The global durable medical equipment (DME) market size is expected to reach USD 271.0 billion by 2026 registering a CAGR of 6.1%
NEW YORK, Aug. 6, 2019 /PRNewswire/ --
Durable Medical Equipment (DME) Market Size, Share & Trends Analysis Report By Product, By End Use (Hospitals, Nursing Homes), By Region (North America, MEA, APAC, Europe), And Segment Forecasts, 2019 - 2026
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The global durable medical equipment (DME) market size is expected to reach USD 271.0 billion by 2026 registering a CAGR of 6.1% The market is primarily driven by rise in chronic diseases, such as kidney failures and cancer. Moreover, technological advancements along with strong reimbursement scenario will boost the DME market further. For instance, in January 2019, WHILL, Inc., a U.S.-based personal electric vehicle, introduced new technology WHILL autonomous drive at the Consumer Electronic Sow held at the Las Vegas. In the past, Medicare has taken steps to bring reimbursement of DME products in line with other payers.
In this direction, in December 2015, the Center for Medicare & Medicare Services (CMS) issued a new rule of prior authorization process for DME, Prosthetics, Orthotics, and Supplies (DMEPOS).The DMEPOS includes the master list of 135 items, which require prior authorization before beneficiary receives an item.
In addition, growing geriatric population across the globe is likely to contribute to the industry expansion.People aged 60 years or above are more prone to health issues, such as diabetes, mobility issues, Cardiovascular Diseases (CVDs), and other lifestyle problems.
This creates demand for DME products. However, stringent regulatory guidelines in developed economies and lack of skilled
Further key findings from the study suggest:
• Personal mobility devices emerged as the largest segment owing to the launch of technologically advanced products with more comfort and portability
• Nursing homes is anticipated to be the fastest-growing segment over the study period as these facilities offer custodial care like skilled care, such as bathing and dressing
• Europe led the market with the largest share in 2018 and will witness a steady growth in future on account of the presence of major companies in the region
• Asia Pacific is expected to register the highest CAGR from 2019 to 2026 owing to the presence of a large target population base and improving healthcare facilities
• Some of the key companies in the global DME market are Invacare Corporation; ArjoHuntleigh; Stryker Corporation; Hill Rom, Inc.; Drive Medical; GF Health Products, Inc.; Sunrise Medical; Medline Industries, Inc.; and Carex Health Brands, Inc.
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