A newly released analysis report by Future Market Insights reveals that the Durable Medical Equipment (DME) Rental Market generated a revenue of USD 25.7 billion in 2022. With a compound annual growth rate (CAGR) of 5.7% expected from 2023 to 2033, the market is projected to reach a valuation of USD 47 billion by the end of the forecast period.
Hospitals are anticipated to be the largest revenue-generating segment within the DME rental market, with a projected growth rate of over 5.7% from 2023 to 2033. The increasing demand for medical equipment rentals in hospital settings is driven by several factors, including the need for cost-effective healthcare solutions and the rising prevalence of chronic diseases that require long-term management.
Key Market Insights:
- Market Revenue in 2022: US$ 25.7 billion
- Projected Market Value by 2033: US$ 47 billion
- CAGR (2023-2033): 5.7%
- Key Growth Segment: Hospitals, projected to grow at over 5.7% CAGR
The growth of the Durable Medical Equipment Rental Market is attributed to the increasing acceptance of rental services over purchasing equipment, especially in the context of budget constraints faced by healthcare facilities. Additionally, advancements in technology and product offerings are enhancing the efficiency and effectiveness of medical equipment rentals, further driving market expansion.
As the healthcare landscape continues to evolve, the DME rental market is expected to play a critical role in facilitating patient care while optimizing operational costs for healthcare providers. The rising trend of home healthcare services and outpatient care is also contributing to the growing demand for durable medical equipment rentals.
Despite predicted and exponential growth, healthcare operators continue to struggle to find a sustainable financing alternative to invest in cutting-edge technology and equipment in order to meet the demands of an increasingly demanding customer base. Renting medical equipment could be the next big thing in the global healthcare business, providing cost-effective and economical options during challenging economic times.
The absence of uniform regulatory criteria for medical equipment rental services, as well as high costs, are expected to limit the industry’s expansion. Furthermore, it has been discovered that few medical gadgets come with insurance, which will stymie the growth of the worldwide rental market for medical equipment.
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.
As per the Durable Medical Equipment Rental Market research by Future Market Insights – a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the Durable Medical Equipment Rental Market increased at around 5.1% CAGR.
Despite projected and exponential expansion, operators in the healthcare industry continue to struggle to find a sustainable financing alternative to invest in cutting-edge technology and equipment to keep up with an increasingly demanding client base. Rental medical equipment might be the next big thing in the global healthcare market, giving economical and cost-effective choices during difficult economic times.
As technology improves and the need for capital advances, providers struggle with finances. It becomes difficult to handle the equipment and finance them. Hospitals use rental equipment to deal with the capital crunch. Equipment integration, recalls, and reductions in reimbursement, are other factors that shift the focus from acquiring medical devices to renting them for use.
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. The USA, 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.
Similarly, recent developments related to companies in the Durable Medical Equipment Rental Market have been tracked by the team at Future Market Insights, which are available in the full report.
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
By Region:
- North America
- Latin America
- Europe
- APAC
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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