The global medical equipment rental market size is projected to hit around USD 80.37 billion by 2032 from USD 51.02 billion in 2022, growing at a CAGR of 4.7% during the forecast period from 2023 to 2032.
Access our Premium Real Time Data Intelligence Tool, Visit: Precedence Statistics
Medical equipment is the necessary tools or the fundamental tools which are used in the clinics for the care of the patients. Technological advancements which were possible due to the constant research and development in the field have provided innovative equipment in the market. Renting medical equipment is on the rise as many nations across the globe are financially struggling due to which there are fewer budgets for healthcare facilities. The demand for rented medical equipment is on the rise as it reduces the amount spent on the acquisition of the equipment. Many companies that provide these devices and equipment on rent are playing a significant role in providing an improved facility for patients.
Major investments are coming from various companies across the globe in order to provide medical equipment in the long run. Constant research and development in the field and a large number of investments made by the market players have provided innovative products for renting purposes. Healthcare professionals and patients are able to take benefits of these medical devices to a great extent. The availability of smart devices will also drive market growth in the long run. Many devices that are available in the market on a rented basis for tracking the daily activities of the patients and helping these patients in their treatment will drive the market growth during the period of forecast.
Visual aids, hearing aids, and walkers are the different tools that are used by patients. Many new products of an advanced nature are introduced in the market due to the research and development in this field. These products offer better effectiveness and efficiency. As the prices of most of these products have increased due to the innovation in these products, renting these products is preferred by most of the health care service providers.
The medical equipment is entered by the medical institutions and also for the patients that make use of these devices at home. These devices can be rented on a weekly basis, daily basis as well as monthly basis. It depends upon the affordability of the patients and the convenience of the patients. The government has increased the amount of expenditure made on healthcare services across the world in order to manage the disease in the existing market. Diagnostic laboratories, hospitals, and surgery centers will also provide a good opportunity for the growth of medical equipment in the rental market in the long run.
Report Scope of the Medical Equipment Rental Market
|Market Size in 2023||USD 53.16 Billion|
|Market Size by 2032||USD 80.37 Billion|
|Growth Rate from 2023 to 2032||CAGR of 4.7%|
|Forecast Period||2023 to 2032|
Key Market Drivers
Key Market Challenges
Key Market Opportunities
On the basis of the product, the largest market share will be held by durable medical equipment. As the geriatric population is increasing and the number of people that are disabled is also increasing the demand for the equipment which helps in assisting such people will increase in the coming years. Devices used for therapeutic purposes and monitoring purposes are in great demand. Renting these devices helps in generating a lot of revenue. The availability of monitoring devices of a wireless nature is in greater demand. Lifestyle diseases are yet another reason that will help in the growth of the market. The need for devices used in personal mobility is also expected to provide a good amount of growth in the coming years as many new products are launched that are technologically advanced. The availability of automated recliners will supplement the market growth.
On the basis of the end user, the hospital segment will have a larger market share as the number of patients making use of the equipment that is entered into the hospital has increased significantly. Many reforms in the policy made by the government will lead to increased adoption of better healthcare infrastructure in the coming years. The majority of the world's regions offer equipment rental services, which will spur industry expansion.
Growth in the issues related to the efficient deployment of capital will also lead to the growth of the rental market. The demand for rented equipment in the home care segment is also estimated to grow well in the coming years. Diseases which are associated with lifestyle are also increasing, like diabetes and obesity, and the need for rental equipment is expected to grow. Increasing cases of cardiac diseases will also boost the rental equipment market.
Medical Equipment Rental Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
North American region will have the largest market share in the coming years and this region has dominated the market in the past with the highlight share in terms of revenue. Ready service providers are present in the North American region, which provides technologically advanced equipment and this equipment is in high demand due to their extreme market, which is expected to see favorable growth. In order to reduce the expenditure made on the acquisition of various equipment, the demand for rental services has grown to a great extent. Leasing the equipment to avoid the expenditure made on the apparatus needed for therapeutic purposes will grow in the coming years.
The European region will also see significant growth in the form of revenue. As chronic diseases are increasing in the European region, the need for renting various equipment will increase. The increasing geriatric population in the European region is another factor that will lead to the growth of the market. In order to reduce the operational cost incurred by the research laboratories as well as the educational institutes, the need for renting medical equipment is increasing. A favorable reimbursement policy will also prove to be an instrumental factor in the growth of the market.
The highest compound annual growth rate will be recorded in the Asia Pacific region as the initiatives taken by the government are extremely favorable in many developing economies. A considerable share is held by China as a lot of medical equipment is rented in this market. Growing cases of obesity and the number of patients that are disabled in this region will help in generating more revenue in the market.
Key Market Developments
Key Market Players
Segments Covered in the Report
By End User
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client