Westford, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- An increase in the demand for Medical Equipment Rental Market is seen as there is an incline in the number of self-employed workers and a preference for outsourcing the work. Medical rental is rising in demand as it helps provide the patients with the best care and saves costs on purchasing equipment. Hospitals across the world are turning into rental partners. Renting and leasing medical equipment is an alternative for medical institutions and home caregivers as they save costs.
As per SkyQuest market analysis of the global medical equipment rental market, main the market is small businesses and hospitals that need equipment but don’t have the budget to buy it outright. It is observed that customers typically save between 50% and 80% on average when they rent gear from it instead of buying it outright. The study further suggests that the market growth has been spurred by a number of factors, including the rising cost of health care and the increasing trend of people outsourcing their work.
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Know More about the Recent Developments in the Medical Equipment Rental Market
In August 2022, US Med-Quip, a provider of medical equipment and services rental acquired Freedom Medical, a provider of movable medical equipment and asset management. With the growth in the demand for equipment and services, this acquisition will help meet the expected requirements across the country.
As per the data of June 2022, the Health Minister of Malayasia sanctioned considering renting more medical equipment to replace old ones and reduce costs. This was previously done in 2020 with RM 19.6 million over a five-year period. With goals to replace the medical equipment in line with the current technological developments, the ministry has provided RM 67 million until June. This is projected to boost the medical equipment rental market growth in the years to come.
In February 2022, First Horizon and Toronto-Dominion Bank signed an agreement for TD to buy First Horizon with a transaction value of USD 13 billion. This acquisition will help the combined organization to have a shared customer-centric strategy and broader client capabilities and will be able to scale benefits immediately.
In February 2022, Glaukos’s iStent Inject got FDA clearance and was used to minimize intraocular pressure in patients diagnosed with different variants of glaucoma. This innovation in the durable medical equipment rental market fuelled the overall growth of the market.
In January 2021, Hillrom, a medical technology company acquired Bardy Diagnostics (BardyDx), which is a cardiac monitor patch to detect arrhythmia. Acquisition of this has expanded their cardiology devices portfolio and these will subsequently be rented along with Holter and resting ECG devices.
In June 2020, MedOne Group announced the establishment of new rental medical equipment and services distribution chain in North Carolina.
In March 2020, Med-Equip acquired Martab Equipment Management Services to specially cater to the rental of equipment like infant incubators, infusion pumps, and blood pressure monitors.
SkyQuest has published a report analyzing the current developments in the medical equipment rental market which will allow an insight into the market structure and the new innovations, M&As, and other strategies. This is help businesses to take decisions and align their business strategies with what is on demand currently and where the untapped potential is left to be fulfilled.
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With 50% of the Startups’ Expenditure going towards Buying Equipment, Renting is an Affordable Approach
The need for durable equipment rental is expected to grow as the widespread demand in the lease of traction devices, wheelchairs, pressure mats, and so on. The rise in health care startups has raised the growth of medical equipment rental market. For instance, an MRI machine or a CT scanner has an average cost between USD 1 million to USD 3 million, which is a huge amount for any startup to invest in. In such cases, rental equipment is handy, and leasing them helps them maintain their revenue without decreasing the quality of service and reduction in overall expenditure.
As per SkyQuest’s analysis, almost 50% of a startup’s expenditure goes into buying novice equipment. It is beneficial to rent equipment for the upgraded technology they provide when and as required and the flexibility of the operations renting provides. These reasons are slowly driving startups to opt for renting new and improved equipment without spending their payments on purchasing new equipment which will be updated as soon as more medical innovations hit the market. It can be observed from this study that a 33% share of the global medical equipment rental market is taken by surgical equipment. It is followed by durable medical equipment ad storage and transport devices which take 21% of the market each. 14% of the market share is taken by personal mobility devices and 11% is taken by electronic and digital equipment.
SkyQuest’s survey on the global medical equipment rental market found that medical equipment rental prices are up 5.8% from last year and 8.2% from the year before that. In addition, the average amount rented per month is also on the rise, rising from USD 1,373 in 2017 to USD 1,491 in 2021.
It is believed that the demand for medical equipment rental will continue to grow as more people become aware of its importance. As more people experience firsthand how crucial medical equipment is during critical moments in their health, they are becoming more likely to take advantage of this affordable and convenient option.
SkyQuest has analyzed leading countries in the global medical equipment rental market like North America. In the report, the key strategies applied by the top players of the market are studied like R&D activities, collaborations, partnerships, capital utilization, and revenue pockets to provide helpful insight for businesses to establish their foothold and gain a competitive edge in the ever-growing market.
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Key Players in the Medical Equipment Rental Market
- Medtronic (Ireland)
- Cardinal Health Inc. (US)
- BD (US)
- Johnson & Johnson (US)
- B. Braun Melsungen AG (Germany)
- Boston Scientific Corporation (US)
- Thermo Fisher Scientific, Inc. (US)
- Baxter International, Inc. (US)
- Avanos Medical, Inc. (US)
- 3M (US)
- Smith & Nephew (Ireland)
- ConvaTec Group Plc. (UK)
- Abbott (US)
- Cook Medical (US)
- Merit Medical Systems (US)
- Stryker (US)
- Terumo Corporation (Japan)
- Teleflex Incorporated (US)
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Coloplast Group (Denmark)
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