According to a newly released Durable Medical Equipment Rental Market analysis report by Future Market Insights, revenue from the Durable Medical Equipment Rental Market in 2022 is expected to be US$ 25.7 billion. The market is expected to reach a valuation of US$ 47 billion by 2033, with a CAGR of 5.7% from 2023 to 2033. Hospitals are forecast to be the greatest revenue-generating segment, with a CAGR of more than 5.7% from 2023 to 2033.
Healthcare organisations are currently working in a volatile environment, undergoing seismic transformations as a result of the introduction of breakthrough medical therapies and increased internet usage. As a result of this, astute patients have become more cautious, as has unparalleled online access to massive amounts of information. As a result, there is a greater demand for smart, cost-effective, and tailored healthcare services. COVID-19 has also raised demand for healthcare and related products and services, improving the overall functioning of the healthcare industry. This has established ideal conditions for the durable medical equipment rental business.
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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.
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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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