How Will The Healthcare Reimbursement Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s healthcare reimbursement market report forecasts the healthcare reimbursement market size to grow to $20.52 Billion by 2027, with a CAGR (compound annual growth rate) of 16%.
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Healthcare Reimbursement Market Size Forecast
The global healthcare reimbursement market is expected to grow from $9.66 billion in 2022 to $11.33 billion in 2023 at a compound annual growth rate (CAGR) of 17.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The healthcare reimbursement market is expected to grow from $20.52 billion in 2027 at a CAGR of 16.0%.
North America held the largest healthcare reimbursement market share.
Key Healthcare Reimbursement Market Driver – Increase In The Cost Of Healthcare And Supportive Government Programs
According to the Journal of the American Medical Association (JAMA), US healthcare costs are expected to reach $6 trillion, which is $17,000 per person by 2027. According to Centres for Medicare & Medicaid Services, a Federal agency of the US government administering the Medicaid program, healthcare costs in 2021 touched $4.3 trillion. The rising healthcare cost and supportive government policies increase the number of people opting for payer services and thereby contribute to the growth of the healthcare reimbursement market.
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Key Healthcare Reimbursement Market Trend – Providing Options Of Value-Based Care Models
Companies in the healthcare reimbursement market are providing options of value-based care models to cater to better experiences for the patients. Value-based care models are based on the quality of patient’s treatment and how well healthcare providers can improve their quality by adhering to certain metrics such as reducing hospital readmissions, improving preventative care, and using particular kinds of certified health technology and help lower healthcare costs. For instance, UnitedHealth stated that its payments to healthcare providers based on value-based care relationships was $75 billion in 2020.
Healthcare Reimbursement Market Segment
1) By Claims: Underpaid, Full Paid
2) By Payers: Private Payers, Public Payers
3) By Service Provider: Physician Office, Hospitals, Diagnostic Laboratories, Other Service Providers
Healthcare Reimbursement Market Major Players and Strategies
Major players in the healthcare reimbursement market are UnitedHealth Group, Aviva, Allianz, CVS Health, BNP Paribas, Aetna, Nippon Life Insurance, WellCare Health Plans, Agile Health Insurance and Blue Cross Blue Shield Association.
The Healthcare Reimbursement Global Market Report 2023 covers regional data on healthcare reimbursement market size, healthcare reimbursement market trends and drivers, opportunities, strategies, and healthcare reimbursement market competitor analysis. The countries covered in the healthcare reimbursement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Healthcare reimbursement is a system in which medical expenses of a patient is paid by the insurance company. It is very useful in costlier medical treatments.
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