Rising Chronic Diseases To Boost Medical Devices Reimbursement Market Growth

 

Medical Devices Reimbursement Market

Medical Devices Reimbursement Market (By Payer: Public and Private; and By Healthcare Setting: Hospitals, Outpatient Facilities, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Medical Devices Reimbursement Market is estimated to be valued at US$ 501.7 billion in 2022 and is expected to exhibit a CAGR of 9.4 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Medical device reimbursement is the mode of transaction made by a third party private or public guarantor to a health care physician in exchange for the price or payments sustained by the physician for conducting the necessity procedure or utilizing a medical device. So an employee do not have to acquiesce any medical bills to the company orderly to receive a medical payment. It is paid to the insurer as a monthly fixed price which is part of the employee’s salary.

The Global Medical Devices Reimbursement Market Was Valued At Us$ 501.8 Mn In 2022 And Is Forecast To Reach A Value Of Us$ 970.7 Mn By 2030 At A CAGR Of 8.6% Between 2023 And 2030.

Competitive Landscape:

Key players involved in the growth of global Medical Devices Reimbursement Market are CVS Health, WellCare Health Plans, UnitedHealth Group, Allianz, Cigna, Nippon Life Insurance, Humana, Aviva, Aetna and BNP Paribas.

Market Key Drivers:

Rising reimbursement on medical devices is expected to boost the growth of the global Medical Devices Reimbursement Market. For instance, as per report published by the Center for American Progress over US$ 1.3 trillion is estimated to have been invested on healthcare reimbursement in 2019 in the US.

Rising geriatric population and increasing chronic diseases is projected to drive the growth of global Medical Devices Reimbursement Market. For instance, as per UN Org., the global geriatric population is expected to reach 1.5 billion in 2050.

Covid-19 Impact Analysis:

The Covid-19 outbreak had positively affected the growth of the global Medical Devices Reimbursement Market due to the rise in pandemic cases. The rising admission in hospitals, increasing health problems such as respiratory and heart diseases have led to the vast usage of medical devices. This usage is further considered to increase scope of reimbursement in healthcare center.

Key Takeaways:

The global Medical Devices Reimbursement Market is anticipated to exhibit a CAGR of 9.4 % during the forecast period rising prevalence of chronic disorders. For instance, as per WHO around one in three people suffer from one chronic disease across the globe.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global Medical Devices Reimbursement Market due to mergers and acquisitions, product expansions and rising regulatory initiatives, increasing prevalence of chronic diseases and rising healthcare infrastructure. For instance, as per AHA, around 133 million Americans suffer from chronic diseases in U.S.