Published Date : 07 Feb 2023
The global medical devices reimbursement market size was evaluated at USD 46123 billion in 2022 and is predicted to hit around USD 859.8 billion by 2030 with a CAGR of 8.1% from 2022 to 2030.
Medical device reimbursement refers to the payment by a public or private insurer to the hospital for the hospital's medical device costs. A device is called covered if it's reimbursed. A hospital's ability to offer new medical devices depends on whether it comes under healthcare reimbursement. Medical device companies should engage with insurers and hospitals in the product development stage itself. This will lead the reimbursement process to raise the possibilities of product acceptance and it's coverage. If the reimbursement is specific, it will be challenging for the producer to predict whether an investment in new technology will yield good returns. It is the topmost issue on investors' minds. It is the first thing companies think about when developing new products.
Medical device companies need to investigate the reimbursement scenario of a particular market. The health insurer covers the patients’ healthcare expenses. A patient's healthcare reimbursement is covered by the public or a private health insurance company, totally or partially. It provides patients with advanced diagnostic and other medical technologies.
Rapid technological advancements majorly drive the global market in electronic health records. The increasing public knowledge of insurance policies and an ageing population boost the growth of the medical devices reimbursement market. The rising cases of chronic diseases and the growing demand for reimbursement positively influences the market growth. The COVID-19 pandemic raised the demand for remote monitoring, and now several public organizations are providing reimbursement for remote monitoring. Remote monitoring helps in treating patients with chronic diseases. The high burden of chronic diseases enhances the demand for remote monitoring, which is expected to impact market growth positively. The focus of the U.S. Affordable Care Act, is on reducing the costs of healthcare for patients. Its main purpose is to decrease medical device costs and make cheap healthcare insurance accessible to every person in the USA.
The senior population requires healthcare services, leading to healthcare expenditures that will raise the demand for medical devices. This factor will catalyze the reimbursement industry expansion in the long run. The increasing patient population, the rising awareness regarding health insurance policies, and the growing cost of healthcare positively influence market growth. The governments of various countries are offering an add-on reimbursement for medical devices post-COVID-19 pandemic. The favorable government policies strengthen market growth. The surge in the prevalence of chronic diseases and escalating preventative care propel the market growth. The rising focus on early diagnosis and preventative treatment favor market growth. The increasing need for healthcare equipment offers numerous opportunities for market growth. The growing occurrence of prolonged diseases such as diabetes and cardiovascular diseases (CVD) significantly contributes to market growth. The escalating demand for improved treatment and the rising prevalence of diabetes and cancer boost the market growth. The increased frequency of chronic diseases and the growing geriatric population bolster market growth.
Medical Devices Reimbursement Market Scope
|Market Size in 2022||USD 461.23 Billion|
|Market Size by 2030||USD 859.8 Billion|
|Growth Rate From 2022 To 2030||CAGR of 8.1%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Payer and By Healthcare Setting|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Market Driver: Increasing knowledge about health insurance
People's increasing knowledge and awareness about health insurance and medical device reimbursement significantly contribute to market growth. In line with this, expanding knowledge about health insurance coverage positively influences the market growth. The increase in the number of people seeking insurance favors market growth. The favorable government policies create a positive outlook for the market.
The growing reliance on reimbursement, the increasing prevalence of chronic diseases, and the rising demand for preventative care catalyze market growth. Furthermore, the escalating focus on early diagnosis and preventative propel the market growth. The increasing need for healthcare equipment offers numerous opportunities for market expansion. The consolidation of the healthcare system strengthens market growth. The rising number of chronic diseases and their preventive care boost market growth. The growing activity in the diagnostic device business catalyzes market growth.
Market Opportunity: Rising healthcare expenditure
The rising healthcare expenditure offers numerous opportunities for market growth. The increasing patient population and the growing awareness of insurance policies boost the market expansion for medical device reimbursement.
The surging healthcare cost and supportive government policies propel the demand for medical device reimbursement. The rising demand for improved treatment and the increasing cases of diabetes and cancer bolster market growth. The increased frequency of chronic diseases strengthens market growth.
Market Restraint: Existence of governing bodies and agencies
The existence of many governing bodies and agencies restricts the medical devices equipment market growth. The stringent government regulations hamper the market growth.
Market Challenge: Time-consuming process
The process of licensing medical devices and application and review of medical device reimbursement is very time-consuming. This is the main factor challenging the medical device reimbursement market growth. It is preventing the market from growing.
Market Key Players:
By Healthcare Setting
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