Ottawa, Feb. 17, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global medical devices reimbursement market size was reached at US$ 395.9 billion in 2020. The medical devices reimbursement market is a payment made to the healthcare providers by a private insurer for costs incurred while utilizing medical devices. In most cases, the patient’s healthcare expenses, including the usage of medical devices, are covered by the health insurer or government payer. The medical devices reimbursement market is being driven by technological developments in electronic medical records, an increase in chronic disease cases, and a growing requirement for reimbursement. The amount of reimbursement is determined using two methods that is complete reimbursement of individual medical devices and payment based on the outcome of the entire medical procedure in which a medical device is utilized.
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In addition, as the population ages, healthcare costs will continue to rise, resulting in a strong demand for medical devices. This is yet another aspect that will have a significant long-term impact on the reimbursement sector. Other factors driving the medical devices reimbursement market expansion include rising healthcare costs, a growing patient population, and increased public awareness of health insurance coverage.
Report Coverage of Medical Devices Reimbursement Market
| Report Attributes | Details | |
| Market Size in 2020 | US$ 395.9 Billion | |
| CAGR | 8.1% | |
| Base Year | 2021 | |
| Fastest Growing Region | Asia Pacific | |
| Largest Market | North America | |
| Companies Covered | Allianz, UnitedHealth Group, Nippon Life Insurance, WellCare Health Plans, Aviva, Aetna, BNP Paribas, CVS Health, Cigna, Humana | |
Report Highlights
- Based on the payer, the private medical devices payers segment dominated the global medical devices reimbursement market in 2020 with highest market share. The cost of operating tool or performing a treatment is taken into consideration, but not the technological worth of the equipment. Due to the lower overall coverage premium, public healthcare systems may be unable to provide the same sophisticated diagnostic medical device that is used in the field, resulting in an increase in the medical devices reimbursement market.
- Based on the healthcare setting, the hospitals segment dominated the global medical devices reimbursement market in 2020 with highest market share. The increased prevalence of chronic conditions like cancer, diabetes, and heart diseases is driving up hospital demand for medical devices reimbursement. Many research-based medical devices are first employed in public hospitals before being marketed to private hospitals, hence expanding the medical devices reimbursement market.
- North America is the largest segment for medical devices reimbursement market in terms of region. There are an increasing number of healthcare centers in this region, which is adding to the medical devices reimbursement market’s expansion.
- Asia-Pacific region is the fastest growing region in the medical devices reimbursement market. Due to increased healthcare costs in this region, Asia-Pacific is expected to rise at a fastest CAGR. The medical devices reimbursement market in this region is growing as insurance services have become more widely available in rural and urban areas.
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Market Dynamics
Drivers
Rising awareness about health insurance
The medical devices reimbursement market is growing due to increased awareness about health insurance policies among consumers in developing nations. The rising cost of healthcare, combined with favorable government policies, is increasing the number of people who opt for pay services, boosting the global medical devices reimbursement market during the forecast period.
Restraints
Presence of regulatory agencies
The presence of different regulatory agencies is expected to stymie the growth of the medical devices reimbursement market, resulting in a lengthy procedure for medical device approval. Another factor that is impeding the medical devices reimbursement market expansion is the lengthy application and review process for medical devices reimbursement.
Opportunities
Growing prevalence of chronic diseases
The medical devices reimbursement market is growing due to the rising prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes, and other type of diseases all around the world. Diabetes roughly affects 422 million people worldwide, the majority of whom reside low- and middle-income nations, and diabetes is directly responsible for 1.6 million fatalities each year, according to the World Health Organization (WHO). The growing costs of healthcare are also expected to drive the medical devices reimbursement market. As a result, the growing prevalence of chronic disorders is creating lucrative opportunities for the growth of the global medical devices reimbursement market during the forecast period.
Challenges
Payment rates and the value of medical technologies are not aligned
In many countries, reimbursement rates are determined by established formulas that are applied to procedures or device categories rather than technology or characteristics of the individual manufacturer. This discourages the companies or firms from investing in modern technologies that can help them save money in the long run while also improving the quality of their work. As a result, misalignment of reimbursement rates and the value of medical devices is a major challenge for the growth and development of the global medical devices reimbursement market during the forecast period.
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Segments Covered in the Report
By Payer
- Public
- Private
By Healthcare Setting
- Hospitals
- Outpatient Facilities
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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