Medical Device Reimbursement Market Size Will Reach USD 859.8
Ottawa, Feb. 17 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the reimbursement market for medical devices Cut was reached at US$395.9 billion in 2020. The medical device reimbursement market is a payment made to healthcare providers by a private insurer for costs incurred while using medical devices. In most cases, the patient’s health expenses, including the use of medical devices, are covered by the health insurer or public payer. The medical device reimbursement market is driven by technological developments in electronic medical records, an increase in chronic disease cases, and growing demand for reimbursement. The reimbursement amount is determined using two methods, namely full reimbursement for individual medical devices and payment based on the outcome of the entire medical procedure in which a medical device is used.
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Additionally, as the population ages, health care costs will continue to rise, leading to high demand for medical devices. This is yet another aspect that will have a significant long-term impact on the reimbursement industry. Other factors driving the expansion of the medical device reimbursement market include rising healthcare costs, a growing patient population, and increasing public awareness of health insurance coverage.
Report cover reimbursement of medical devices Marlet
|Market size in 2020||US$395.9 billion|
|Fastest growing region||Asia Pacific|
|The biggest market||North America|
|Companies covered||Allianz, UnitedHealth Group, Nippon Life Insurance, WellCare Health Plans, Aviva, Aetna, BNP Paribas, CVS Health, Cigna, Humana|
- On the basis of payer, the private payers of medical devices segment dominated the global medical device reimbursement market in 2020 with the highest market share. The cost of operating the tool or carrying out a treatment is taken into consideration, but not the technological value of the equipment. Due to the lower overall coverage premium, public healthcare systems may not be able to provide the same sophisticated diagnostic medical device used in the field, resulting in an increase in the medical device reimbursement market.
- Based on the healthcare context, the hospital segment dominated the global medical device reimbursement market in 2020 with the highest market share. The increased prevalence of chronic diseases such as cancer, diabetes and heart disease is increasing the demand from hospitals for reimbursement of medical devices. Many research-based medical devices are first used in public hospitals before being marketed in private hospitals, thereby expanding the medical device reimbursement market.
- North America is the largest segment of the medical device reimbursement market in terms of region. There are more and more health centers in this region, which contributes to the expansion of the market for the reimbursement of medical devices.
- Asia-Pacific is the fastest growing region in the medical device reimbursement market. Due to rising healthcare costs in this region, Asia Pacific is expected to grow at the fastest CAGR. The medical device reimbursement market in this region is growing as insurance services have become more widely available in both rural and urban areas.
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Rising health insurance awareness
The medical device reimbursement market is growing due to increased awareness of health insurance policies among consumers in developing countries. The rising cost of healthcare combined with favorable government policies is increasing the number of people opting for paid services, driving the global medical device reimbursement market over the forecast period.
Presence of regulatory agencies
The presence of different regulatory agencies is expected to hamper the growth of the medical device reimbursement market, leading to a lengthy medical device approval process. Another factor hindering the expansion of the medical device reimbursement market is the lengthy application and review process for medical device reimbursement.
Growing prevalence of chronic diseases
The medical device reimbursement market is growing owing to the increasing prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes and other types of diseases across the globe. Diabetes affects an estimated 422 million people worldwide, the majority of whom reside in low- and middle-income countries, and diabetes is directly responsible for 1.6 million deaths each year, according to the World Health Organization ( WHO). Rising healthcare costs are also expected to drive the medical device reimbursement market. Accordingly, the increasing prevalence of chronic disorders creates lucrative opportunities for the growth of the global medical device reimbursement market over the forecast period.
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 categories of devices rather than to the technology or characteristics of the individual manufacturer. This discourages companies or companies from investing in modern technologies that can help them save money in the long run while improving the quality of their work. As a result, the misalignment of reimbursement rates and value of medical devices is a major challenge for the growth and development of the global medical device reimbursement market during the forecast period.
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Segments covered in the report
By health facility
- Ambulatory facilities
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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