The Global Durable Medical Equipment Rental Market is expected to reach US$47 billion by 2033. From a market value of US$25.7 billion in 2022, this represents a stable growth trajectory, with a compound annual growth rate (CAGR) of 5.7% for the projected period (2023-2033).
The market for DME rentals provides patients with an affordable and practical means of obtaining the necessary medical equipment for their recuperation or long-term care requirements. This covers hospital beds, nebulizers, wheelchairs, walkers, and other equipment.
The broad use of the internet and the advancement of cutting-edge medical therapies are significantly altering the healthcare industry. With patients becoming more discerning and knowledgeable due to their easy access to a wealth of online information, there is an increasing demand for creative, cost-effective, and customized healthcare solutions. Hospitals are the main industry in this context that generates revenue, with a compound annual growth rate (CAGR) of more than 5.7% from 2023 to 2033.
The global healthcare system is experiencing unprecedented dynamics as a result of the COVID-19 pandemic. The pandemic has raised customer demand for healthcare products and services, which has improved industry performance as a whole. Because of this, the industry is growing quickly and the increase in demand has made it appealing for people to lease durable medical
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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.
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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.
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
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