Wilmington, Delaware, United States, May 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – According to Recent Research Study by Transparency Market Research, the global medical equipment rental market was valued at US$ 51.05 Bn in 2020 and is projected to reach US$ 70.95 Bn by 2028.
An increase in patient preference for self-care technologies is likely to spur the demand for medical equipment rental in home care settings. Steady utilization of medical equipment in the management of chronic diseases, such as diabetes and cardiovascular disease, is expected to augment the market size in the near future.
Service providers are collaborating with insurance providers to make customers aware of the current market value pricing of medical equipment in order to ensure that customers have better pricing options. Recent market trends underscore a rapid shift from procurement to rental agreements in the healthcare industry, since healthcare providers and patients are both benefitting from the rental model.
Cost-effectiveness of medical equipment is likely to encourage patients to adopt medical equipment rental in acute care and diseases that need long-term care, which is anticipated to broaden the market outlook in the near future. Rapidly expanding geriatric population is expected to accelerate market development.
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Key Findings of Study
- Significant Adoption of Durable Medical Equipment: Based on device type, the durable medical equipment segment is projected to account for major share of the global market during the forecast period. It held the major market share in 2020. Steady pace of utilization of durable medical equipment, such as portable oxygen equipment, diabetes self-testing equipment, wheelchairs, and walkers, in home care is anticipated to fuel the segment.
Presence of insurance coverage for several durable medical equipment (DME) is likely to spur its application in chronic disease management. A wide range of durable medical equipment are gaining traction in emergency and trauma care applications. Rapid development of novel DME is expected to offer significant business opportunities to companies in the medical equipment rental market in the next few years. - Significant Utilization of Medical Equipment Rental in Home Health Care: Rise in utilization of medical equipment in home healthcare can be ascribed to large patient population, globally, who need long-term care. Rise in burden of terminal illnesses in developing and developed countries is expected to boost usage of medical equipment. This is likely to drive the demand for medical equipment rental, since renting is cost-effective for home users.
Key Drivers
- Steady shift toward adopting home care for the management of chronic conditions is a key factor that is expected to drive the market.
- Rapid increase in application of advanced medical devices in disease prevention is anticipated to drive the medical equipment industry. For instance, surge in usage of wearables in digital health and wellness applications. Rapid pace of commercialization of novel digital health technologies among patients in developing countries is likely to fuel the market in the near future.
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Regional Growth Dynamics
- Europe is anticipated to offer significant revenue opportunities to companies. The market in the region is likely to expand at a high CAGR from 2021 to 2028. Rapid increase in investments in healthcare infrastructure in the region is likely to propel the market. Rise in incidence of chronic diseases is anticipated to fuel the demand for medical equipment rental.
- North America is another lucrative market for medical equipment rental. Increase in preference for leasing of medical equipment, as compared to buying, among hospitals is fueling the market size in North America. Surge in utilization of medical devices in home care is likely to spur market growth in the region in the near future.
Competition Landscape
The business landscape is highly fragmented, with presence of several regional and international players.
Key players operating in the medical equipment rental industry are
- Apria Healthcare Group Ltd.
- Centric Health Corporation
- Hill-Rom Holdings, Inc.
- Nunn’s Medical Equipment
- Siemens Financial Services Inc.
- US Med-Equip Inc.
- Westside Medical Supply
- Woodley Equipment Company Ltd.
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Medical Equipment Rental Market Segmentation
By Device Type
- Personal/Home Care Equipment
- Electronic/Digital Equipment
- Surgical Equipment
- Durable Medical Equipment
- Long Term Care
- Acute Care
- Emergency and Trauma
By End-user
- Personal/Home Care Medical Equipment Rental
- Chronic and Geriatric Patients
- Preventive Care/Monitoring
- Short Term and Outpatient Care
- Institutional medical Equipment Rental
- Hospitals
- Healthcare Centers
- Medical Nursing Homes
- Medical Research Laboratories/Institutions
Region
- Europe
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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