The global medical devices reimbursement market size was valued at USD 434.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.4% from 2022 to 2030. Medical devices reimbursement is defined as the payment a private insurer pays to healthcare providers for costs the provider incurred while using medical devices. Usually, the health insurer or government payers cover the patients’ healthcare expenses inclusive of medical device use. Technological advancements in Electronic Medical Records (EMR), rising cases of chronic diseases, and the growing need for reimbursement are certain factors driving the market. During the COVID-19 pandemic, the demand for remote monitoring had increased and now various public organizations like Medicare are providing reimbursement for remote monitoring.
The U.S. Affordable Care Act focuses on decreasing costs of healthcare for patients. The main purpose of this act is to reduce the medical device cost and make affordable healthcare insurance available to every person in the country. In addition, the Center for Medicaid and Medicare is working towards providing high-quality medical devices and making health insurance available for billions of people. Hence, Medicaid spending in the U.S. increased by 4.5% in 2019. Also, according to a report published by the Center for American Progress (CAP), around USD 1.3 trillion is estimated to have been spent for healthcare reimbursement in 2019 within the US. Due to this reason, the market is expected to show lucrative growth over the forecast period.
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Furthermore, with an increasingly aging population, healthcare expenditures will continue to increase, leading to high demand for medical devices. This is another factor that will highly impact the reimbursement industry in the long run. Other factors responsible for the growth of the market are the increasing cost of healthcare, the growing patient population, and rising awareness among people regarding health insurance policies.
Key Player Mentioned:
- Aviva
- Nippon Life Insurance
- CVS Health
- WellCare Health Plans
- BNP Paribas
- Aetna
- Allianz
- Humana
- Cigna
- UnitedHealth Group
COVID-19 has had a significant effect on medical devices and its supply chain market. Movement restriction between countries interrupted transportation services between regional warehouses. Many medical device companies rely on healthcare facilities for clinical trial data collection, as most medical devices undergo trials before manufacturers can obtain certificates for market approval. As there is a restriction on ambulatory visits, under which these research studies typically fall, the launch of new medical devices by manufacturers is likely to be hindered.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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However, COVID-19 has also led to an increase in demand for home care services and products, which is estimated to positively impact the reimbursement coverage of remote monitoring devices, wearable devices, home infusion devices, durable medical devices, and others. For instance, ALS Association, National Association for Home Care and Hospice, Massachusetts General Hospital, and Partners Healthcare System have requested CMS to issue an 1135 blanket waiver, allowing coverage for all home infusion therapies during the COVID-19 public emergency.
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