The durable medical equipment market was valued at US$ 183.5 billion in 2020 and is expected to hit around US$ 377.24 billion by 2030 with a CAGR of 6.3% during the forecast period 2021 to 2030.
The surge in demand for the durable medical equipment’s to be used residentially is the primary factor that is expected to drive the growth of the Durable Medical Equipment Market. Furthermore, the increasing cardiovascular disease across the globe where constant body monitoring is required by the patients is anticipated to fuel the growth of the Durable Medical Equipment Market.
During the COVID-19 outbreak, the demand for the Durable Medical Equipment’s increased in the local hospitals and the healthcare facilities. To meet this demand the manufacturers of the Durable medical equipment’s fastened the production process for these equipment’s and this attribute is expected to boost the growth of the Durable Medical Equipment Market. Additionally, the surge in chronic diseases such as cancer, diabetics, cardiac disorders, neurological conditions and others across the world is yet another factor that is anticipated to fuel the growth of the Durable Medical Equipment Market.
With rapid technological developments, the Durable medical equipment manufacturing companies are innovating new equipment’s that can accurately measure different body parameters. This factor is expected to drive the growth of the Durable Medical Equipment Market. Furthermore, increasing demand for therapeutic and monitoring devices across the globe is expected to boost the growth of the Durable Medical Equipment Market.
The surge in older population across the globe is a major factor that is fueling the growth of the Durable Medical Equipment Market. The older generation people usually suffer from chronic diseases that need constant monitoring of their health condition and this boost the demand for the Durable Medical Equipment’s in the Market. Also, the development of technologically advanced durable medical equipment’s such as wheelchairs, crutches, ventilators, nebulizers, oxygen monitors and many othersthat provides comfort to the patients is anticipated to drive the growth of the Durable Medical Equipment Market.
Scope of the Durable Medical Equipment Market Report
|Market Size||USD 377.24 Billion by 2030|
|Growth Rate||CAGR of 6.3% From 2021 to 2030|
|Historic data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, End User|
|Regional Scope||North America, APAC, Europe, Latin America, MEAN, Rest of the World|
|Companies Mentioned||ArjoHuntleigh, Becton, Dickinson and Company, General Electric Company, GF Health Products Inc., Hill-Rom Services Inc., Invacare Corporation, Koninklijke Philips NV, Medical Device Depot Inc., Medline Industries Inc., Medtronic PLC|
Based on Product, the durable medical equipment Market is divided into personal mobility devices, monitoring and therapeutic devices, bathroom safety devices, medical furniture, incontinent pads, breast pumps, catheters, consumables and accessories and others. The monitoring and therapeutic devices sector will lead the durable medical equipment market with highest revenue share during the forecast period owing to the rapid increase of chronic disease among the people all over the world that requires long term treatments. Additionally, the preference of patients to be treated at home is estimated to drive the growth of the durable medical equipment market.
The personal mobility devices such as wheelchair, scooter, crutches, canes and others is also expected to experience significant growth in the upcoming years due to the rapid increase in geriatric population across the world. The increase in elderly population will generate more demand for the mobility products and therefore will contribute significantly towards the growth of the durable medical equipment market.
On the basis on end-use, the market is categorized into hospitals, home healthcare, ambulatory surgical centers and others. The durable medical equipment used in the hospital and other healthcare center holds a significant share in the end use segment. The accuracy and precision with which these equipment’s monitor the patient’s health condition amplifies the demand for the need of durable medical equipment in the market. Also, the ambulance is equipped with durable medical equipment in order to monitor the patient health condition and to provide preliminary treatment based on the health condition of the patient.
During the COVID-19 pandemic outbreak many people preferred to monitor their health condition at home and this factor increased the demand of the durable medical equipment in the market.
North America leads the market in durable medical equipment. The U.S. is the largest contributor to the revenue of the North American market. The primary factors for the largest growth of the durable medical equipment market in the North American market is the rise in elderly population and the rapid growthof chronic disease among the people of North America. Furthermore, the major market players in North America are continuously innovating new products for the wellbeing of the patients. Also, the unexpected emergence of COVID-19 pandemic outbreak has generated huge demand for the durable medical equipment in the market.
Asia-Pacific region is also expected to contribute significantly towards the market share of durable medical equipment owing to the rapid increase in chronic diseases such as diabetics, hypertension, high blood pressures and many others especially in the developing countries such as in China, India and Japan. Also, the increase in the disposable income of the customers and the desire to avail medical facilities at home has fostered the growth of the durable medical equipment market.
Key Companies Profiled
The global Durable Medical Equipment Market is characterized by the presence of various small and big players. The major market player includes ArjoHuntleigh, Becton, Dickinson and Company, General Electric Company, GF Health Products Inc., Hill-Rom Services Inc., Invacare Corporation, Koninklijke Philips NV, Medical Device Depot Inc., Medline Industries Inc., Medtronic PLC, Omron Corporation, Siemens Healthineers AG (Siemens AG) and Stryker Corporation. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the healthcare facility and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Segments Covered in the Report
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client