The global medical device reimbursement market size is expected to reach USD 793.59 billion by 2028 according to a new study by Polaris Market Research. The report “Medical Device Reimbursement Market Share, Size, Trends, Industry Analysis Report, By Payer (Public, Private); By Healthcare Setting (Hospitals, Outpatient Facilities, Others); By Regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa); Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
A rising aging population and burgeoning healthcare expenditure are likely to increase over a period of time. Other factors supporting the market growth for medical device reimbursement include a growing patient population, an increase in awareness among people regarding insurance policies, and the rising cost of healthcare.
COVID-19 pandemic has significantly disrupted the supply chain of medical devices. With nationwide lockdown, the movement of goods is interrupted, and many medical device companies mostly rely on healthcare facilities for robust clinical data collection.
Most medical devices undergo trials before manufacturers could obtain certificates of market approval. Ambulatory visits in the lockdown are restricted, under which research studies usually fall, as the launch of new devices by the key manufacturers is likely to be hindered.
However, COVID-19 led to the rise in market demand for home-based care services, which is anticipated to positively influence the reimbursement cover for remote monitoring services, durable medical devices, and home infusion devices. In line with this, National Association for Home Care and Hospice and ALS Association have requested CMS for an 1135 blanket waiver, allowing cover for all infusion therapies, during the COVID-19 pandemic.
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However, Asia Pacific market for medical device reimbursement is projected to witness a lucrative market growth over the medical device reimbursement study period. The continuously rising expenses on healthcare, rise in chronic diseases, and the presence of healthcare resources in countries like India, China, South Korea, and Japan.
These countries are employing policies already being followed in developed countries to streamline and develop an efficient healthcare system. Market participants operating in the medical device reimbursement industry include Aviva, Nippon Life Insurance, CVS Health, WellCare Health Plans, BNP Paribas, Aetna, Allianz, Humana, Cigna, and UnitedHealth Group.
Polaris Market Research has segmented the medical device reimbursement market report on the basis of payer, healthcare settings, and region:
Medical Device Reimbursement, Payer Outlook (Revenue - USD Billion, 2016 - 2028)
Medical Device Reimbursement, Healthcare Settings Outlook (Revenue - USD Billion, 2016 - 2028)
Medical Device Reimbursement, by Regional Outlook (Revenue - USD Billion, 2016 - 2028)