Per-Encounter Medical Market Size is valued at USD 121.82 Bn in 2023 and is predicted to reach USD 377.93 Bn by the year 2031 at a 15.38% CAGR during the forecast period for 2024-2031.
Per-encounter medical describes a billing model in which a healthcare practitioner charges a set amount for each patient encounter. This means the patient will always be charged the same amount for each appointment, no matter how long or complicated. This strategy stands in contrast to other payment schemes like capitation and fee-for-service. Under the fee-for-service model, medical professionals charge patients for each treatment they receive. Over a specific period, providers receive a fixed compensation per patient, independent of the number of visits or services provided. Medical billing based on each encounter is common in urgent care centres, walk-in clinics, and treatments requiring regular time and resources.
Furthermore, rising healthcare expenses and an emphasis on value-based care will likely propel the global per-encounter medical industry to steady growth. Payers and providers alike are looking toward pay-for-performance and episode-based payment models to rein in soaring healthcare costs. As a result, more and more people will start paying for each encounter.
However, the market growth is hampered by the high-cost criteria for the safety and health of per-encounter medical and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high humidity per-encounter medical, prices for per-encounter equipment such as syringes, surgical kits, and IV therapy systems are falling due to price pressure from payers, cost-containment initiatives, and unified healthcare systems. Medical device businesses must seek out low-cost manufacturing, regional production, and materials substitution to maintain profit margins. Industry profitability is affected, while market growth is moderated to some extent due to the capacity to charge lower per-unit rates.
Competitive Landscape
Some Major Key Players In The Per-Encounter Medical Market:
- Abbott
- Cardinal Health
- Johnson & Johnson
- Medtronic
- 3M
- Steris
- Catalent Inc.,
- Smiths Medical Inc.,
- Schott,
- Nipro Corporation,
- Terumo Corporation,
- Gerresheimer AG,
- Becton, Dickinson and Company,
- Braun Melsungen AG,
- AngioDynamics Inc.,
- Teleflex Incorporated,
- Argon Medical Devices, Inc.,
- ICU Medical, Inc.,
- Medical Components, Inc.,
- Vygon (UK) Ltd
- Others
Market Segmentation:
The per-encounter medical market is segmented based on product type, application, end-user, and distribution channel. The product type segment is segmented into consumables, devices, software, services, and others. The application segment comprises cardiology, orthopaedics, obstetrics/gynaecology, ophthalmology, gastroenterology, and others. The end-use segment includes hospitals, clinics, diagnostic centres, and others. The distribution channel segment is segmented into direct tender, retail sales, and online sales.
Based On The Application, The Gastroenterology Per-Encounter Medical Market Segment Is A Major Contributor To The Per-Encounter Medical Market.
The gastroenterology per-encounter medical market is expected to lead with a major global market share in 2024. A gastroenterologist checks the digestive system for problems, including the smooth passage of food and other substances. Additionally, gastroenterologists are responsible for ensuring normal nutritional digestion and absorption and correctly eliminating waste from the body.
Retail Sales Segment To Witness Growth At A Rapid Rate.
The retail sales industry makes up the bulk of per-encounter medical usage because when retail sales rise, the economy grows well; however, when they fall, it means the reverse. Stock prices tend to rise and benefit shareholders when retail sales increase, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Per-Encounter Medical Market Holds A Significant Revenue Share.
The North American per-encounter medical market is expected to register the maximum revenue share in the near future. This can be attributed to the area's high rate of chronic diseases, well-developed healthcare system, and welcoming reimbursement rules. In addition, Asia Pacific is estimated to grow rapidly in the global per-encounter medical market due to the growing number of patients, increasing disposable incomes, and better healthcare facilities.
Recent Developments:
- In August 2023, Abbott released the "Vertigo Coach" app, a digital health solution that provides 24/7 access to resources for those with vertigo, allowing them to manage their illness holistically. People with vertigo will find it a helpful companion, offering advice on healthy habits and exercise to help them manage their illness.
- In April 2021, Cardinal Health unveiled a novel platform aimed at enhancing medication adherence. The software, Outcomes, comprises medication therapy management, digital patient engagement, and pharmacy telehealth technologies..
Per-Encounter Medical Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 121.82 Bn |
|
Revenue Forecast In 2031 |
USD 377.93 Bn |
|
Growth Rate CAGR |
CAGR of 15.38 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product Type, By Application, By End-User, By Distribution Channel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Abbott, Cardinal Health, Johnson & Johnson, Medtronic, 3M, Steris, Catalent Inc., Smiths Medical Inc., Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, Becton, Dickinson and Company, B. Braun Melsungen AG, AngioDynamics Inc., Teleflex Incorporated, Argon Medical Devices, Inc., ICU Medical, Inc., Medical Components, Inc., Vygon (UK) Ltd, Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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