Healthcare Reimbursement Market Size Worth $20.46 Trillion By 2026
The global healthcare reimbursement market size is expected to reach USD 20.45 trillion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 19.0% during the forecast period. Supportive government initiatives along with rising cost of prescription medicines are likely to work in favor of the market.
The U.S. Affordable Care Act focuses on controlling and minimizing costs of healthcare. The law supports innovative methods to deliver medical care to reduce healthcare costs and makes affordable health insurance available to more people. Since the Obamacare came into effect in 2014, the number of uninsured children under the age of 18 in the U.S. reduced to 5.0% in 2015 as compared to 9% in 2008.
In addition, the Centre for Medicare & Medicaid Services is working towards delivery of reliable high-quality care, endorsement of efficient results in healthcare system, and making health insurance affordable for millions of Americans who are seeking and getting coverage. The Medicaid spending in the U.S. grew by 3.9% in 2016 or 17.0% of the total National Health Expenditure. And Medicare spending grew by 3.6% in 2016 or 20.0% of the total National Health Expenditure.
The underpaid segment is anticipated to dominate the market through 2026 owing to growing cases of frauds against government healthcare programs and increasing use of healthcare services that are not medically required. There have been several cases where businesses and individuals have defrauded federal and state government healthcare programs by submitting false claims for healthcare services, treatment, pharmaceutical, and medical devices that were never rendered.
Also, the rivalry among healthcare providers and rising pressure from commercial and public payers to reduce costs as well as to improve care are shifting their focus towards value-based care models from volume-based healthcare models.
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Further Key Findings from the Report Suggest:
- Underpaid emerged as the largest segment in 2017 owing to increasing number of insurance plans that do not cover full reimbursement
- On the basis of payers, private players accounted for the leading share in the market in 2017 owing to presence of a large number of private players
- North America dominated the market in 2017. A raft of insurance players and strong reimbursement framework are facilitating the dominance of the region
- The market in Asia Pacific is projected to witness rapid growth during the forecast period owing to rising penetration of insurance services in rural and urban areas
- Some of the market players are UnitedHealth Group, Allianz, Aviva, Aetna, Nippon Life Insurance, CVS Health, WellCare Health Plans, BNP Paribas, The Blue Cross Blue Shield Association, and AgileHealthInsurance.