Newark, NJ, Sept. 08, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global medical devices reimbursement market is expected to grow from USD 453.8 billion in 2019 to USD 994.19 billion by 2027, at a CAGR of 10.3% during the forecast period 2020-2027.
The major factors that are fuelling market growth are the increasing number of regulatory reforms, growing efforts of market players to reduce costs & enhance the quality of medical devices, the growing popularity of preventive care, rising incidence of chronic diseases and increasing dependence on remuneration. In addition, changes in regulatory environments, increasing awareness among people worldwide regarding health insurance policies, rising pressure on healthcare companies to lower operating costs are expected to increase demand for reimbursement of medical devices. Hence the global medical devices reimbursement market is expected to show growth over the forecast period.
Medical devices reimbursement is known as a payment, where a private or public insurer covers a health care provider for the expenses incurred by using medical devices. The private or government health insurer usually bears the hospital costs of the patients and the use of medical equipment. The reimbursement payout is determined by two methods; payout of specific medical instruments used or as a payment of the whole surgical process where a surgical device or devices are utilized.
With the outbreak of a global pandemic, many people have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the medical devices reimbursement market. With less disposable income, the market's growth is expected to slow down.
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Key players operating in the global medical devices reimbursement market include UnitedHealth Group, Aviva, Aetna, Nippon Life Insurance, Cigna, CVS Health, Humana, WellCare Health Plans, Allianz, and BNP Paribas among others. To gain a significant market share in the global medical devices reimbursement market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Private segment dominated the market and held the largest market share of 64.7% in the year 2019
The payer services segment includes private and public. The private segment dominated the market and held the largest market share of 64.7% in the year 2019. The large share of this segment is due to the high concentration of major private players in the market. Other factors are adding to the growth of the market, such as increasing prevalence of diabetes & cancer and rising demand for better treatment. Moreover, the current reimbursement calculations reflect the expense of operating a tool or conducting a treatment but not the technological value of the equipment used. Therefore, owing to a reduced overall coverage premium, various public healthcare systems may not provide the same sophisticated diagnostic medical devices used in the field. This segment is also forecasted to achieve the highest growth during the projected period.
Hospitals segment dominated the market and valued at USD 231.38 billion in the year 2019
Based on healthcare setting, the global medical devices reimbursement market has been segmented into outpatient facilities, hospitals, and others. Hospitals segment dominated the market and valued at USD 231.38 billion in the year 2019. The large share of the hospitals segment is due to factors like the rising prevalence of chronic diseases and the growing elderly population. There are also revolutionary technologies in the hospital sector.This segment is also anticipated to witness high growth over the projected period.
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Regional Segment Analysis of the Medical Devices Reimbursement Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global medical devices reimbursement market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 49.3% in the year 2019 and is anticipated to grow throughout the projected period. The high market share of this region can be attributed to the rising incidence of various dangerous diseases in the region. In addition, the reimbursement system within the North American region is the most developed relative to other regions. Biannual analysis of the catalog of items is carried out by commissions to integrate new products into the reimbursement scheme. A rising number of health care facilities and increasing demand for medical equipment are projected to boost the European market. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This growth is due to factors like growing penetration of insurance services in urban & rural settings, increasing demand for resources, increasing healthcare expenditure and rising prevalence of chronic diseases. Economies like India, Brazil, Japan, Korea and China are especially lucrative, considering their growth potential.
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About the report:
The global medical devices reimbursement market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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