Medical devices reimbursement systems play a key role in supporting access to healthcare by reimbursing patients or healthcare providers for medical device costs. Medical devices such as diagnostic imaging equipment, surgical tools, prosthetics, dental implants, contact lenses, and pacemakers have improved patients’ quality of life by ailing various health issues.

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 Opportunity:
Cost Savings

The opportunity for cost savings associated with medical device reimbursement is a major market driver. Reimbursing healthcare costs related to medical device procedures can significantly reduce the financial burden for patients. This enhances access to critical healthcare and promotes early detection and treatment of diseases. With rising healthcare costs, medical device reimbursement provides an affordable option to utilize new and innovative treatment options. The reimbursement process ensures cost-effective utilization of devices while providing financial security to patients. This is expected to boost the growth of the medical devices reimbursement market during the forecast period.

Porter's Analysis

Threat of new entrants: Medical devices reimbursement market requires high capital investment and strict regulations which acts as a barrier for new players. Bargaining power of buyers: Large number of buyers like hospitals, clinics are present which increases their bargaining power. Bargaining power of suppliers: Suppliers of medical devices have low bargaining power due to presence of multiple device manufacturers. Threat of new substitutes: No major substitute observed for medical device reimbursement market.

Competitive rivalry: Market consists of few large players operating globally and regional players increasing competition.

SWOT Analysis

Strength: Growing aging population and incidence of chronic diseases driving demand. Weakness: High cost of designing and manufacturing medical devices.

Opportunity: Emerging markets offer growth prospects. Threats: Stringent regulatory environment and reimbursement policies.

Key Takeaways

The Global Medical Devices Reimbursement Market Growth  is expected to witness high. Regional analysis for North America dominates with US contributing largest share owing to favorable reimbursement policies and healthcare reforms. Europe is second largest region driven by geriatric population. Asia Pacific fastest growing region due to increasing healthcare spending and expansion of private insurance market in countries like China and India.

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.

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