In its latest analysis report, Future Market Insights discloses that the Durable Medical Equipment Rental Market raked in an impressive US$25.7 billion in revenue in 2022. Anticipated to maintain a robust Compound Annual Growth Rate (CAGR) of 5.7% from 2023 to 2033, this market is poised to ascend to an estimated worth of US$47 billion by 2033. Notably, hospitals are forecasted as the leading revenue-generating sector, showing a consistent CAGR of over 5.7% from 2023 to 2033.
Healthcare organizations are currently operating in a dynamic environment, facing seismic shifts as a result of the advent of groundbreaking medical therapies and rising internet usage. As a result, astute patients have become more cautious, and unprecedented online access to vast volumes of information has increased. As a result, there is a rising demand for intelligent, cost-effective, and customized healthcare services. COVID-19 has also increased demand for healthcare and related products and services, hence increasing the overall performance of the healthcare business. This has created excellent conditions for the rental of durable medical equipment.
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Despite 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 fulfil 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.
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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.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Durable Medical Equipment Rental market, presenting historical market data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by Application (Personal Mobility Devices, Bathroom Safety, and Medical Furniture, Monitoring and Therapeutic Devices), and by End Use (Personal/Homecare, Institutes and laboratories, Hospitals) across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Market Segments Covered in Durable Medical Equipment Rental Market Analysis
By Application:
- Personal Mobility Devices
- Bathroom Safety and Medical Furniture
- Monitoring and Therapeutic Devices
By End Use:
- Personal/Homecare
- Institutes and laboratories
- Hospitals
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