The Changing Face of the Medical Equipment Rental Market: North America Has Shown a High Growth Rate During the Forecast Period

The global medical equipment rental market was valued at USD 54.80 billion in 2021. It is projected to reach USD 87.37 billion by 2030, growing at a CAGR of 5.32% during the forecast period (2022–2030). North America dominates the market and is anticipated to grow during the forecast period.

 | Source: Straits Research Straits Research

New York, United States, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Medical equipment is one of the fundamental and necessary tools for patient care and clinical satisfaction in healthcare applications. Rapid technological advancements are making it increasingly difficult for medical professionals and hospitals to keep up with the latest equipment. Many healthcare facilities are struggling financially and are limited by their budgets. Therefore, renting medical equipment can result in reduced monetary expenditures and the acquisition of the most recent medical technology, leading to improved patient care.

                                                                                                                                             

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Easy Medical Equipment on-Demand Rentals and Increasing Rentals of Therapeutic Devices Drives the Global Market

Companies are investing in the development of long-lasting medical equipment. A tremendous wave of innovation is being driven by connected medical devices that enable patients and healthcare professionals to track progress. A smart wearable called Glutaric offers non-invasive glucose monitoring. Therapeutic devices are usually divided into two categories: those assisting patients in their daily activities and those assisting medical personnel in transferring therapeutic services. Examples of assistive devices include canes, walkers, hearing aids, visual aids, and other tools that enable patients to perform tasks they would otherwise be unable to do because of a physical limitation or disability. Oxygen delivery systems, catheters, intravenous lines, and physical therapy equipment are therapeutic devices used by medical personnel.


Report Scope

Report MetricDetails
Market SizeUSD 87.37 Billion by 2030
CAGR5.32% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredType, Application, Region
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME, and Rest of the World
Key Companies Profiled/VendorsApria Healthcare Group, Inc., Centric Health Corporation., Hill-ROM Holdings, Inc., Nunn's Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Universal Hospital Services, Inc., Woodley Equipment Company Ltd., Walgreen Co., Westside Medical Supply, Inc
Key Market OpportunitiesRapid technological advancements
Key Market DriversOn-Demand Rentals of Medical Equipment

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Regional Analysis

North America dominates the market and is anticipated to grow during the forecast period. The presence of many service providers and the high demand for technologically advanced goods are accelerating the regional market's expansion. Leasing equipment can alleviate the region's problems with excessive expenditures on acquiring the most modern therapeutic equipment.


Key Highlights

  • The global medical equipment rental market size was valued at USD 54.80 billion in 2021. It is projected to reach USD 87.37 billion by 2030, growing at a CAGR of 5.32% during the forecast period (2022–2030).
  • Based on type, the market is divided into durable medical equipment for acute care, long-term care, emergency and trauma care, electronic/digital equipment, storage and transport, and personality mobility devices. The durable medical equipment (DME) segment held the largest market share during the forecast period.
  • Based on applications, the market is segmented into personal/homecare, institutional, and hospitals. The hospital market held the largest market share during the forecast period.
  • North America dominates the market and is anticipated to grow during the forecast period.


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The major companies in the global medical equipment rental market include 

  • Apria Healthcare Group, Inc.
  • Centric Health Corporation.
  • Hill-ROM Holdings, Inc.
  • Nunn's Home Medical Equipment
  • Port Huron Hospital Medical Equipment
  • US Med-Equip, Inc.
  • Universal Hospital Services, Inc.
  • Woodley Equipment Company Ltd.
  • Walgreen Co.
  • Westside Medical Supply, Inc.


Global Medical Equipment Rental Market: Segmentation

By Type

  • Durable Medical Equipment for acute care, long-term care, and emergency & trauma care
  • Electronic/Digital Equipment
  • Storage and Transport
  • Personality Mobility Device

By Application

  • Personal/Homecare
  • Institutional
  • Hospitals

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Medical Equipment Rental Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Electronic/Digital Equipment
      1. Market Size & Forecast
    3. Storage
      1. Market Size & Forecast
  5. Application Overview
    1. Introduction
      1. Market Size & Forecast
    2. Personal/Homecare
      1. Market Size & Forecast
    3. Institutional
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By Application
      3. Canada
        1. By Type
        2. By Application
      4. Mexico
        1. By Type
        2. By Application
      5. Latin America
        1. By Type
        2. By Application
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By Application
      3. France
        1. By Type
        2. By Application
      4. U.K.
        1. By Type
        2. By Application
      5. Italy
        1. By Type
        2. By Application
      6. Spain
        1. By Type
        2. By Application
      7. Rest of Europe
        1. By Type
        2. By Application
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By Application
      3. China
        1. By Type
        2. By Application
      4. Australia
        1. By Type
        2. By Application
      5. India
        1. By Type
        2. By Application
      6. South Korea
        1. By Type
        2. By Application
      7. Rest of Asia-Pacific
        1. By Type
        2. By Application
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By Application
      3. South Africa
        1. By Type
        2. By Application
      4. Kuwait
        1. By Type
        2. By Application
      5. Rest of Middle East & Africa
        1. By Type
        2. By Application
  7. Company Profile
    1. Centric Health Corporation
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Apria Healthcare Group Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Hill-ROM Holdings Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/medical-equipment-rental-market/toc


Market News

  • In March 2022: Med One Group Announced its Affiliation with Southeastern GPO Partners Cooperative, Inc. Med One Group has established as a vendor within Partners Cooperative, Inc. to further provide hospitals in the Southeastern United States with needed medical equipment rental services.
  • In April 2022: US Med-Equip provided the highest quality medical equipment and biomedical expertise to more front-line clinicians across California. As a leading provider, on-demand medical equipment for Silicon Valley hospitals expanded to San Jose.
  • In May 2022: New technology helped hospitals order life-saving medical equipment on demand. Leading provider of rented medical equipment and services, US Med-Equip, launched GoUSME to support front-line healthcare workers.


News Media

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Medical Device Testing Market to Offer Lucrative Growth Opportunities to the Players During the Forecast Period


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Tags

Medical Equipment Rental Marke technological advancements healthcare applications medical technology smart wearable medical US

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