The global Healthcare Reimbursement market size is expected to be worth around US$ 30.45 trillion by 2030, according to a new report by Vision Research Reports.
The global Healthcare Reimbursement market size was valued at US$ 4.59 trillion in 2020 and is anticipated to grow at a CAGR of 29.0% during forecast period 2021 to 2030.
The law supports innovative methods to deliver medical care to reduce healthcare costs and makes affordable health insurance available to more people. Since the Obamacare came into effect in 2014, the number of uninsured children under the age of 18 in the U.S. reduced to 5.0% in 2015 as compared to 9% in 2008.
In addition, the Centre for Medicare & Medicaid Services is working towards delivery of reliable high-quality care, endorsement of efficient results in healthcare system, and making health insurance affordable for millions of Americans who are seeking and getting coverage. The Medicaid spending in the U.S. grew by 3.9% in 2016 or 17.0% of the total National Health Expenditure. And Medicare spending grew by 3.6% in 2016 or 20.0% of the total National Health Expenditure.
The underpaid segment is anticipated to dominate the market through 2026 owing to growing cases of frauds against government healthcare programs and increasing use of healthcare services that are not medically required. There have been several cases where businesses and individuals have defrauded federal and state government healthcare programs by submitting false claims for healthcare services, treatment, pharmaceutical, and medical devices that were never rendered.
The underpaid segment accounted for the largest share of the global market owing to increasing number of false claims and unnecessary utilization of healthcare services resulting in underpaid settlements. There are many incidences of defraud of federal and state government health care programs by individuals and businesses. This includes submitting a claim for healthcare treatment, services, medical devices, and pharmaceutical that were never rendered. However, to have control over all the frauds, the False Claim Act was introduced.
Also, individuals are more likely to utilize services when they are not paying the full cost of those services. There are people who intentionally use healthcare services that are not medically required. For instance, some people might visit a physician or a walk-in clinic for the social value of human companionship rather than to address a medical necessity.
Private payers dominated the market in 2020. They are estimated to remain dominant throughout the forecast horizon owing to the fact that a large number of private players are present in the market. Also, more than 125 health insurance companies provide private health coverage in the U.S.
The Affordable Care Act or Patient Protection and Affordable Care Act (PPACA) is effective since 2014 in the U.S. Health care reform legislations intend to increase the affordability, availability, and use of health insurance. Several provisions in the Affordable Care Act involve an expansion of the private insurance market. It generates incentives for employers to provide health insurance and requires people, not covered by government or employer insurance program, to purchase private health insurance. This factor is, thus, contributing to the growth of the segment.
Hospitals were the leading service providers in the healthcare reimbursement market in 2020. This can be attributed to increasing geriatric population along with rising number of surgeries. Merging hospital systems to cover a large population or geographic area generates more bargaining power to escalate reimbursement.
hospitals are paid on the basis of diagnosis-related group (DRG) representing fixed amount for every hospital stay. The hospital, treating a patient and spending less compared to DRG payment, makes a profit and when hospitals spend more than DRG payment to treat patients, they lose money.
Physician office is anticipated to witness significant growth during the forecast period owing to growing patient pool along with increasing government reforms pertaining to adoption of advanced healthcare infrastructure. Also, contributing on numerous insurance plans indicate that providers have access to a large pool of potential patients, maximum of them benefit from low-cost healthcare coverage under ACA.
North America dominated the market in 2020. It is projected to remain dominant throughout the forecast period. Presence of strong reimbursement framework and a large number of insurance players are the key trends benefiting the growth of the market. Also, the Affordable Care Act in the U.S. makes its mandatory to have coverage. The states that did not obey were penalized by the federal government. Hence, it acts as a driving force for the regional market.
Europe followed North America in terms of market share. Increasing geriatric population and subsequently rising chronic diseases, such as cardiovascular diseases, respiratory diseases, and atherosclerosis, are driving the market in this region. Over the past decade, Western Europe’s healthcare systems have developed rapidly towards the adoption of performance-based reimbursement structures.
UnitedHealth Group; Aviva; Allianz; CVS Health; BNP Paribas; Aetna; Nippon Life Insurance; WellCare Health Plans; AgileHealthInsurance; and The Blue Cross Blue Shield Association
Service Provider Outlook
Middle East & Africa
The Healthcare Reimbursement market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Healthcare Reimbursement market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Healthcare Reimbursement market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Reimbursement market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Reimbursement market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Healthcare Reimbursement capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Healthcare Reimbursement by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Reimbursement market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Reimbursement market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Reimbursement market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Healthcare Reimbursement industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Healthcare Reimbursement market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Reimbursement market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Reimbursement market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Reimbursement market. These factors have benefited the growth of the global market for Healthcare Reimbursement. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Reimbursement. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Healthcare Reimbursement are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: