Medical Devices Reimbursement Market Growth Accelerated by Streamlined Reimbursement Process
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| Medical Devices Reimbursement Market |
Medical devices are instruments,
apparatus, implants, in vitro reagents, and related products used to diagnose,
prevent, or treat disease or other abnormal physical conditions. Globally,
medical devices are used to improve the quality and standard of healthcare.
However, with growing medical costs, reimbursement of these devices plays a
crucial role in making them accessible to patients. The global medical devices
reimbursement market is estimated to be valued at US$ 543.04 Mn in 2023 and is
expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing healthcare expenditure is
one of the major drivers propelling the growth of the medical devices
reimbursement market. According to data by the Centers for Medicare and
Medicaid Services, the national healthcare spending in the U.S. grew 4.6% to
reach US$ 3.8 trillion in 2019. The increased spending has resulted in higher
accessibility to healthcare facilities and medical devices. Additionally,
medical device manufacturing has witnessed steady growth over the past few
years owing to rising prevalence of chronic diseases. Technological
advancements in devices have further augmented their demand globally. However,
affordability is a major concern, especially for expensive specialty devices.
In this regard, favorable reimbursement policies play a crucial role in making
these devices available to more number of patients.
SWOT Analysis
Strength: The medical devices
reimbursement market has a strong distribution network across major regions
which enables wider market reach. Growth in aging population and rise in
chronic diseases propel demand for medical devices and fuel market growth.
Reimbursement policies ensure appropriate access and affordability of healthcare
for patients.
Weakness: Complex reimbursement
requirements and processes increases compliance costs for manufacturers.
Stringent regulatory norms for approval of new medical devices increases time
to market and costs involved. High dependency on a few major players increases
supply risk in the market.
Opportunity: Entry of new players
with innovative product offerings widens scope for market expansion. Rise in
medical tourism in developing nations creates new avenues. Growing telehealth
and online doctor consultations boost remote monitoring device sales.
Threats: Economic slowdowns
impact discretionary healthcare spending and device purchases. Policy changes
in regulations or reimbursement rates affects market forecast. Emergence of
alternative treatment therapies pose pricing and competitive threats.
Key Takeaways
The Global
Medical Devices Reimbursement Market Size is expected to witness high
growth.
Regional analysis: The North American region holds over 35% value
share currently led by US market. Favorable policies under Affordable Care Act
and Medicare ensure wide insurance coverage. The Asia Pacific region is
projected to surpass Europe to emerge as second largest market owing to rapid
economic growth in China and India. Growing medical tourism and insurance
penetration supplements device demand growth.
Key players: Key players operating in the medical devices
reimbursement market are Regeneron Pharmaceuticals, Inc., Eli Lilly and
Company, AstraZeneca PLC, GlaxoSmithKline plc, Sanofi SA, Roche Holding AG,
Novartis AG, Merck & Co.Inc., Pfizer Inc., Johnson & Johnson, Takeda
Pharmaceutical Company Limited, Moderna, Inc., BioNTech SE, CSL Limited,
Sinovac Biotech Ltd. Major players focus on new product innovations and market
expansion strategies to strengthen position.
Get More Insights Here
https://www.newswirestats.com/medical-devices-reimbursement-market-size-share-growth-outlook-2023-2/
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