Medical Devices Reimbursement Market

The global medical devices reimbursement market size was valued at USD 373.8 billion in 2020 and is projected to reach USD 891.8 billion by 2028, expanding at a CAGR of 10.5% during the forecast period, 2021–2028.

The growth of the market is attributed to the growing patient population, the increasing cost of healthcare, and rising awareness among people regarding health insurance policies.

Get Free Sample Report

Medical device reimbursement is described as a payment made to a health professional by a private insurance company for expenses involved while using medical devices. Generally, health insurers or government payers cover all of a patient's medical expenses, including the usage of medical devices. Electronic medical records improvements, an increase in chronic disease cases, and a growing requirement for reimbursement are all factors pushing the industry. The amount of reimbursement is determined by one of two methods: total reimbursement of individual medical devices or payment based on the outcome of the entire medical process in which a medical device is utilized.

The COVID-19 pandemic outbreak had negative impact on the market. During the pandemic, the medical device sales was disrupted owing to insufficiency of material supply, which resulted in temporary halt for the launch of new medical devices by manufacturers. The market is expected to recover soon as emergency lockdown is lifted by the government gradually and sale is expected to spur during the projected period.

Market Trends, Drivers, Restraints, and Opportunities

• Growing need for reimbursement related to medical expense is one of the key factors driving the market growth.
• Rising awareness among people regarding health insurance policies is expected to boost the market growth in the coming years.
• Increasing patient population globally is expected to increase the demand for medical devices. This is anticipated to fuel the market growth in the projected period.
• Stringent rules and regulations by governments related to medical device manufacturing is expected to hinder the market growth during the projected timeline.
• Rising medical spending by governments in major areas is projected to create significant growth opportunities for the market in the near future.

Scope of the Report

The report on the global medical devices reimbursement market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Hospitals segment to grow at a rapid pace

Based on healthcare settings, the global medical devices reimbursement market is segmented into outpatient facilities, hospitals, and others. The hospitals segment is expected to grow at a rapid pace during the forecast period owing to the increasing prevalence of chronic diseases and growing aging population. However, the outpatient facilities segment is anticipated to hold a key share of the market in the coming years due to the rise in incidence related to chronic diseases and increasing investments in R&D. Moreover, the growing need for medications, as well as their cost-effective production, is projected to spur the segment growth further.

Private segment to expand at a considerable CAGR

On the basis of payers, the market is bifurcated into private and public. The private segment is projected to expand at a considerable CAGR during the forecast period attributed to the presence of a large number of key private players in the market. Additionally, increasing demand for better treatment is expected to drive the segment growth further. On the other hand, the public segment is anticipated to account for a major market share during the forecast period due to rising innovation for the development of new medical devices.

Get Free Sample Report

North America to constitute a key market share

In terms of regions, the global medical devices reimbursement market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to increasing cases of several deadly diseases across the region. Moreover, the reimbursement framework is the most advanced in the region, which is expected to drive the regional growth further. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to increasing healthcare costs, the prevalence of chronic diseases, and the demand for resources in the region.

Get Free Sample Report

Segments

Segments Covered in the Report

The global medical devices reimbursement market has been segmented on the basis of

Healthcare Settings

• Outpatient Facilities
• Hospitals
• Others

Payers

• Private
• Public

Regions

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

Key Players

• UnitedHealth Group Inc.
• Aviva plc
• Reliance Nippon Life Insurance Co.
• CVS Health Corp.
• BNP Paribas S.A.
• Aetna Inc.
• Allianz SE
• Humana Inc.
• Cigna
• WellCare Health Plans, Inc.

Competitive Landscape

Key players competing in the global medical devices reimbursement market are UnitedHealth Group Inc.; Aviva plc; Reliance Nippon Life Insurance Co.; CVS Health Corp.; BNP Paribas S.A.; Aetna Inc.; Allianz SE; Humana Inc.; Cigna; and WellCare Health Plans, Inc. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.