Medical Devices Reimbursement Market Size is projected to reach USD 970 Billion by 2030, growing at a CAGR of 10.1%: Straits Research

The global market for Medical Devices Reimbursement was valued at USD 408.4 billion in 2020 and is expected to reach USD 970.89 billion in 2030 expanding at a compound annual growth rate (CAGR) of 10.1% from 2022 to 2030. North America led the market for medical device reimbursement and is predicted to continue to do so for the duration of the forecast.

 | Source: Straits Research Straits Research

New York, United States, July 28, 2022 (GLOBE NEWSWIRE) -- The term "medical devices reimbursement" refers to the payment that is made by private insurers to healthcare providers in order to compensate such providers for the costs that were incurred as a result of the use of medical devices. In most cases, the patient's medical costs, including the cost of using medical devices, are paid for by the patient's health insurer or by the government. There are a number of variables that are driving the market, including technological developments in Electronic Medical Records (EMR), an increase in the number of instances of chronic illnesses, and an increasing requirement for reimbursement.


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Increasing knowledge about health insurance

The market for the reimbursement of medical equipment is expanding as a direct result of increasing consumer knowledge regarding health insurance coverage, particularly in emerging nations. The increasing cost of healthcare, in conjunction with favourable government policies, is increasing the number of individuals who select for pay services. This will enhance the worldwide market for medical device reimbursement throughout the period covered by the projection.

Chronic obstructive pulmonary disease (COPD), cardiovascular disease, stroke, and cancer are the top four causes of mortality in the United States. These disorders may be avoided, and if caught early on, treatment will not only be less expensive but also more effective. These disorders add an additional expense of around USD 7,900 per individual. The economic burden of cardiovascular conditions is expected to worsen in the coming years, which will fuel market growth. According to an article that was published by ScienceDaily, the cost of cardiovascular diseases will exceed USD 1 trillion by 2035 for the United States, and the number of Americans who will have these diseases will rise to 131.2 million (45 percent).


Report Scope

Report MetricDetails
Market SizeUSD 970 Billion by 2030
CAGR10.1%
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredPayer, Healthcare Setting
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsCigna, UnitedHealth Group, Aviva, Nippon Life Insurance, Allianz, Humana, CVS Health, WellCare Health Plans, BNP Paribas, Aetna
Key Market Opportunitiesincrease in medical device demand and healthcare facilities
Key Market DriversIncreasing knowledge about health insurance

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Regional Overview of Medical Devices Reimbursement Market

With a revenue share of 50.0 percent in 2020, North America led the market for medical device reimbursement and is predicted to continue to do so for the duration of the forecast. Over the projection period, it is expected that rising rates of a number of severe illnesses would boost the market. In addition, when compared to other areas, the region's reimbursement mechanism is the most sophisticated. Committees update the list of devices every two years to include the newest goods in the reimbursement scheme.

The need for medical device reimbursement is projected to rise as regulatory landscapes change and pressure on the healthcare sector to save costs grows. Due to this during the course of the projected period, the market is anticipated to increase. The market in Europe is anticipated to be driven by an increase in medical device demand and healthcare facilities.

The National Association of Statutory Health Insurance Funds (GKV) is the biggest payer institution in Germany, which has about 100 statutory health insurers. However, the Techniker Krankenkasse (TK) is the biggest health insurance financing organisation in Germany based on the number of covered people; in 2020, it offered insurance to around 10 million people. Additionally, private health insurance firms are essential in reimbursing the cost of medical equipment. Numerous private health insurers provide coverage to about 9 million Germans.


Key Highlights

  • The global market for Medical Devices Reimbursement was valued at USD 371 billion in 2020 and is expected to reach USD 2093.62 billion in 2030 expanding at a compound annual growth rate (CAGR) of 10.1% from 2020 to 2028.
  • Increasing knowledge about health insurance will drive the market.
  • Economic burden of cardiovascular conditions is expected to worsen in the coming years, which will fuel market growth.
  • The Market for Medical Devices Reimbursement Market is segmented into the following categories: Payer, Healthcare Setting and region.
  • Based on Payer the market is divided into the following: Public cand Private. In the year 2020, the private sector of medical device reimbursement accounted for the biggest revenue share of 65.1%.
  • Based on Healthcare setting the market is divided into the following: Hospitals and Outpatient Facilities. In 2020, the hospital sector represented for 53.4 percent of the market's total revenue, making it the dominant player in the industry.
  • With a revenue share of 50.0 percent in 2020, North America led the market for medical device reimbursement and is predicted to continue to do so for the duration of the forecast.


Competitors in Medical Devices Reimbursement Market

  • Cigna
  • UnitedHealth Group
  • Aviva
  • Nippon Life Insurance
  • Allianz
  • Humana
  • CVS Health
  • WellCare Health Plans
  • BNP Paribas 
  • Aetna


Segmentation of Medical Devices Reimbursement Market

By Payer

  • Public
  • Private

By Healthcare Setting

  • Hospitals
  • Outpatient Facilities

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Medical Devices Reimbursement Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Payer Overview
    1. Introduction
      1. Market Size & Forecast
    2. Public
      1. Market Size & Forecast
    3. Private
      1. Market Size & Forecast
  5. Healthcare Setting Overview
    1. Introduction
      1. Market Size & Forecast
    2. Hospitals
      1. Market Size & Forecast
    3. Outpatient Facilities
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Payer
        2. By Healthcare Setting
      3. Canada
        1. By Payer
        2. By Healthcare Setting
      4. Mexico
        1. By Payer
        2. By Healthcare Setting
      5. Latin America
        1. By Payer
        2. By Healthcare Setting
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Payer
        2. By Healthcare Setting
      3. France
        1. By Payer
        2. By Healthcare Setting
      4. U.K.
        1. By Payer
        2. By Healthcare Setting
      5. Italy
        1. By Payer
        2. By Healthcare Setting
      6. Spain
        1. By Payer
        2. By Healthcare Setting
      7. Rest of Europe
        1. By Payer
        2. By Healthcare Setting
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Payer
        2. By Healthcare Setting
      3. China
        1. By Payer
        2. By Healthcare Setting
      4. Australia
        1. By Payer
        2. By Healthcare Setting
      5. India
        1. By Payer
        2. By Healthcare Setting
      6. South Korea
        1. By Payer
        2. By Healthcare Setting
      7. Rest of Asia-Pacific
        1. By Payer
        2. By Healthcare Setting
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Payer
        2. By Healthcare Setting
      3. South Africa
        1. By Payer
        2. By Healthcare Setting
      4. Kuwait
        1. By Payer
        2. By Healthcare Setting
      5. Rest of Middle East & Africa
        1. By Payer
        2. By Healthcare Setting
  7. Company Profile
    1. Cigna
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. UnitedHealth Group
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Aviva
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @  https://straitsresearch.com/report/medical-devices-reimbursement-market/toc


Recent Developments by Key Players

Magellan Health, Inc. was purchased by Centene Corporation in January 2021 for $95 per share in cash, giving the business a $2.2 billion market value. The expansion of the firms will be aided by this purchase.

News Media
North America to Dominate the IoT Medical Devices Market, Backed by Increasing Penetration of Connected Devices in Healthcare
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3D Printing Medical Devices to Revolutionize the Medical Industry


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Tags

Healthcare Industry medical devices Hospitals Medical Devices Reimbursement EMR economic healthcare sector GKV health insurance

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