The global durable medical equipment rental market is poised for significant growth, with a newly released market analysis from Future Market Insights projecting a Compound Annual Growth Rate (CAGR) of 5.7% from 2023 to 2033. The market, valued at USD 27 billion in 2023, is forecast to reach an impressive USD 47 billion by the end of the forecast period.
This growth is largely driven by the increasing demand for cost-effective healthcare solutions, particularly within hospital settings, which are expected to be the highest revenue-generating segment. The DME rental market is gaining traction as hospitals and healthcare providers seek to manage costs while ensuring access to advanced medical equipment.
According to the report, the rental model is becoming increasingly popular due to its financial flexibility, enabling healthcare institutions to provide patients with the necessary medical devices without the substantial upfront investment. The shift toward rental models is particularly noticeable in critical care environments, where medical equipment utilization is high but the cost of ownership is prohibitive for many facilities.
The key drivers of market growth include:
- Cost efficiency: Renting durable medical equipment reduces capital expenditure for healthcare providers.
- Flexibility: Rental models offer healthcare facilities the flexibility to adapt to changing needs without the burden of equipment depreciation.
- Technological advancements: Continuous innovations in medical devices are prompting healthcare facilities to adopt the latest technologies without the financial strain of purchasing new equipment.
The durable medical equipment rental market is set to benefit from a growing need for high-quality, flexible healthcare solutions. The demand for advanced equipment, such as oxygen concentrators, mobility aids, and monitoring systems, is expected to increase across various medical facilities globally, fueling market expansion.
As the healthcare industry continues to evolve, the DME rental market is positioned for substantial growth, providing hospitals and healthcare providers with the necessary tools to deliver exceptional patient care while managing operational costs.
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Key Takeaways: Durable Medical Equipment Rental Market Analysis
- Market Growth and Projections:
- The Durable Medical Equipment (DME) Rental Market was valued at USD 27 billion in 2023 and is expected to grow at a CAGR of 5.7% from 2023 to 2033, reaching USD 47 billion by 2033.
- Key Revenue-Generating Segment:
- Hospitals are forecasted to be the largest revenue-generating segment, with a projected growth rate of over 7% CAGR from 2023 to 2033, driven by increasing demand for sophisticated medical equipment and bulk leasing.
- Regional Insights:
- USA: The U.S. is expected to be the largest market, with a valuation of USD 7 billion by 2033, growing at a CAGR of 6.1%. This growth is attributed to an aging population and high prevalence of lifestyle-related disorders.
- UK: The UK market is projected to reach USD 1 billion by 2033, growing at a CAGR of 5% with a projected absolute dollar opportunity of USD 840 million.
- Japan: Japan’s market is expected to reach USD 2 billion by 2033, growing at a CAGR of 7.4%, with an absolute growth opportunity of USD 1.1 billion.
- South Korea: South Korea’s market is projected to grow at a CAGR of 6.7%, reaching USD 3 billion by 2033, with an absolute growth opportunity of USD 609 million.
- Top Application:
- Bathroom Safety and Medical Furniture held the largest revenue share from 2018 to 2022, with a CAGR of 5.1%. This segment is expected to grow at a CAGR of 4.9% during the forecast period, driven by the rising incidences of chronic conditions and long-term care needs.
- Largest End-User Segment:
- Hospitals have been the largest end-user of durable medical equipment rentals, growing at a CAGR of 4.6% from 2018 to 2022. The segment is projected to grow at a CAGR of 5.4% throughout the forecast period, spurred by bulk leasing, increased patient intake, and demand for advanced medical technologies.
- Impact of COVID-19:
- The COVID-19 pandemic significantly boosted the demand for rental medical equipment, particularly therapeutic devices, as hospitals and healthcare facilities opted to rent rather than purchase equipment, accelerating market growth during this period.
Competitive Analysis:
Key players 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.
Recent developments among leading providers of Durable Medical Equipment (DME) rental services include:
- MedOne Company: In June 2020, MedOne launched a new facility in North Carolina, USA, dedicated to the rental and servicing of medical equipment.
- Med-Equip: In March 2020, Med-Equip acquired Martab’s equipment management services, aiming to expand its rental offerings, including custom-made devices such as home testing kits.
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)
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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