Medical Devices Reimbursement Market size was valued at $ 395.05 Billion in 2019 and is anticipated to grow at a CAGR of 7.95% during the forecast period 2020-2025. Medical devices reimbursement is defined as a payment, a private or public insurer pays to a healthcare provider for the cost incurred while using medical devices. Medical devices reimbursement scenario has become a key framework for enabling patient’s access to advanced diagnostic and other medical technologies. A vibrant framework helps in containing cost of development of cutting-edge medical devices and also higher adoption among healthcare providers. Manufacturers in the medical industry consider new technologies economically viable if they can reap the benefits of a healthy reimbursement framework.
The Medical Devices Reimbursement Market growth rate is attributed to the increasing number of regulatory reforms, growing efforts of market players to reduce costs & enhance the quality of medical devices, the growing popularity of preventive care, rising incidence of chronic diseases and increasing dependence on remuneration is likely accelerate the growth of the medical devices reimbursement market in the forecast period of 2020-2025. However, Covid-19 has become a threat to the world’s economy as a whole and has adversely affected the reimbursement market for medical devices.
Medical Devices Reimbursement Market Segment Analysis – By Reimbursement Payer Services
On the basis of reimbursement payer services, the largest sales share in 2019 was accounted for by the private medical devices reimbursement segment, growing at a 7.2% CAGR. The large share of this segment is owing to the presence in the market of a large number of private players and its dominance over the forecast period 2020-2025 is anticipated to continue. In addition, the growth of the segment over the forecast period 2020-2025 is also responsible for the growing prevalence of cancer and diabetes and the increasing demand for better care.
Apart from this, the existing reimbursement evaluation requirements reflect the expense of using a system or undertaking a procedure, but not the benefit of the technology used. Thus, owing to a lower average reimbursement value, the most advanced technology medical devices are not accessible in various public healthcare environments.
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Medical Devices Reimbursement Market Segment Analysis – By Geography
North America dominated the Medical Devices Reimbursement Market with a share of 36.5% in 2019. The application of Medical Devices Reimbursement has grown rapidly over the last few years owing to the increasing cases of various deadly diseases in the region are predicted to stimulate the market over the forecast period. Furthermore, the reimbursement framework is the most advanced within the region compared to other countries. A biannual revision of the list of devices is performed by committees to incorporate the latest products within the reimbursement system. Moreover, changes in the regulatory scenarios and increasing pressure on healthcare industries to decrease service costs are likely to increase the demand for medical device reimbursement. Hence the market is expected to show growth over the forecast period 2020-2025.
However, in Asia Pacific, the market is poised to witness significant growth over the forecast period 2020-2025 owing to rising healthcare expenditure, increasing chronic disease prevalence, and rising demand for resources in developing countries like China, Japan, Korea, and India. These countries are adopting the policies followed by the U.S. and Europe in order to streamline and develop a highly efficient healthcare management system within their own regions.
Medical Devices Reimbursement Market Drivers
Increasing Understanding of Health Insurance Plans among Citizens Worldwide
Presently, the growing number of regulatory changes, the increasing efforts of market players to minimise prices and improve the quality of medical equipment, the increasing popularity of preventive treatment, the increasing incidence of chronic diseases changes in the regulatory climate and growing understanding of health insurance plans among citizens worldwide with focus laid on operating costs are poised to increase demand for medical device reimbursement. Therefore, the reimbursement market for global medical devices is projected to show growth over the forecast period 2020-2025.
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Medical Devices Reimbursement Market Challenges
High product cost and misbranding
Market growth is poised to be hampered by presence of multiple regulatory bodies and complicated medical device reimbursement application and review procedure, in the above-mentioned forecast period 2020-2025. Moreover, Covid-19 has become a threat to the world’s economy as a whole and has adversely affected all sorts of industries, including the reimbursement market for medical devices. With less disposable income, it is predicted that growth in the economy will slow down.
Medical Devices Reimbursement Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Medical Devices Reimbursement Market. In 2019, Medical Devices Reimbursement Market share is fragmented by the top ten players present in the market. Medical Devices Reimbursement Market top 10 companies are UnitedHealth Group, Aviva, Aetna, Nippon Life Insurance, Cigna, CVS Health, Humana, WellCare Health Plans, Allianz, and BNP Paribas.
In January 2019, NAMSA announces acquisition of Reimbursement Strategies, LLC, expands medical device development portfolio; the addition of this service will allow clients to proactively address the largest challenges of bringing novel devices to the global marketplace.
North America dominated the Medical Devices Reimbursement Market with a share of 36.5% in the year 2019.
The factors such growing dependence on remuneration, increasing prevalence of chronic diseases, and growing preventive care are amongst the major factor projected to impel growth of Medical Devices Reimbursement Market.
Changes in regulatory environments, increasing awareness among people worldwide regarding health insurance policies, rising pressure on healthcare companies to lower operating costs are the key factors owing to the growth in the segment during forecast period 2020-2025.
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