Pune, India, Nov. 10, 2021 (GLOBE NEWSWIRE) -- The global medical equipment rental market size is expected to gain momentum owing to the growing need for medical equipment around the world. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Medical Equipment Rental Market, 2021-2028.”
The primary industry trends anticipated to drive the market growth include increasing inclination among people for healthcare assistance facilities and the growing economic crisis, owing to the tremendous technological innovations. The improvement in efficiency and effectiveness has increased the equipment prices, with the increment in R&D activities in the healthcare industry.
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COVID-19 Impacts-
Rising Medical Needs to Boost Market Growth During COVID-19 Pandemic
The automotive carbon canister system is a developing industry that has been hampered by an ongoing pandemic, which has caused all types of manufacture and installation across the countries get disrupted. Nonetheless, the market is presently on an upward trend due to the growing consciousness among people owing to the rising number of COVID-19 patients across the world. The need for frequent sanitization, disinfectant usage, environmental and personal hygiene has led to a hike in medical supplies. The COVID-19 patients have expanded the requirement for ventilators, PPE kits, and other specialized diagnostic equipment.
Segments:
Based on product type, the medical equipment rental market divides into durable medical equipment that further segregates into acute care, long-term care, and emergency & trauma care. The remaining divisions on the basis of product type are personal mobility devices, electronic/digital equipment, and storage and mobility devices. Based on the end-user, the market bifurcates into hospitals, institutes & laboratories, and personal/home care. Finally, by geography, the market distributes into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
| Report Coverage | Details |
| By Product Type | Durable Medical Equipment [Acute Care , Long-term Care, Emergency & Trauma Care] Personal Mobility Devices, Electronic/Digital Equipment, Storage and Transport Devices |
| By End User | Hospitals, Institutes and Laboratories, Personal/Home Care, Others |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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What does the Report Offer?
The market research report for medical equipment rental size offers integrated information on the key drivers, constraints, and opportunities driving industry growth. The research goes on to generate data volume by component, end consumer, and demographic. Growth drivers, opportunities, challenges, restrictions, and important developments are among them.
Drivers & Restraints-
Increasing Financial Constraints to Stimulate Growth
The global medical equipment rental market growth is expected to increase, owing to the industry demand. It subsequently minimizes the endeavour for recalls and repairs. Better nursing with reduced expenditure on types of machinery can be ensured with the adoption of the latest healthcare equipment. The growing preference of the patients towards at-home health consultation and the rising number of elderly patients with various diseases are likely to foster market growth. Contrarily, the lack of awareness among people of countries with lower economies is likely to obstruct market growth, leading to reduced medical equipment rental adoption.
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REGIONAL INSIGHTS
Awareness regarding Advanced Healthcare Systems to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global medical equipment rental market share during the forecast period, owing to hospitals and other end-user sectors' growing requirements of technologically advanced equipment. For improved patient care, there has been an increase in government investments and support of the medical financing firms to flourish the infrastructure facilities.
Latin America is projected to have a sizeable share in the market growth, owing to the expanding investments to establish well-furnished diagnostic firms for different applications.
Competitive Landscape-
Manufacturers Focus Technological Innovations to Strengthen their Position
Presence of dominant market participants and the necessity of high setup costs, the medical equipment rental industry has moderate to high entry barriers. Design innovation, the COVID-19 impacts, disruption supply chain amid the pandemic, value chain analysis, porter’s five analysis, partnerships, mergers and acquisitions, and joint ventures are also driving the automotive carbon canister industry.
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Industry Developments-
- June 2020: MedOne Group declared the establishment of their new distribution chain in North Carolina, which rents and services medical equipment.
- March 2020: Med-Equip reported its possession of Martab Equipment Management Services which will offer rentals especially for infant incubators, infusion pumps, and blood pressure monitors.
List of Key Players Profiled in the Global Market for Medical Equipment Rental:
- MedOne Group
- AGITO Medical A/S
- Hill-Rom Holdings Inc.
- Woodley Equipment Company Ltd.
- Westside Medical Supply
- Nunn’s Home Medical Equipment
- Siemens Financial Services Inc.
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