Home > Healthcare > Healthcare IT > Payer/Provider Solutions > Medical Devices Reimbursement Market

Medical Devices Reimbursement Market Trends

Report ID: GMI6175
Published Date: Jul 2023
Report Format: PDF

Download Free Sample

Medical Devices Reimbursement Market Trends

The rising aging population acts as a significant driving factor for the growth of the medical devices industry. As individuals age, they generally experience an increased incidence of chronic conditions and age-related health issues. This leads to a higher demand for medical devices that aid in diagnosis, treatment, and management of these conditions. Medical devices such as cardiac implants, orthopedic devices, and diabetes management devices are examples of products that are in high demand among the aging population. For instance, according to the United Nations report, the global population aged 60 years or over is projected to reach 2.1 billion by 2050. Similarly, the World Bank data shows that global life expectancy has increased from 52.6 years in 1960 to 73.4 years in 2019.

Further, advances in healthcare, improved living conditions, and better access to medical care have contributed to an increase in life expectancy. The increasing number of older adults and their healthcare needs are driving the demand for medical devices, leading to growth opportunities for the industry. Manufacturers and healthcare providers are focusing on developing and offering innovative devices that address the specific requirements of this aging population segment.

Authors: Mariam Faizullabhoy , Shishanka Wangnoo

Frequently Asked Questions (FAQ) :

Market size for medical devices reimbursement was more than USD 482.6 billion in 2022 and is set to reach over USD 997.2 billion by 2032 driven by the increasing healthcare expenditure, expanding aging population, and growing prevalence of chronic diseases.

Medical devices reimbursement market size from the hospitals healthcare setting segment is projected to reach USD 495 billion by 2032 due to the rising influx of patients along with the stronger negotiating power of hospitals with insurance companies and other payers.

North America market for medical devices reimbursement is estimated to amass more than USD 455 billion by 2032 driven by the presence of well-established regulatory frameworks, including the U.S. FDA and Health Canada along with government healthcare programs in the region.

Some of the key medical device reimbursement companies include CVS Health, BNP Paribas, Aviva, Cigna, United Health Group, Allianz, Aetna, Humana Inc., WellCare Health Plans, Inc., and Nippon Life Insurance Company among others.