Published Date : 15 Aug 2023
The global medical equipment rental market size surpassed USD 51.02 billion in 2022 and is projected to rise to USD 80.37 billion by 2032, anticipated to grow at a CAGR of 4.7 percent during the projection period from 2023 to 2032.
North American region is expected to have a larger market share in the coming years. The growing need for various types of equipment on friend places for the hospitals as well as the diagnostic centers has grown significantly. Government investments from various region have also increased which provides good support for the growth of the market. These initiatives taken by the government or helping the companies to establish their infrastructure and provide facilities to the patients that need medical equipment. Healthcare professionals are also growing aware and engaging in acquiring medical equipment. the growing need for medical equipment of the technologically advanced kind will create more demand for these equipment through the renting services.
As the number of acquisitions and mergers have also increased among the industry players the sales of various equipments in many regions across the world are expected to grow. Asia Pacific region is expected to provide good opportunities for the growth of the market in the coming years. Significant compound annual growth rate will be registered from the region of Latin America as a number of investments made for setting up diagnostic centers has increased in this region. The availability of hospitals that provide good infrastructure have also increased in this region. Regions like Africa and Middle East will also show a significant growth but the penetration of various products of the advanced kind is less in these regions and it will hamper the growth of the market.
The demand for durable medical equipment has increased in the recent years and the segment will dominate the market due to increased use of these devices by disabled people. Growing geriatric population will also lead to an increased demand for renting medical equipment of a durable kind. Significant growth will be registered by the devices used in the therapeutic procedures and for monitoring purposes. Monitoring devices of the wireless type will have a major market share in the coming year. Most of these devices are used in the lifestyle diseases and in order to understand the vital statistics on a daily basis. Apart from the growth of the devices or the equipment used in the monitoring and treatment of various diseases the demand for the devices used for personal mobility will also show a significant growth in the coming years.
Technologically advanced products are introduced in the market that help in providing assistance to people that are disabled. The availability of automated recliners on rent will prove to be a boon for the patients and the demand for these recliners is expected to grow in the coming years. Most of this equipment will be rented in the hospitals as the number of patients visiting the hospitals is maximum. The availability of advanced infrastructure in healthcare facilities will lead to an increased adoption of these equipment through rent.
Medical equipment rental Market Report Scope:
|Market Revenue in 2023
|USD 53.16 Billion
|Projected Forecast Revenue in 2032
|USD 80.37 Billion
|Growth Rate from 2023 to 2032
|CAGR of 4.7%
|2023 To 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
The demand for renting medical equipments has grown significantly in recent years as many healthcare providers are financially unstable or they struggle with financial budgets due to which the demand for these services will continue to grow in the coming years. The availability of these equipment on rent reduces the expenditures made on acquiring such equipment for a shorter period of time period constant research and development in the field has led to the introduction of previous advanced technologies and equipment in the market that are available on rent. These products are expensive but the availability of these products on rent helps in improving the condition of the patients. hospitals and medical professionals find it extremely difficult to keep up with the pace at which the technological advancements are taking place in the market and in order to adapt to these changes the services offered by various companies are sought by the hospitals.
As the number of market players present in the market are increasing substantially the amount of investment made in this sector falls short. The unavailability of a proper regulatory framework proves to be a barrier to the entry of new market players.
The need for premium healthcare facilities has grown in many nations across the world. Investments made by private companies, as well as the government in providing better infrastructure in the healthcare sector, will provide maximum opportunities for the growth of this market. The availability of favorable policies of insurance and the grants from the hospitals will prove to be some other reasons for the growth of this market. excellent management of inventory is the strategy adopted by the competitors and this shall also provide a good opportunity for the growth of the market in the long run. As many patients that are long-term are seeking home care and the need for renting medical equipment has grown significantly. growing concerns about palliative care will boost the demand for the equipment that are rented. As the spinal injuries and cases of paralysis have also shown a significant growth the demand for medical equipment to be rented has increased. Arthritis, Parkinson's disease, and Huntington's disease are some of the diseases that will lead to the growth of the market.
Patience and many local hospitals end up subscribing to the expensive rental contracts as these people are unaware about the existing rental services that provide devices at lesser costs. Renting the medical equipment at higher cost will hamper the demand for these devices in the future. And this cell proved to be a major challenge in the growth of the market during the forecast period.
Major Key Players:
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