The global medical devices reimbursement market size is expected to reach USD 892.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.8% from 2021 to 2028. The rising number of regulatory reforms and increasing efforts of healthcare providers to reduce cost and improve the quality of medical devices are anticipated to propel market growth.
Medical device reimbursement is defined as the payment a third-party private or public insurer pays a healthcare provider for the cost incurred while using medical equipment. The major factors fueling the growth of the market are growing dependence on reimbursement, increasing prevalence of chronic diseases, and growing preventive care. Focus on early diagnostics and preventive care may in turn lead to higher activity within the diagnostic device industry, thus promoting more reimbursement share from them. For instance, a fundamental paradigm shift towards incentivizing early diagnosis through reimbursement is noticed across developed economies, such as by screening for breast cancer.
With an increasing demand for medical equipment, reimbursement services are expected to provide various opportunities for healthcare industries to poach upon. Additionally, the increasing number of people pursuing insurance, and consolidation of the healthcare system are major factors fueling the market.
North America dominated the market and accounted for the largest revenue share of about 50.0% in 2020, and is expected to maintain its dominance over the forecast period. Increasing adoption of healthcare device reimbursement and the rising awareness with regard to cost implications are expected to drive the market in the region. In addition, the rising demand for healthcare equipment and the increasing number of healthcare centers is expected to drive the market in this region. The growing prevalence of chronic diseases is driving the demand for various healthcare instruments. Even though the advent of COVID-19 has severely affected the medical device industry, demand for homecare medical equipment has increased. This, in turn, is positively impacting the reimbursement coverage of remote monitoring devices, wearable devices, home infusion equipment, and durable healthcare instruments.
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Medical Devices Reimbursement Market Report HighlightsThe private payer segment dominated the market with a share of 65.1% in 2020 due to the presence of a large number of private players
The hospital segment dominated the market with a share of 53.4% in 2020 due to recent technological developments and high patient footfall requiring the use of healthcare instruments
North America is expected to dominate the market over the forecast period owing to a strong reimbursement framework
In the Asia Pacific, the market is projected to witness rapid growth during the forecast period owing to the rising penetration of insurance services in rural and urban areas
Grand View Research has segmented the global medical devices reimbursement market based on payer, healthcare setting, and region:
Medical Devices Reimbursement Payers Outlook (Revenue, USD Billion, 2016 - 2028)
Public
Private
Medical Devices Reimbursement Healthcare Setting Outlook (Revenue, USD Billion, 2016 - 2028)
Hospitals
Outpatient Facilities
Others
Medical Devices Reimbursement Regional Outlook (Revenue, USD Billion, 2016 - 2028)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Asia Pacific
China
India
Japan
South Korea
Australia
Latin America
Brazil
Mexico
Argentina
Colombia
Middle East & Africa
South Africa
Kuwait
UAE
List of Key Players of Medical Devices Reimbursement Market
Aviva
Nippon Life Insurance
CVS Health
WellCare Health Plans
BNP Paribas
Aetna
Allianz
Humana
Cigna
UnitedHealth Group
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