The global Medical Devices Reimbursement market size is expected to be worth around US$ 992.4 billion by 2030, according to a new report by Vision Research Reports.
The global Medical Devices Reimbursement market size was valued at US$ 474.4 billion in 2020 and is anticipated to grow at a CAGR of 20.8% during forecast period 2021 to 2030.
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.
The private medical devices reimbursement segment accounted for the largest revenue share of 65.1% in 2020. The growth of the segment is attributed to the presence of a large number of private players in the market. The segment is expected to continue its dominance over the forecast period. Additionally, the rising prevalence of cancer and diabetes and increasing demand for better treatment are also responsible for segment growth over the forecast period. Also, the current assessment criteria for reimbursement reflect the cost of using a device or performing a procedure, but not the value of the technology used. Thus, owing to a lower average reimbursement value, various public healthcare settings do not have advanced technology medical devices at their disposal.
The growing adoption of public payers in emerging and developed markets and rising innovation for the development of new medical devices are among the major factors contributing to the growth of the public medical device reimbursement segment. In 2017, NHS treated over 8.5 million non-urgent patients and around 135,000 people received long-term treatment under NHS. Hence, with an increase in the aging population and a rise in the prevalence of chronic diseases, the market is expected to grow over the forecast period.
The hospital segment dominated the market and accounted for the largest revenue share of 53.4% in 2020. The segment is anticipated to maintain its dominance over the forecast period. Moreover, the growing aging population and increasing prevalence of chronic diseases are further driving the segment. The growing prevalence of chronic diseases is driving the demand for medical device reimbursement in large-scale settings such as hospitals. Many research-based innovative medical devices are initially used in public hospitals before they are sold to private hospitals. The private healthcare settings maintain a purchasing budget which includes surplus revenue being extracted from patients directly. Hence, they are more equipped with state-of-the-art medical devices.
The outpatient facilities segment is anticipated to witness the highest CAGR of 11.4% over the forecast period due to increasing investments in R&D and the growing incidence of chronic diseases. Moreover, the growing need for medicines and their cost-efficient production is anticipated to further drive the segment.
North America dominated the medical devices reimbursement market and accounted for the largest revenue share of 50.0% in 2020 and is expected to lead throughout the forecast period. Increasing cases of various deadly diseases are predicted to stimulate the market over the forecast period. Furthermore, the reimbursement framework is the most advanced within the region compared to other regions. A biannual revision of the list of devices is performed by committees to incorporate the latest products within the reimbursement system.
Changes in the regulatory scenarios and increasing pressure on the healthcare industry 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. An increasing number of healthcare centers and rising demand for medical devices are expected to drive the market in Europe. However, Asia Pacific is likely to witness significant growth over the forecast period due to rising healthcare expenditure, increasing chronic disease prevalence, and rising demand for resources in developing countries like China, Japan, South Korea, and India. These countries are adopting the policies being followed by the U.S. and European countries in order to streamline and develop a highly efficient healthcare management system.
Nippon Life Insurance
WellCare Health Plans
Healthcare Setting Outlook
Middle East & Africa
The Medical Devices 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 Medical Devices 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 Medical Devices Reimbursement market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Devices 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 Medical Devices 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 Medical Devices 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 Medical Devices 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 Medical Devices 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 Medical Devices Reimbursement market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Devices 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 Medical Devices 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 Medical Devices 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 Medical Devices 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 Medical Devices 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 Medical Devices Reimbursement market. These factors have benefited the growth of the global market for Medical Devices 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 Medical Devices 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 Medical Devices 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:
Rakesh Market Size, Share, Forecast Report 2021-2030Read more...
Dynamic Positioning Systems Market Size, Share, Forecast Report 2021-2030Read more...
Spinal Pumps Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Biochip Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Aesthetic Lasers Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...