The rising prevalence of chronic diseases around the world is one of the main reasons anticipated to boost growth of the global medical devices reimbursement market during the forecast period. Due to the increased prevalence of chronic diseases, there is a rising need for healthcare services that are both inexpensive and of high quality, which is projected to drive the market's expansion. The increase in the world's geriatric (older) population is another factor boosting the growth of the medical devices reimbursement industry. For instance, an older population is more likely to contract illnesses and the difficulties that go along with them, which increases the demand for inexpensive healthcare services. The worldwide medical devices reimbursement industry is projected to see considerable development potential as healthcare costs rise. For participants in the medical equipment reimbursement industry, favorable or supporting government initiatives or programs are anticipated to present attractive growth prospects. All facets of the healthcare industry are significantly shaped by the government. Various markets are experiencing various rates of development in digital health solution reimbursement channels.
Coherent Market Insights projects that the market for Medical Device Reimbursements worldwide was estimated to be worth US$ 501.8 million in 2022 and is anticipated to grow by 8.6% CAGR to US$ 970.7 million by 2030.
Prominent Companies in the Medical Devices Reimbursement Industry:
1. BNP Paribas
The company was started in 1822 and is based in Paris, France. The business solicits deposits and provides retail, corporate, private, and commercial banking services. A renowned fintech for the automation of currency risk management, Kantox, was acquired by the corporation in July 2023 after receiving the necessary regulatory clearances.
2. CVS Health
The firm was started in 1963 and is based in Woonsocket, Rhode Island, United States. The company provides administrative services, pharmaceutical benefit management (PBM), illness management, and items for beauty, personal care, cosmetics, and health care. CVS Health said in September 2022 that it has struck an agreement to acquire Signify Health, an at-home healthcare provider, for about $8 billion.
3. Aviva
The company was started in 2000 and is located in London, United Kingdom. The business functions as a global insurer that offers all types of general and life assurance, as well as insurance for fire, automobile, marine, aviation, and transport. With the Trustees of the Thomas Cook Pension Plan (the Plan), the business completed1 a £900 million bulk annuity buy-in deal in May 2023.
4. Allianz
The firm was started in 1890 and is based in Munich, Germany. The corporation provides insurance and financial services through subsidiaries. Allianz Global announced on August 1, 2021 that the US Department of Justice had opened an investigation into the company to ascertain the role that officials had played in the loss of billions of euros from Allianz Global's Structured Alpha Funds.
5. Humana
The company was started in 1961 and is located in Louisville, Kentucky, United States. The business provides point-of-service plans, administrative services, and coordinated health care through health maintenance organizations. Employer associations, governmental programs, and private customers can all purchase Humana products. The company announced its decision to leave the Employer Group Commercial Medical Products business in February 2023.
6. Cigna
The company was started in 1982 and is located in Bloomfield, Connecticut, United States. The business offers associated goods and services, including life, accident, disability, and medical insurance. On February 13, 2023, Cigna changed the names of its holding company to The Cigna Group and the business units that provide health coverage, Cigna Healthcare, and Evernorth, Evernorth Health Services.
7. Aetna
The company was started in 1853 and is located in Hartford, Connecticut, United States. The business provides services in the fields of medicine, pharmacy, dentistry, behavioral health, group life, handicap, and health care administration. The business offers both conventional and consumer-directed health insurance as well as other services.
*Definition: When a private insurer reimburses a healthcare provider for expenses incurred as a result of employing a medical device, this is referred to as medical devices reimbursement.
