Global Medical Devices Reimbursement Market Is Estimated To Witness High Growth Owing To Increasing Penetration of Health Insurance Policies
The global Medical Devices Reimbursement Market is estimated to be valued at
US$ 501.8 Mn in 2022 and is expected to exhibit a CAGR of 8.6% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
A) Market Overview:
Medical devices reimbursement refers to the process of receiving payment for
medical devices and equipment from insurance providers or government healthcare
programs. The market for medical devices reimbursement is driven by the
increasing penetration of health insurance policies across the globe. As
healthcare costs continue to rise, individuals are seeking financial protection
through health insurance plans that cover medical devices and equipment. This
creates a favorable environment for the growth of the medical devices
reimbursement market.
B) Market Key Trends:
One key trend in the medical devices reimbursement market is the growing demand
for innovative and advanced medical devices. With advancements in technology,
medical devices are becoming more sophisticated, leading to improved patient
outcomes and reduced healthcare costs. For example, the introduction of
minimally invasive surgical devices has revolutionized surgical procedures by
reducing hospital stays and recovery time. This trend is driving the adoption
of such innovative medical devices, which in turn fuels the growth of the
medical devices reimbursement market.
C) PEST Analysis:
- Political: The political landscape plays a significant role in shaping the
medical devices reimbursement market. Government policies and regulations
related to healthcare funding and insurance coverage can impact reimbursement
rates and accessibility to medical devices.
- Economic: Economic factors like GDP growth, healthcare expenditure, and
insurance coverage rates influence the demand for medical devices
reimbursement. A growing economy with increased healthcare spending capacity
can drive market growth.
- Social: Social factors such as aging populations, increasing chronic
diseases, and rising awareness about healthcare contribute to the growing
demand for medical devices reimbursement.
- Technological: Technological advancements in medical devices and equipment
drive the need for reimbursement. Newer and more effective devices often come
at a higher cost, necessitating coverage from insurance providers.
D) Key Takeaways:
In terms of market size, the global medical devices reimbursement market is
expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast
period. This growth is mainly driven by increasing penetration of health
insurance policies that cover medical devices and equipment.
Regionally, North America is expected to dominate the medical devices
reimbursement market, owing to the presence of key players such as BNP Paribas,
CVS Health, and UnitedHealth Group Inc. Additionally, the region has a
well-established healthcare insurance system and a high penetration rate of
health insurance policies.
Key players operating in the global Medical
Device Reimbursement Market include BNP Paribas, CVS Health, Aviva,
Allianz, Humana, Cigna, Aetna, Wellcare Health Plans Inc., UnitedHealth Group
Inc., and Nippon Life Insurance Company. These players are actively involved in
providing reimbursement services for medical devices and equipment.
In conclusion, the global market for medical devices reimbursement is expected
to witness significant growth in the coming years. The increasing adoption of
health insurance policies and the demand for innovative medical devices are the
key drivers for this growth. North America is anticipated to dominate the
market, and key players such as BNP Paribas and CVS Health play a crucial role
in providing reimbursement services.
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