USD 54.8 billion
Report ID: SQSG35B2012 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 66 | Figures: 75
Global Medical Equipment Rental Market size was valued at USD 54.8 billion in 2021 and is poised to grow from USD 57.72 billion in 2022 to USD 92.02 billion by 2030, growing at a CAGR of 5.32% in the forecast period (2023-2030).
Hospitals continue to try to use medical equipment leasing as a solution to help with these problems by purchasing medical devices. The demand for medical equipment across the globe, consumers’ rising preference for hospital services, the intensifying economic recession, and the great technological advancements are all factors driving the growth of the worldwide medical equipment rental market. The development of upgraded variations with improved efficacy and effectiveness as a consequence of enhanced RD efforts in the healthcare industry sector is driving up the cost of various pieces of equipment.
US Medical Equipment Rental Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 54.8 billion
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The global medicalequipment rental market segmentation is based on product, end-use, and region. Based on product the Medical Equipment Rental Market is segmented into durable medical equipment, personal mobility devices, electronic/digital equipment, and storage & transport devices. Based on end-use the Medical Equipment Rental Market is segmented into hospitals, institutes and laboratories, personal/ home care, and others. Based on Region the global Medical Equipment Rental market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Medical Equipment Rental Market Analysis by Product
In 2021, the sector of durable medical equipment had a major market share. The widespread use of leased wheelchairs, hospital wards, traction devices, pressure mats, and hospital lifts is responsible for this development. Additionally boosting the expansion of the durable medical equipment market is the expanding use of rental medicinal devices like insulin pumps in the treatment of severe illnesses like hyperglycemia.
Additionally, the personal mobility devices segment market is expected to expand at the highest rate from 2022 to 2028 due to the wide availability of technically advanced, compact, and small mobile devices such as powered wheelchairs that double as therapeutic tools.
Medical Equipment Rental Market Analysis by End-Use
The Hospitals segment held the largest market share in 2021. In such a hard economic period following the pandemic, where equipment procurement has been substituted by leasing, there has been a boom in the renting of medical equipment, particularly therapeutic devices. The sizeable patient base and the fast government regulations supporting the use of cutting-edge medical infrastructure are speeding up the expansion of this sector even more. This market's expansion is being further fueled by the escalating need to liquefy frozen cash as well as the rising concerns over inefficient capital allocation.
Due to the rising prevalence of chronic illnesses like hyperglycemia, which calls for the use of therapeutic equipment like insulin pumps, as well as the rising older population, the home care category is predicted to increase at the quickest rate over the forecast period.
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In 2021, the global medical equipment rental market is dominated by Europe followed by North America. The expansion of rental services for medical equipment as well as current and emerging companies' attention to the area are factors contributing to the region's supremacy. Due to the significant need for customer medical equipment rental in-home care settings and the assistance from government and healthcare institutes and hospitals that promote the use of rented medical equipment, Europe is the world's top area for medical equipment rentals.
During the projected time frame, the medical equipment rental market in North America is expected to have substantial potential and expand at the second-highest pace. The region is expected to dominate the market. The increased use of rental medical equipment is a result of the United States' rising health care costs, which are brought on by the acquisition of new equipment.
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Medical Equipment Rental Market Driver
Medical Equipment Rental Market Restraint
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Many businesses are putting an emphasis on natural growth initiatives, including new offerings, product approvals, and others like patents and activities. With the growing requirement for medical equipment rentals in the world market, key participants are expected to benefit from lucrative growth prospects in the years. One of the top companies in the medical supply industry is Medtronic plc. Currently, the corporation provides a wide range of products. The business has continued to create a monopoly over the years.
Medical Equipment Rental Market Top Players Company Profiles
Medical Equipment Rental Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the durable medical equipment sector dominated the global medical equipment rental market in 2021, and the personal mobility devices industry is expected to grow at the fastest rate throughout the forecast period. In 2021, the Hospital sector held the largest share. In 2021, Europe dominated the global medical equipment rental market followed by North America.
|Market size value in 2021||USD 54.8 billion|
|Market size value in 2030||USD 57.72 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 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 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Equipment Rental Market:
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Product ID: SQSG35B2012