Medical Reimbursement Growth Accelerated by Rapid Adoption of New Medical Technologies

Leena Shedmake

Medical Reimbursement Growth Accelerated by Rapid Adoption of New Medical Technologies

Medical devices make healthcare more affordable and effective. From simple devices like thermometers to advanced implants, they help treat various diseases and manage healthcare costs. The growing geriatric population and rising incidence of chronic diseases have increased demand for medical devices. However, high procurement costs can limit access. The medical devices reimbursement market helps cover device costs and procedures through private and public insurance. It ensures patients receive needed care while allowing providers to recoup investments in innovative technologies.

The global Medical Devices Reimbursement Market is estimated to be valued at US$ 543.4 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

In recent years, rapid adoption of new medical technologies like robotic surgery systems, implantable devices, 3D printing of medical parts, and digital health platforms has accelerated growth in the medical devices reimbursement market. By expanding insurance coverage for innovative procedures and products, the reimbursement market encourages continued investment in lifesaving medical advancements. It helps provide patients access to the latest care options while supporting device manufacturers in developing the next generation of treatment solutions. This trend is expected to significantly contribute to market expansion over the forecast period.

Segment Analysis

The global medical devices reimbursement market can be segmented on the basis of service, device type, and end user. The service type segment can be further divided into diagnostic services and therapeutic services. The diagnostic services dominated the global market in 2022 due to the rising prevalence of chronic diseases and government initiatives to promote preventive healthcare. By device type, the market is segmented into durable medical equipment, diagnostic equipment, surgical equipment, and consumables. Among these, the consumables segment captured the largest share in 2022 due to high volume consumption in diagnostic tests and surgery procedures. Based on end user, the market is segmented into hospitals, clinics, diagnostic centers, and others. The hospitals segment captured the major share due to availability of specialized staff and extensive diagnostic and therapeutic facilities under one roof.

Key Takeaways

Regional analysis

North America dominated the Global Medical Devices Reimbursement Market Demand in 2022 with a share of over 35%, owing to the increasing healthcare expenditure, availability of advanced treatments, presence of well-established players, and favorable reimbursement policies in the region. Asia Pacific is projected to witness the highest growth over the forecast period due to increasing medical tourism, rising awareness about diseases and treatments, and improving healthcare infrastructure in emerging economies like India and China.

Key players

Key players operating in the medical devices reimbursement market are BNP Paribas, CVS Health, Aviva, Allianz, Humana, Cigna, Aetna, Wellcare Health Plans Inc., UnitedHealth Group Inc., and Nippon Life Insurance Company, among others. These players are focusing on strategies such as collaborations, partnerships, mergers and acquisitions to strengthen their market position. For instance, in 2023, Aetna partnered with physician organization Hartford HealthCare to increase access to outpatient therapies.

Market growth

The global medical devices reimbursement market is expected to witness high growth during the forecast period of 2023 to 2030. Growth in the geriatric population susceptible to chronic diseases, rising healthcare costs, and increasing burden of co-payments and deductibles are some of the key factors driving the demand for medical devices reimbursement facilities. Additionally, continuous launch of novel devices and rising medical tourism are further propelling the market growth. The market size is projected to increase from US$ 543.4 Mn in 2023 to over US$ 1,107 Mn by 2030 at a CAGR of 8.6%.

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Leena Shedmake

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Learn More On The Medical Devices Reimbursement Market:https://www. The medical devices reimbursement market size is expected to see strong growth in the next few years. The growing demand for minimally invasive surgeries is expected to propel the growth of the medical device reimbursement market going forward. The medical devices reimbursement market report table of contents includes:1. Key Mergers And Acquisitions In The Medical Devices Reimbursement Market35.

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