Unveiling the Power of Data: Global Durable Medical Equipment Rental Market
Author : Bhushan S | Published On : 25 Apr 2024
The Global Durable Medical Equipment Rental Industry is forecast to develop at an outstanding rate, with revenue predicted to rocket from US$27 billion in 2023 to an astounding US$47 billion by 2033. From 2023 to 2033, the market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.7%.
The internet’s widespread reach and the development of novel medical treatments are driving significant changes in the healthcare sector. The need for clever, economical, and individualized healthcare solutions is growing as patients become more discriminating and empowered with access to a multitude of information online. In this context, hospitals stand out as the primary revenue-producing industry, with a compound annual growth rate (CAGR) of more than 5.7% from 2023 to 2033.
The COVID-19 pandemic has further sparked unusual dynamics in the global healthcare system. The pandemic has increased consumer demand for healthcare goods and services, which has boosted the sector’s overall performance. As a result, the market is expanding rapidly and the spike in demand has made it attractive for the leasing of durable medical equipment.
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Despite the expected and exponential expansion, healthcare operators continue to struggle to find a long-term financing solution to invest in cutting-edge technology and equipment to fulfill the demands of an increasingly demanding consumer base. Renting medical equipment may be the next big thing in the global healthcare industry, offering cost-effective and economical solutions during difficult economic times.
The lack of uniform regulatory criteria for medical equipment rental services, as well as high costs, are projected to constrain the industry’s growth. Furthermore, it has been observed that few medical devices come with insurance, which will hinder the expansion of the global medical equipment rental sector.
In 2022, North America led the market. This is because of the country’s strong healthcare system and government support for privately operated hospitals, clinics, and diagnostic services.
Competitive Analysis
Some of the key players operating in the medical equipment rental market include Hill-Rom Holdings Inc., Stryker Corporation, Getinge AB, Siemens Financial Services Inc, Nunn’s Home Medical Equipment, Westside Medical Supply, Universal Hospital Services, Inc., Woodley Equipment Company Ltd., GE Healthcare, C.N.Y. Medical Products Inc., All American Medical Supply Corp., and Homepro Medical Supplies, LLC.
Some of the recent developments of key Durable Medical Equipment Rental providers are as follows:
- In June 2020, MedOne Company announced the launch of a new facility in North Carolina. U.S., for the rental and service of medical equipment.
- In March 2020, Med-Equip announced the acquisition of Martab’s equipment management services. The acquisition is being carried out to provide rentals of custom-made gadgets such as home testing kits.
Market Segments Covered in Global Durable Medical Equipment Rental Industry Analysis
By Application:
- Personal Mobility Devices
- Bathroom Safety and Medical Furniture
- Monitoring and Therapeutic Devices
By End Use:
- Personal/Homecare
- Institutes and laboratories
- Hospitals
