Medical Devices Reimbursement Market Size US$ 1062.40 Bn By 2032

The global medical devices reimbursement market was valued at US$ 535.9 billion in 2023 and is expected to reach over US$ 1062.40 billion by 2032, poised to grow at a CAGR of 7.90% from 2023 to 2032.

The medical devices reimbursement market is a payment made to the healthcare providers by a private insurer for costs incurred while utilizing medical devices. In most cases, the patient’s healthcare expenses, including the usage of medical devices, are covered by the health insurer or government payer. The medical devices reimbursement market is being driven by technological developments in electronic medical records, an increase in chronic disease cases, and a growing requirement for reimbursement. The amount of reimbursement is determined using two methods that is complete reimbursement of individual medical devices and payment based on the outcome of the entire medical procedure in which a medical device is utilized.

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In addition, as the population ages, healthcare costs will continue to rise, resulting in a strong demand for medical devices. This is yet another aspect that will have a significant long-term impact on the reimbursement sector. Other factors driving the medical devices reimbursement market expansion include rising healthcare costs, a growing patient population, and increased public awareness of health insurance coverage.

Report Highlights

Based on the payer, the private medical devices payers segment dominated the global medical devices reimbursement market in 2020 with highest market share. The cost of operating tool or performing a treatment is taken into consideration, but not the technological worth of the equipment. Due to the lower overall coverage premium, public healthcare systems may be unable to provide the same sophisticated diagnostic medical device that is used in the field, resulting in an increase in the medical devices reimbursement market.
Based on the healthcare setting, the hospitals segment dominated the global medical devices reimbursement market in 2020 with highest market share. The increased prevalence of chronic conditions like cancer, diabetes, and heart diseases is driving up hospital demand for medical devices reimbursement. Many research-based medical devices are first employed in public hospitals before being marketed to private hospitals, hence expanding the medical devices reimbursement market.
North America is the largest segment for medical devices reimbursement market in terms of region. There are an increasing number of healthcare centers in this region, which is adding to the medical devices reimbursement market’s expansion.
Asia-Pacific region is the fastest growing region in the medical devices reimbursement market. Due to increased healthcare costs in this region, Asia-Pacific is expected to rise at a fastest CAGR. The medical devices reimbursement market in this region is growing as insurance services have become more widely available in rural and urban areas.

Table of Contents

Scope of the Medical Devices Reimbursement Market

Report Coverage	Details
Market Size	USD 1062.40 Billion by 2032
Growth Rate	CAGR of 7.90% from 2023 to 2032
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Payer, Healthcare Setting, Region

Medical Devices Reimbursement Market Dynamics

Drivers

Rising awareness about health insurance

The medical devices reimbursement market is growing due to increased awareness about health insurance policies among consumers in developing nations. The rising cost of healthcare, combined with favorable government policies, is increasing the number of people who opt for pay services, boosting the global medical devices reimbursement market during the forecast period.

Restraints

Presence of regulatory agencies

The presence of different regulatory agencies is expected to stymie the growth of the medical devices reimbursement market, resulting in a lengthy procedure for medical device approval. Another factor that is impeding the medical devices reimbursement market expansion is the lengthy application and review process for medical devices reimbursement.

Opportunities

Growing prevalence of chronic diseases

The medical devices reimbursement market is growing due to the rising prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes, and other type of diseases all around the world. Diabetes roughly affects 422 million people worldwide, the majority of whom reside low- and middle-income nations, and diabetes is directly responsible for 1.6 million fatalities each year, according to the World Health Organization (WHO). The growing costs of healthcare are also expected to drive the medical devices reimbursement market. As a result, the growing prevalence of chronic disorders is creating lucrative opportunities for the growth of the global medical devices reimbursement market during the forecast period.

Challenges

Payment rates and the value of medical technologies are not aligned

In many countries, reimbursement rates are determined by established formulas that are applied to procedures or device categories rather than technology or characteristics of the individual manufacturer. This discourages the companies or firms from investing in modern technologies that can help them save money in the long run while also improving the quality of their work. As a result, misalignment of reimbursement rates and the value of medical devices is a major challenge for the growth and development of the global medical devices reimbursement market during the forecast period.

Medical Devices Reimbursement Market Companies

UnitedHealth Group
Allianz
Nippon Life Insurance
Aviva
WellCare Health Plans
Aetna
BNP Paribas
Cigna
Humana
CVS Health

Segments Covered in the Report

By Payer

Public
Private

By Healthcare Setting

Hospitals
Outpatient Facilities
Others

By Geography

North America
- U.S.
- Canada
- Mexico
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa