Global Durable Medical Equipment Market

Global Durable Medical Equipment Market Size, Share, Growth Analysis, By Product(Personal mobility devices, bathroom safety devices and medical furniture), By End-use(Hospitals, home healthcare), By Region(North America, Europe) - Industry Forecast 2024-2031

Report ID: SQMIG35A2180 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 94 | Figures: 76

Global Durable Medical Equipment Market Dynamics

Durable Medical Equipment Market Driver

Increase in Prevalence of Cardiovascular Diseases

  • The major reason anticipated to propel the expansion of  durable medical equipment market size is rising need for durable medical equipment to be used at home. 
  • Furthermore, the growing prevalence of cardiovascular disease around the world, which necessitates constant body monitoring by patients, is expected to fuel the growth of the durable medical equipment market size.

Durable Medical Equipment Market Restraint 

Lack of Skilled Professionals

  • Stringent regulatory guidelines in developed economies, as well as a shortage of skilled professionals to operate this equipment, are considered to be impeding industry growth during the forecast period.
  • Lack of standardization and the presence of counterfeit products are projected to limit the market expansion
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Global Durable Medical Equipment Market size was valued at USD 207.99 billion in 2022 and is poised to grow from USD 220.26 billion in 2023 to USD 348.42 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

The global durable medical equipment market is highly competitive in nature. To maintain a competitive edge, the major industry participants are implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by some players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also investing heavily for R&D. 'Invacare Corporation', 'Drive Medical', 'Hill-Rom Holdings, Inc.', 'Stryker Corporation', 'ArjoHuntleigh', 'Medline Industries, Inc.', 'Permobil AB', 'Sunrise Medical LLC', 'GF Health Products, Inc.', 'Pride Mobility Products Corporation', 'Medtronic plc', 'Otto Bock Healthcare', 'DJO Global, Inc.', 'ResMed Inc.', 'Becton, Dickinson and Company (BD)', '3M Health Care', 'Smith & Nephew plc', 'Baxter International Inc.', 'Teleflex Incorporated', 'Zimmer Biomet Holdings, Inc.'

The major reason anticipated to propel the expansion of  durable medical equipment market size is rising need for durable medical equipment to be used at home. 

The vital signs monitor is a tool that assists medical and nursing staff in gathering information about the patient's physiologic condition. Nurses are usually in charge of monitoring these vital signs, which include blood pressure (BP), heart rate (HR), respiratory rate (RR), oxygen saturation (SpO 2), and core temperature. Consistent vital sign monitoring is essential for detecting clinical deterioration in hospital patients. It is primarily monitored by nurses, who measure and document all patients' primary vital signs 2-3 times a day to assess their condition.

The market in North America held the largest market share of 34.9% in 2022, and is likely to maintain its dominant position during the anticipated period. This is accountable to the rapid adoption of advanced equipment in the United States, the region now accounts for a larger share of the market. The region's growth is expected to be boosted mostly by the presence of leading manufacturers and the rapid adoption of advanced products. In order to secure a large share of the market, the region is constantly developing cost-effective and advanced devices for patients.

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Global Durable Medical Equipment Market

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