According to the World Health Organization (WHO) data, around 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke.
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Furthermore, according to the American Association for Cancer Research (AACR) data 2020, cancer care costs in the US are projected to exceed $245 billion by 2030. Costs varied considerably by cancer site, with annualized cancer-attributable medical costs in this phase ranging from $71,300 for those with prostate cancer to $239,400 for patients with acute myeloid leukemia (AML). The cancer-attributable annualized average medical costs in the initial, continuing, and non-cancer end-of-life phases were $41,800, $5,300, and $23,500 per patient, respectively, because of high costs, many people with cancer and other diseases and those who have survived cancer experience financial hardship, including problems paying bills, depletion of savings, delaying or skipping needed medical care, and potential bankruptcy. These strong factors support the demand for buy now pay later services across the globe.
Rising health care expenditures are a burden for patients, and costs of cancer care and other diseases are fuelling the demand for BNPL payment methods, as it divides the costs in installments for the future without any interest fee. Hence, boosting the BNPL market during the forecast period.
Global Buy Now Pay Later (BNPL) Market Report Segment
By Channel
- Online
- POS
By Application
- Retail Goods
- Media & Entertainment
- Healthcare & Wellness
- Automotive
- Home Improvement
- Others
By Enterprise Size
- Large Enterprises
- Small-Medium Enterprises
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Buy Now Pay Later (BNPL) Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Afterpay Ltd.
- Affirm
- Klarna
- LatitudePay Australia Pty Ltd.
- Laybuy Group Holdings Ltd.
- Openpay Group
- Opy USA Inc.
- PayPal Holdings, Inc.
- Perpay, Inc.
- Quadpay, Inc.
- Sezzle
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
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