Global Medical Equipment Rental Market Size, Share, Growth Analysis, By Product(Durable Medical Equipment, Personal Mobility Devices), By End-Use(Hospitals, Institutes) - Industry Forecast 2024-2031

Report ID: SQSG35B2012 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 66 | Figures: 75

Global Medical Equipment Rental Market Dynamics

Medical Equipment Rental Market Driver

Due to a rise in the demand for personal healthcare services brought on by hospitalization during the continuing pandemic, the worldwide rental market for medical equipment is expected to grow. Additionally, a spike in the aged population and disabled individuals is estimated to grow the demand for rental equipment in the near future.
The number of disabled patients is growing as a result of an increase in musculoskeletal, cerebral, and muscle dystrophy issues. In order to prevent protracted hospitalization, people with a variety of chronic conditions elect to receive treatment at home. These people may rent a range of medical equipment to prevent protracted hospital visits. In the upcoming years, this factor is probably going to support the expansion of the medical equipment rental market.

Medical Equipment Rental Market Restraint

Local hospitals and patients get into significantly more costly rental contracts than required because of unawareness and poor knowledge about renting and renting medical equipment. These factors could affect the demand of medical equipment rental in the market over the forecast period.

Global Medical Equipment Rental Market Report Snapshots

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Global Medical Equipment Rental Market size was valued at USD 54.8 billion in 2019 and is poised to grow from USD 57.72 billion in 2023 to USD 92.02 billion by 2031, growing at a CAGR of 5.32% in the forecast period (2024-2031).

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. 'Agfa-Gevaert NV', 'Hill-Rom Holdings Inc.', 'Siemens Healthineers AG', 'GE Healthcare', 'Koninklijke Philips NV', 'Fresenius SE & Co. KGaA', 'Stryker Corporation', 'United Rentals Inc.', 'Universal Hospital Services Inc.', 'US Med-Equip Inc.', 'Woodley Equipment Company Ltd.', 'Nunn's Home Medical Equipment', 'Express Medical Equipment Inc.', 'Med One Group', 'Integrated Rental Services Inc.', 'Avante Health Solutions', 'Henry Schein Medical', 'Medical Equipment Source LLC', 'Providian Medical Equipment LLC', 'US Oxygen Sales Inc.'

Due to a rise in the demand for personal healthcare services brought on by hospitalization during the continuing pandemic, the worldwide rental market for medical equipment is expected to grow. Additionally, a spike in the aged population and disabled individuals is estimated to grow the demand for rental equipment in the near future.

After the pandemic outbreak phase, with a projected need for digital or electronic equipment, future trends in digitalization are transforming into value-grab opportunities for suppliers of rented medical equipment. Many companies that hire out medical equipment exclude past data on their low costs, fair values, insurance replacement price, and additional benefits, such as post-agreement activities. Customers are unable to bargain for a lower price because they are still uninformed of the full lease agreements. Therefore, insurance firms and providers of rental medical equipment should collaborate to inform patients and healthcare professionals about fair value prices and insurance replacement prices. In the health industry, there has been a noticeable tendency to shift away from buying medical equipment and toward renting them.

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.

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Global Medical Equipment Rental Market Size, Share, Growth Analysis, By Product(Durable Medical Equipment, Personal Mobility Devices), By End-Use(Hospitals, Institutes) - Industry Forecast 2024-2031

Global Medical Equipment Rental Market Dynamics

Global Medical Equipment Rental Market Report Snapshots

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