Medical Devices Reimbursement Market Size Worth $1169.8 Bill
SAN FRANCISCO, Aug. 10, 2020 /PRNewswire/ -- The global medical devices reimbursement market size is expected to reach USD 1169.8 billion by 2027, expanding at a CAGR of 10.4%, according to a new report by Grand View Research, Inc. The rising number of regulatory reforms and increasing efforts of healthcare providers to reduce costs and improve the quality of medical equipment are anticipated to propel the market growth. Medical device reimbursement is defined as the payment, a third-party private or public insurer pays to a healthcare provider for the cost incurred while using healthcare equipment.
Key suggestions from the report:
- The private player segment dominated the market with a share of 64.7% in 2019 due to the presence of a large number of private players
- The hospitals segment dominated the market with a share of 49.6% over the forecast period due to recent technological developments and high patient footfall requiring the use of healthcare equipment
- North America is expected to dominate the market over the forecast period owing to strong reimbursement framework
- The market in Asia Pacific is projected to witness rapid growth during the forecast period owing to 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, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/medical-devices-reimbursement-market
The major factors fueling market growth are growing dependence on remuneration, increasing prevalence of chronic diseases, and growing preventive care. Rising focus on early diagnostics and preventive care may in turn lead to higher activity within the diagnostic device industry, thus promoting more remuneration share from them. For instance, a fundamental paradigm shift towards incentivizing early diagnosis through remuneration is noticed across developed economies, such as screening for breast cancer.
With the increasing demand for healthcare equipment, the remuneration services are expected to provide various opportunities for healthcare industries to poach upon. Additionally, an increasing number of people pursuing insurance and consolidation of the healthcare system are the major factors fueling the market.
North America held the highest revenue share of about 50.0% in the market in 2019 and is expected to maintain its dominance over the forecast period. Increasing adoption of healthcare devices reimbursement and raising awareness with regards to cost implications are expected to drive the market in the region. In addition, rising demand for healthcare equipment and an increasing number of healthcare centers is expected to drive the market in this region. With increasing chronic diseases, the demand for healthcare equipment is also increasing. As per the National Health Council Report, around 157.0 million people will suffer from multiple chronic conditions until 2020. Due to these reasons, the market is expected to show significant growth over the forecast period.
Grand View Research has segmented the global medical devices reimbursement market based on payer, healthcare setting, and region:
- Medical Devices Reimbursement Payer Services Outlook (Revenue, USD Billion, 2016 - 2027)
- Medical Devices Reimbursement Healthcare Setting Outlook (Revenue, USD Billion, 2016 - 2027)
- Outpatient facilities
- Medical Devices Reimbursement Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- List of Key Players in Medical Devices Reimbursement Market
- Nippon Life Insurance
- CVS Health
- WellCare Health Plans
- BNP Paribas
Find more research reports on Medical Devices Industry, by Grand View Research:
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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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