Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Durable Medical Equipment Market Forecast to 2027 – Global Analysis – by Device Type (Personal Mobility Devices and Monitoring & Therapeutic Devices) and End User (Hospitals & Clinics, Ambulatory Care Centers, and Home Healthcare)”, The durable medical equipment market growth is propelled by increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, obesity, and stroke, the increasing geriatric population, and growing incidents of road accidents.
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The report highlights trends prevailing in the market and the factors driving and hindering the durable medical equipment market growth. Rise in the cases of chronic disorders in countries such as, United States, India, Japan and UAE, among others is anticipated to fuel the market growth. Rising prevalence of asthma and COPD across the globe and growing geriatric population in regions such as Asia, Europe and North America are expected to boost are the key driving factors for the growth of the market in the forecast period. However, the growth of the market is restrained by factors such as high cost of therapeutic products and procedures and social stigma associated with the use of walking canes and crutches.
Global Durable Medical Equipment Market – Report Scope:
| Market Size Value in | USD 170.88 Billion in 2018 |
| Market Size Value by | USD 291.52 Billion by 2027 |
| Growth rate | CAGR of 6.5% from 2019 to 2027. |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 195 |
| No. of Tables | 99 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Device Type and End User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Durable Medical Equipment Market: Competitive Landscape and Key Developments
The industry players operating in the market of durable medical equipment include, Invacare Corporation, Medtronic, BD, Hillrom Services Inc, Medical Depot, Inc, GF HEALTH PRODUCTS, INC., Sunrise Medical (US) LLC, Medline Industries, Inc., Koninklijke Philips N.V, and ResMed. The players operating in the durable medical equipment market have been focusing on various organic as well as inorganic growth strategies during the previous years by expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in market. These companies focus on various growth strategies such as collaboration, product launches, business expansions, agreements among others to retain its position in the global market. Many market players are launching their innovative products in the durable medical equipment market with advanced features. For instance,
In November 2022, Cardinal Health launched Velocare, a supply chain network that will provide hospital level critical products and services for home-care.
In February 2021, Hillrom acquired contact-free continuous monitoring technology from EarlySense.
In September 2019, Medtronic launched Envision Pro Continuous Glucose Monitoring (CGM) system — a fully disposable, zero calibration professional CGM system.
Rising Prevalence of Chronic Diseases and Growing Cases of Road Accidents Are Factors Driving the Growth of Market Growth During 2019 to 2027:
Chronic diseases, namely diabetes, heart disease, obesity, and stroke, are the leading causes of death in the world and account for most of the nation’s health care costs. Moreover, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, which are around half of the US adult population, suffer from cardiovascular disease. As per the European Cardiovascular Disease Statistics 2017, in Europe, cardiovascular disease (CVD) causes 3.9 million deaths every year. The CVD accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. The incidence of obesity found to be significantly high among middle-aged adults (42.7%) as compared to younger adults (35.7%). CVD is the primary reason for death in men and women in all countries. The rise in the number of obese populations in the United States has led to rising healthcare expenditure as well. A 2016 study revealed that obesity costs the United States around $149 billion in medical expenses annually. Out of which, financed Medicare and Medicaid programs pay about half of the costs. As per the International Diabetes Federation (IDF), approximately 425 million people around the globe were living with diabetes in 2017, and it is expected to reach 629 million by 2045 around the world. Hence, a rise in the prevalence of the mentioned chronic diseases is anticipated to drive market growth during the forecast period.
Road accidents have been increasing significantly across the United States. Road crashes are among the leading annual cause of death of US citizens without any medical history. Moreover, it is estimated that by 2030, road traffic injuries will be the seventh, driving cause of death globally. Road accident injuries lead to a substantial economic burden on the lower and middle-income countries. For instance, it was expected that the approximate cost of US$ 518 billion across the globe and near around US$ 65 billion in the lower-income and middle-income countries. Injuries caused due to road accidents lead to deformities, amputations of limbs, fractures of bone, and severe pain in the different parts of the body. Other conditions caused due to injuries include spinal cord paralysis, head brain injuries, facial disfigurement, wrist, and arm injuries. Personal mobility devices such as wheelchairs, walkers, canes, and crutches are advised for individuals that have been recovering from these road accidents.
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Global Durable Medical Equipment Market: Segmental Overview
The “Global Durable Medical Equipment Market” is segmented based on device type, end user, and geography. Based on device type, the durable medical equipment market is differentiated into personal mobility devices and monitoring & therapeutic devices. Monitoring & therapeutic devices segment led the market in 2018, and is expected to retain its dominance during the forecast period from 2019 to 2027. Furthermore, it is expected to grow faster with a CAGR of 10.6%. End-users of durable medical equipment are hospitals & clinics, ambulatory care centers, and home healthcare.
Go through further research published by The Insight Partners:
Medical Equipment Market - Global Analysis and Forecast to 2030
Medical Equipment Maintenance Market - Global Analysis and Forecast to 2027
Used & Refurbished Medical Equipment Market - Global Analysis and Forecast to 2030
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