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(Health-NewsWire.Net, February 06, 2022 ) Medical Devices Reimbursement Market size was estimated at $410.23 million in 2020, growing at a CAGR of 8.86% during the forecast period 2021-2026. A payment provided to a healthcare provider by a private insurer for expenditures incurred while using medical devices is known as medical device reimbursement. The patient's hospital expenditures and the use of medical equipment are normally covered by a private or government health insurer. The government or a health insurance covers the majority of a person's healthcare reimbursement, either partially or completely. The reimbursement scenario for medical devices has evolved into a key framework for enabling patients' access to modern diagnostic and other medical technologies. The reimbursement payout is decided in two ways as a payment for individual medical instruments used or as a payment for the entire surgical process involving the use of a surgical equipment or devices. Electronic Medical Records (EMR), medical coding is majorly used in health reimbursement. Increasing technological advancement in Electronic Medical Records (EMR) is one of the major factor driving the growth of the market. Increasing awareness about insurance policies among the people coupled with growing aging population is set to further enhance the overall market development of the Medical Devices Reimbursement Market for the period 2021-2026.
Medical Devices Reimbursement Market Segment Analysis – By Payer
On the basis of payer, market for Medical Devices Reimbursement is categorized in private and public. Private segment in Medical Devices Reimbursement market held the largest share. The current reimbursement calculations take into account the cost of operating a tool or conducting a treatment, but not the technological value of the equipment. As a result of the lower total coverage premium, public healthcare systems may not be able to supply the same sophisticated diagnostic medical device that is employed in the field thereby increasing Medical Devices Reimbursement market. However, public is estimated to register higher CAGR of 8.98% during the forecast period 2021-2026 owing to rising adoption of public payer.
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Medical Devices Reimbursement Market Segment Analysis – By Setting
On the basis of setting, market for Medical Devices Reimbursement is categorized in Hospitals, Outpatient Facilities and Others. Hospitals segment in Medical Devices Reimbursement market held the largest share. The rising prevalence of chronic diseases such as heart disease and stroke, cancer, or diabetes is driving up the demand for medical device reimbursement in hospitals. Many innovative medical device based on research are first used in public hospitals before being sold to private hospitals thereby increasing Medical Devices Reimbursement market. However, Outpatient Facilities is estimated to register higher CAGR of 9.12% during the forecast period 2021-2026 owing to investment in research and development.
Medical Devices Reimbursement Market Segment Analysis – By Geography
North America dominated the Medical Devices Reimbursement market with a major share of 49.65% in 2020. This is attributed to the increasing incidence of chronic diseases in this region. According to, Centres for Disease Control and Prevention (CDC), chronic diseases such as heart disease and stroke, cancer, or diabetes are the leading cause of deaths in America and it affects six out of ten Americans. Furthermore, growing number of healthcare centres in this region which are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to rising healthcare cost in this region. Increasing penetration of insurance services in rural and urban area is also increasing the growth of the market in this region.
Medical Devices Reimbursement Market Drivers
Increasing Prevalence of Chronic Diseases Including Diabetes, CVD
Increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases (CVD) and others across the globe is increasing the growth of the Medical Devices Reimbursement Market. According to World Health Organization (WHO), Diabetes affects around 422 million people globally, the majority of whom live in low- and middle-income countries, and diabetes is directly responsible for 1.6 million deaths per year. Additionally, increase in healthcare costs is also practiced to increase the growth of the Medical Devices Reimbursement market during the forecast period 2021-2026.
Growing Awareness About Health Insurance Plans
Increasing awareness about health insurance plans among the people in developing countries is increasing the growth of the Medical Devices Reimbursement market. For instance, Aditya Birla Health Insurance Company Ltd. Launched campaign called as ‘ABHI Karo” to create awareness about health insurance among the people. The rising expense of healthcare, along with favourable government policies, is increasing the number of people who choose payer services thereby increasing the growth of the Medical Devices Reimbursement Market during the forecast period 2021-2026.
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Medical Devices Reimbursement Market Challenges
Presence of multiple Regulatory Bodies
Major factor that is set to impede the growth of the Medical Devices Reimbursement market is presence of multiple regulatory bodies this leads to long process for approval of medical devices. Another factor which hamper the growth of market is Complex application and review process for medical device reimbursement.
Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Medical Devices Reimbursement Market. In 2020, the Medical Devices Reimbursement Market share is consolidated by the top ten players present in the market.
Key Takeaways
North America dominated the Medical Devices Reimbursement Market in 2020 owing to increasing incidence of chronic diseases in this region. The Medical Devices Reimbursement Market scope for different regions will be provided in the final report.
Growing need of reimbursement is set to aid the market growth of the Medical Devices Reimbursement Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Medical Devices Reimbursement Market report.
Presence of multiple regulatory bodies is poised to create the hurdles for the Medical Devices Reimbursement Market.
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