MEDICAL DEVICES REIMBURSEMENT MARKET ANALYSIS

Medical Devices Reimbursement MarketSize and Trends

The global medical devices reimbursement market was valued at US$ 501.8 Mn in 2022 and is forecast to reach a value of US$ 970.7 Mn by 2030 at a CAGR of 8.6% between 2023 and 2030. The global medical devices reimbursement market is experiencing strong growth due to the increasing prevalence of chronic diseases and growing geriatric population worldwide. Moreover, increasing cost of healthcare and supportive government initiatives/programs are expected to boost the growth of the market. However, factors such as complex framework and limited coverage and reimbursement are expected to hamper the market growth.

Global Medical Devices Reimbursement Market Trends:

Digitalization in healthcare is a recent trend

Reimbursement pathways for digital health solutions are evolving at different speeds in different markets. For instance, in Europe, the Government of Germany, Sweden, and the United Kingdom are promoting the digitization of care and have standardized reimbursement pathways. Germany introduced Digital Healthcare Act in December 2019, which enables physicians prescribe digital health applications to patients and for them to seek reimbursement from healthcare insurers for these apps that meet certain criteria issued by the government. This trend is expected to continue over the forecast period, driving the growth of the market.

The outbreak of COVID-19 is another trend

The COVID-19 outbreak has led to an increase in demand for homecare services and/or products, which in turn has had a positive impact on reimbursement coverage for remote monitoring devices, home infusion devices, wearable devices, durable medical devices, and others. Moreover, in the U.S., private insurances witnessed around 4,000% increase in telehealth claims following COVID- 19 outbreak. The high demand for telehealth services is also expected to have positive impact the market growth. This trend is also expected to continue during the forecast period.