USD 24.53 billion
Report ID: SQMIG35A2559 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 63 | Figures: 75
Durable Medical Equipment Rental Market size was valued at USD 24.53 billion in 2021 and is poised to grow from USD 26 billion in 2022 to USD 41.44 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).
The expansion of this sector can be attributed to the robust demand for home care services and the substantial costs associated with medical equipment, further underscored by the mounting need to control healthcare expenses.
The market's momentum is also propelled by the increasing elderly and disabled population, which is driving the requirement for long-term care and personalized mobility and safety devices. In this context, rental services offer short-term arrangements that are more economically feasible compared to outright purchases.
Leading companies, like Block Imaging, integrate service coverage within rental pricing. This includes provisions for preventive maintenance, parts replacement, engineer labor, uptime assurances, and around-the-clock call center support, collectively minimizing quality concerns associated with durable medical equipment (DME) rentals. Given the predominant user demographic of elderly or disabled individuals, these service provisions foster convenience and elevate living standards.
Swift technological advancements contributing to the swift obsolescence of products drive consumers and healthcare institutions toward embracing DME rental solutions.
For instance, the development of advanced accessories for walking aids or sophisticated versions like rollators, enhancing user comfort, encourages the adoption of DME rentals to access novel and improved products. Upgrading medical equipment serves as a pivotal marketing strategy for rental companies, generating supplementary revenue streams.
US Durable Medical Equipment Rental Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 24.53 billion
Bathroom Safety and Medical Furniture
Bathroom Safety and Medical Furniture
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The global durable medical equipment rental market is segmented on the basis of application, end – use, region. By end - use, the market is segmented into personal/homecare, institutes and laboratories, Hospitals. By application, the market is segmented into personal mobility devices, bathroom safety and medical furniture, monitoring and therapeutic devices. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Durable Medical Equipment Rental Market Analysis By Application
The segment of bathroom safety and medical furniture emerged as the dominant force in the DME rental market, commanding a substantial revenue share of 56.4% in the year 2022. This prevalence can be attributed to the escalating presence of chronic illnesses that necessitate prolonged care, subsequently driving the heightened demand for rental services concerning essential equipment like mattresses, bedding, anti-skid bathroom fixtures, and toilet safety rails.
The sphere of personal mobility devices is projected to undergo rapid expansion during the forecast period, largely fueled by the accessibility of technologically advanced, compact, and portable mobility aids. Moreover, the escalating occurrences of ailments like rheumatoid arthritis and osteoporosis are anticipated to significantly contribute to the growth of this specific segment.
Durable Medical Equipment Rental Market Analysis By End - Use
The sector of hospitals emerged as the frontrunner in the domain of DME rental, commanding the majority of the market with a substantial revenue share of 59.2% in the year 2022. This dominance can be ascribed to various factors including the practice of bulk leasing, the notable influx of patients, the mounting pressure to curtail expenses, and the pronounced requirement for technologically advanced products within these healthcare settings.
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In 2022, North America firmly held the reins of the DME rental market, boasting the largest slice of the revenue pie at 32.5%. This commanding position can be attributed to a combination of recent economic deceleration, the burgeoning geriatric population, and the heightened prevalence of lifestyle-related ailments. These factors are expected to collectively contribute to the region's market expansion. Additionally, the surge in governmental initiatives aimed at reining in healthcare expenses is projected to create a favorable environment for market growth.
Across the Asia Pacific region, the DME rental market is poised to experience robust growth during the forecast period. This optimistic outlook is chiefly influenced by the region's substantial patient pool, which consequently fuels a robust demand for advanced healthcare infrastructure. Furthermore, the presence of government programs aimed at enhancing the affordability and accessibility of patient assistance devices, coupled with the burgeoning geriatric demographic, is poised to act as key catalysts for segment growth. For example, the United Nations Population Fund (UNFPA) predicts that by 2050, the Asia Pacific region will be home to an estimated 1.3 billion individuals aged 60 and above. This demographic shift is expected to significantly drive demand for durable medical equipment across the region. The resulting high demand, coupled with the costliness of such equipment, is anticipated to trigger an upsurge in the demand for DME rental services, given that renting presents a more cost-effective alternative.
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Durable Medical Equipment Rental Market Drivers
Rising Healthcare Costs
Durable Medical Equipment Rental Market Restraints
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The competitive landscape of the global durable medical equipment (DME) rental market is characterized by the presence of both established players and emerging entrants striving to capture a share of the growing market. Leading companies are focusing on expanding their product portfolios, improving service quality, and leveraging technological advancements to maintain a competitive edge. These players often offer a wide range of DME rental options to cater to various medical needs and preferences.
Several key companies dominate the market, including Block Imaging, Hill-Rom Holdings Inc., Medline Industries, Inc., Universal Hospital Services, Inc., and Woodley Equipment Company Ltd., among others. These industry leaders often possess extensive networks of distribution, robust customer relationships, and well-established rental programs.
Durable Medical Equipment Rental Market Top Player’s Company Profiles
Durable Medical Equipment Rental Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global durable medical equipment rental market analysis, the global durable medical equipment (DME) rental market is witnessing significant growth driven by the rising demand for cost-effective healthcare solutions, increasing prevalence of chronic diseases, and a growing aging population. The market's competitive landscape is characterized by established players and newcomers striving to innovate and expand their offerings.
|Market size value in 2021||USD 24.53 billion|
|Market size value in 2030||USD 41.44 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Durable Medical Equipment Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Durable Medical Equipment Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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