Inflation in Medical Devices – Thematic Intelligence
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Inflation in Medical Devices Thematic Report Overview
Even though COVID-19 vaccines and testing allowed economies and societies to safely reopen, supply-demand imbalance, inflation, recession prospects, market volatility, and geopolitical tensions and conflicts inject instability into the economic recovery and growth prospects. According to GlobalData’s Inflation Impact on the Healthcare Industry Survey (H2 2023), inflation, geopolitical conflicts, and reimbursement constraints may have the greatest negative impact on the medical device industry in 2024. These will have a reciprocal impact on healthcare services as well.
The primary causes of inflation in the healthcare sector are rising costs in supply chains and drugs, labor expenses, and workforce shortages.
Causes of Inflation in Healthcare Sector
The inflation in medical devices thematic report provides an overview of the healthcare sector. It discusses the government policies, innovative technologies, and initiatives that will help combat inflation in the healthcare sector. This report combines information obtained from secondary sources and primary research with healthcare industry professionals, key opinion leaders (KOLs), and physicians from different therapy areas (internal medicine, family medicine, pediatrics, neurology, reproductive medicine, gynecology, endocrinology, diabetes, psychiatry, medical oncology, hematology, and rheumatology). The interviews and surveys with physicians and KOLs were conducted between June 2023–December 2023.
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Inflation in the US, 5EU, and Japan
The most significant growth in healthcare spending was seen in the US in 2022. Additionally, the US is the only country from the 7MM that does not have universal health coverage.
The US: The Inflation Reduction Act focuses on prescription drug costs and keeps them affordable. This reduces the monthly spending of low-income Americans. However, this Act disregards OOP costs associated with medical procedures that could lead to delays in getting procedures.
The average selling price (ASP) in the US has increased in various markets such as structural heart occlusion, microwave ablation, and neuromodulation. The ASP of respiratory tests increased substantially during the COVID-19 and continues to be higher than Q4 2019 values. This is a result of increased test demand and new technologies introduced/popularized (multiparameter testing).
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Inflation in Medical Devices – Impact on Patient Treatment
The US: During H2 2023, a significant percentage of HCPs in the US acknowledged a notable or marginal rise in patients halting or delaying treatments owing to escalating healthcare costs. This percentage is higher than the findings from H1 2023.
France: A generous reimbursement mechanism has led the French healthcare system to face huge cost pressures. The increased number of high-cost innovations and a sharp rise in the price of highly effective products are poised to stretch budgets to the limit in the future. It will lead to the potential requirement of new resources to fund medicines.
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Scope
- This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats.
- The report predicts the evolution of each theme and identifies the leading and disrupting companies.
- The report covers the inflation theme.
Reasons to Buy
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
- It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
- Develop and design your corporate strategies through an in-house expert analysis of inflation by understanding the primary ways in which this theme is impacting the healthcare industry.
- Stay up to date on the industry’s major players and where they sit in the value chain.
- Identify emerging industry trends to gain a competitive advantage.
Table of Contents
Frequently asked questions
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What are the primary causes of inflation in the healthcare system?
The primary causes of inflation in the healthcare sector are rising costs in supply chains and drugs, labor expenses, and workforce shortages.
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Which country witnessed the most healthcare spending in the 7MM in 2022?
The US witnessed the most healthcare spending in the 7MM in 2022.
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What led the French healthcare system to face huge cost pressures?
A generous reimbursement mechanism has led the French healthcare system to face huge cost pressures. The increased number of high-cost innovations and a sharp rise in the price of highly effective products will stretch budgets to the limit in the future.
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