Medical Devices Reimbursement Market Size Worth $892.4 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, April 14, 2021 /PRNewswire/ -- The global medical devices reimbursement market size is expected to reach USD 892.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.8% from 2021 to 2028. 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.

Key suggestions from the report:

• The private payer segment dominated the market with a share of 65.1% in 2020 due to the presence of a large number of private players
• The hospital segment dominated the market with a share of 53.4% in 2020 due to recent technological developments and high patient footfall requiring the use of healthcare instruments
• North America is expected to dominate the market over the forecast period owing to a strong reimbursement framework
• In the Asia Pacific, the market is projected to witness rapid growth during the forecast period owing to the rising penetration of insurance services in rural and urban areas

Read 82 page research report with ToC on "Medical Devices Reimbursement Market Size, Share & Trends Analysis Report By Payer (Public, Private), By Healthcare Setting (Hospitals, Outpatient Facilities), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/medical-devices-reimbursement-market

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.

Grand View Research has segmented the global medical devices reimbursement market on the basis of payer, healthcare setting, and region:

• Medical Devices Reimbursement Payers Outlook (Revenue, USD Billion, 2016 - 2028)
• Public
• Private
• Medical Devices Reimbursement Healthcare Setting Outlook (Revenue, USD Billion, 2016 - 2028)
• Hospitals
• Outpatient Facilities
• Others
• Medical Devices Reimbursement Regional Outlook (Revenue, USD Billion, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Kuwait
• UAE

List of Key Players of Medical Devices Reimbursement Market

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

Find more research reports on Medical Devices Industry, by Grand View Research:

• Portable Medical Devices Market – The global portable medical devices market size was estimated at USD 44.2 billion in 2017 and is anticipated to expand at a CAGR of 8.7% over the forecast period.  
• Medical Device Outsourcing Market – The global medical device outsourcing market size was valued at USD 99.9 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% over the forecast period.
• Medical Affairs Outsourcing Market – The global medical affairs outsourcing market size was valued at USD 1.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.2% over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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