Portland, OR, July 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Medical Equipment Rental Market by Type (Durable Medical Equipment, Electronic Medical Equipment, Storage and Transport Equipment, and Others) and End user (Hospitals, Homecare and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global medical equipment rental market generated $56.0 billion in 2022 and is estimated to reach $94.5 billion by 2032, exhibiting a CAGR of 5.4% from 2023 to 2032.
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Prime determinants of growth
Factors that drive the growth of the medical equipment rental market include, cost efficiency, increase in demand for rental medical equipment in hospitals and surge in disabled patient population. Purchasing medical equipment can be a substantial financial burden for hospitals, especially for expensive and specialized equipment. Renting allows hospitals to allocate their financial resources more efficiently and divert funds towards other critical areas of patient care. However, stringent regulatory compliance is projected to impede the market growth in upcoming years. Moreover, rise in preference for telemedicine and remote healthcare services by patient presents new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $56.0 billion |
| Market Size in 2032 | $94.5 billion |
| CAGR | 5.4% |
| No. of Pages in Report | 233 |
| Segments covered | Type, End users, and Region |
| Drivers | Cost efficiency and flexibility of medical rental equipment Increasing focus on home healthcare Increase in number of disabled patient population |
| Opportunities | Rise in preference for telemedipatient cine and remote healthcare services by |
| Restraints | Stringent Regulatory Compliance |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global medical equipment rental market
- The demand for medical rental equipment skyrocketed as healthcare facilities faced an unprecedented surge in patients requiring treatment for COVID-19.
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The durable medical equipment segment to maintain its leadership status throughout the forecast period
Based on type, the durable medical equipment segment held the highest market share in 2022, accounting for nearly three-fourths of the global medical equipment rental market revenue. The same segment is projected to manifest the highest CAGR of 5.7% from 2023 to 2032. This is attributed to the growing need for long-term patient care and the escalating prevalence of chronic illnesses like asthma, paralysis, and diabetes. These conditions necessitate the consistent use of specialized equipment such as oxygen supplies, wheelchairs, crutches, and blood testing strips for diabetics, driving the demand for durable medical equipment.
The hospital segment emerged as highest revenue generator
Based on end user, the hospital segment held the highest market share in 2022, accounting for nearly three-fifths of the global medical equipment rental market revenue, owing to high adoption of rental medical equipment by hospitals. However, the home care segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032, owing to the preference towards the home care by the geriatric population and the disabled peoples.
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North America segment emerged as highest revenue generator.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global medical equipment rental market revenue, attributed to factors such as the increasing elderly population, a focus on patient-centered care, and the availability of medical rental equipment through online platforms. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.3% from 2023 to 2032. This is attributed to large patient population, the growth of medical tourism, and advancements in healthcare infrastructure.
Leading Market Players: -
- Med One Group LLC
- Portea Medical Pvt. Ltd.
- Medirent Services Pvt. Ltd
- Us Med-Equip
- Westside Medical Supply
- Agiliti Health, Inc.
- Arjohuntleigh Ab
- Usa Medical Supply
- Baxter International Inc.
- Avante Health Solutions
The report provides a detailed analysis of these key players in the medical equipment rental market. These players have adopted new acquisition, expansion and partnership as strategy to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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