Global Medical Devices Reimbursement Market is valued approximately USD 434.4 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.40% over the forecast period 2022-2028. Medical device reimbursement is defined as the payment made to a healthcare provider by a private insurer for expenditures incurred while utilizing medical equipment.
Typically, health insurers or government payers cover patients’ healthcare bills, including the usage of medical devices. Certain aspects propelling the market include technological developments in Electronic Medical Records (EMR), an increase in chronic illness cases, and a growing requirement for reimbursement. The need for remote monitoring surged during the COVID-19 epidemic, and today many public organisations such as Medicare compensate for remote monitoring. Remote monitoring has become more important in the treatment of chronic illness patients.
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The rising prevalence of chronic illnesses is predicted to increase demand for remote monitoring in the future years, positively impacting market growth. The Affordable Care Act of the United States focuses on lowering healthcare expenses for patients. The primary goal of this legislation is to lower medical device prices and make affordable healthcare insurance available to all citizens of the United States. Furthermore, the Center for Medicaid and Medicare is aiming to make high-quality medical equipment and health insurance available to billions of people.
As a result, Medicaid spending in the United States grew by 4.5 percent in 2019. Furthermore, according to a research issued by the Center for American Progress (CAP), the US spent around USD 1.3 trillion on healthcare reimbursement in 2019. As a result, the market is likely to develop at a rapid pace over the forecast period. Following the COVID-19 epidemic, different governments are offering further payment for medical gadgets. For example, the French National Authority for Health issued proposals in May 2022 for expanding payment for medical equipment such as diagnostic imaging devices, cardiovascular and peripheral vascular devices, and interventional radiology devices. Such government efforts are projected to assist market expansion in the future years. However, the Delay in Medical Devices Reimbursement stifles market growth throughout the forecast period of 2022-2028.
The key regions considered for the Global Medical Devices Reimbursement Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America had the highest revenue share due to favourable regulatory rules and a robust reimbursement mechanism. Medical device reimbursement provisions are also extensively established in the region.
The increased incidence of chronic illnesses, together with rising demand for medical equipment, is likely to boost market growth in this area over the forecast period. Rising healthcare spending, chronic illness incidence, and rising resource demand in emerging nations such as China, Japan, South Korea, and India are expected to drive considerable development in the Asia Pacific region throughout the projection period. These nations are following the policies of the United States and Europe in order to simplify and establish a highly efficient healthcare management system, which is expected to have a beneficial influence on market growth.
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Major market player included in this report are:
Aviva
Nippon Life Insurance
CVS Health
WellCare Health Plans, Inc.
BNP Paribas
Allianz
Humana Inc.
Cigna
UnitedHealth Group
Anthem Insurance Companies, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Payer:
Public
Private
By Healthcare Setting:
Hospitals
Outpatient Facilities
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Here is an overview of the different factual statements covered by the study:
- The learn about consists of an area that breaks down strategic traits for the primary gamers in present and upcoming R&D, new product launches, collaborations, regional expansion, and mergers & acquisitions.
- The lookup focuses on essential market traits such as revenue, product cost, potential and utilization rates, import/export rates, supply/demand figures, market share and CAGR.
- The learn about is a series of analyzed records and a variety of barrels of house bought via a mixture of analytical equipment and an inside look up process.
- The Market can be divided into 4 areas in accordance to the regional breakdown: North American Markets, European Markets, Asian Markets and Rest of the World.
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