Fort Collins, Colorado, April 17, 2024 (GLOBE NEWSWIRE) --
The growing aging population and technological advancements drive the durable medical equipment market.
Durable Medical Equipment (DME) encompasses various products, ranging from wheelchairs and hospital beds to respiratory therapy devices and orthotic braces, predominantly utilized in home healthcare environments. The rising demand for DME is fueled by several factors, including the aging demographic globally, the surge in chronic illnesses, and advancements in medical technology. As the global population ages, the necessity for medical equipment and devices to facilitate mobility, foster independence, and promote overall well-being becomes increasingly pronounced. With the ongoing evolution of the healthcare sector and the emphasis on patient-centered care, the demand for durable medical equipment is anticipated to remain robust in the foreseeable future.
The growing aging population and the high prevalence of chronic illnesses are pivotal drivers propelling the durable medical equipment market. Projections by the United Nations suggest that the global population aged 60 years and older is poised to reach 1.4 billion by 2030. Moreover, the World Health Organization (WHO) highlights that chronic diseases account for roughly 71% of all global fatalities. The mounting occurrence of age-related and chronic ailments, spanning cardiovascular diseases, respiratory disorders, and diabetes, has precipitated heightened demand for durable medical equipment. This encompasses an array of products, including mobility aids, monitoring devices, and therapeutic equipment, aimed at addressing the evolving healthcare needs of individuals affected by such conditions.
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Segmentation Overview:
The Durable Medical Equipment Market has been segmented into device type, end-user, and region.
Home healthcare is the leading end-user segment in the forecast period.
- Based on the market segmentation by end-user, home healthcare was the largest segment in 2023. The growing aging population and the increasing burden of chronic diseases have led to a higher demand for home-based durable medical equipment. Governments and healthcare providers are also increasingly promoting home healthcare as a cost-effective and patient-centric approach to care delivery.
Monitoring therapeutic devices accounted for a significant share in the forecast period.
- Based on the market segmentation by device type, the monitoring and therapeutic devices segment held a significant market share in 2023. This dominance can be attributed to the rising prevalence of chronic diseases like diabetes, respiratory issues, and cardiovascular problems. These conditions often necessitate regular monitoring using blood glucose monitors, oxygen equipment, and other essential therapeutic devices.
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Durable Medical Equipment Market Report Highlights:
- The durable medical equipment market growth is anticipated at a CAGR of 5.4% by 2032.
- Growing advances in regenerative stem cell research to drive the durable medical equipment industry.
- Asia-Pacific is the leading market for Durable Medical Equipment and is projected to retain a leading position in the forecast period.
- Some prominent players in the Durable Medical Equipment market report include Medtronic plc, Stryker Corporation, Hill-Rom Holdings, Inc., GE Healthcare, Philips Healthcare, ResMed Inc., Drive DeVilbiss Healthcare, Invacare Corporation, Sunrise Medical LLC, Ottobock, Permobil AB, and Investor AB.
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