SAN FRANCISCO, June 10, 2021 /PRNewswire/ -- The globaldurable medical equipment rental market size is expected to reach USD 35.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. The growth is attributable to financial benefits offered by renting durable medical equipment (DME) as it aids in bridging the gap between capital availability and clinical needs. Moreover, before buying, renting DME helps in determining whether or not they are a suitable fit.
Key suggestions from the report:
The bathroom safety and medical furniture segment accounted for the largest revenue share of 56.4% in 2020 owing to growing technological innovations in such medical equipment
The hospitals' segment accounted for the largest revenue share of 59.2% in 2020 owing to huge patient footfall in comparison to laboratories and institutes coupled with growing need to keep up with technological advancements
North America contributed for the largest revenue share of 32.5% owing to the presence of dominant market players, high healthcare expenditure, and high adoption rate for advanced medical technologies
The COVID-19 pandemic has disrupted the supply chains of various medical devices. The shelter-in-place mandates have led to a shortage in the workforce across the supply chain industry. However, there has been a sudden surge in the demand for respiratory equipment owing to the ongoing coronavirus pandemic. The DME rental players are fulfilling these demands for hospitals as well as home care patients. Looking at the short-term necessity of these products, and to boost sales, various local manufacturers have come up with a marketing strategy that involves renting out this equipment. Therefore, the market for DME rental is projected to grow with a lucrative CAGR during the pandemic crisis.
The rising number of people with disabilities across the globe is boosting the demand for wheelchairs, crutches, walkers, and other such personal mobility equipment and aids. This, in turn, boosts the demand for DME rental. According to the WHO, more than a billion people have some form of disability in the world that accounts for around 15% of the global population. Also, there is a rapid increase in the number of people with disabilities owing to rising chronic health conditions and demographic trends. For instance, over 54 million adults have arthritis in the US according to a study by the CDC. This number is projected to cross 78 million by 2040.
The market is also driven by the growing demand for therapeutic and monitoring equipment. This demand is attributable to improving healthcare infrastructure across the globe coupled with continuous technological advancements in durable medical equipment. Renting advanced durable medical equipment helps in keeping up with the changing technology in a cost-effective manner. Moreover, people who need mobility equipment temporarily mostly prefer renting.
The rise of financial services for renting DME has been beneficial for various end-users such as hospitals, institutes & laboratories, as well as home care. Moreover, renting equipment confers cost benefits to end-users, as it reduces ownership costs and in turn allows these players to adopt advanced product modules. Medical equipment insurers typically cover around 50% to 80% of the overall cost of durable medical equipment such as a wheelchair. The maintenance and insurance are taken care of by the provider. This, in turn, reduces the risk for end-user and augments the growth of the market.
Grand View Research has segmented the global durable medical equipment rental market on the basis of application, end-use, and region:
DME Rental Application Outlook (Revenue, USD Billion, 2016 - 2028)
Personal Mobility Devices
Bathroom Safety and Medical Furniture
Monitoring and Therapeutic Devices
DME Rental End-use Outlook (Revenue, USD Billion, 2016 - 2028)
Institutes and laboratories
DME Rental Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Middle East & Africa
List of Key Players of Durable Medical Equipment (DME) Rental Market
U.S. Durable Medical Equipment Market– The U.S. durable medical equipment market size is expected to reach USD 84.3 billion by 2028. Increasing penetration of home healthcare services & staff are factors driving the demand for durable medical equipment.
Personal Mobility Devices Market– The global personal mobility devices market size is expected to reach USD 18.2 billion by 2028.Growing product development and rising number of accidents causing disabilities are some of the key factors driving the market.
Long Term Care Market– The global long term care market size is expected to reach USD 1.7 trillion by 2027. The market for long term care is expected to boom owing to aging baby boomers and increasing disabilities among the geriatric population.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.