Medical Equipment Rental Market Size, Share, and Trends 2024 to 2033

Medical Equipment Rental Market (By Product: Durable, Surgical, Storage and Transport; By End User: Hospitals, Institutes, Personal) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : July 2024
  • Report Code : 2442
  • Category : Healthcare

Medical Equipment Rental Market Size and Forecast

The global medical equipment rental market size was USD 53.57 billion in 2023, accounted for USD 56.25 billion in 2024, and is expected to reach around USD 87.26 billion by 2033, expanding at a CAGR of 5% from 2024 to 2033.

Medical Equipment Rental Market Size 2024 to 2033

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Medical Equipment Rental Market Key Takeaways

  • North America led the global market with the highest market share of 33.14% in 2023.
  • By product, the durable segment will hold the largest market share in 2023.
  • By end user, the hospital segment will have a larger market share of 46% in 2023.

U.S. Medical Equipment Rental Market Size and Growth 2024 to 2033

The U.S. medical equipment rental market size was estimated at USD 12.45 billion in 2023 and is predicted to be worth around USD 21.52 billion by 2033, at a CAGR of 5.6% from 2024 to 2033.

U.S. Medical Equipment Rental Market Size 2024 to 2033

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.

Medical Equipment Rental Market Share, By Region, 2023 (%)

Market Overview

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.

Medical Equipment Rental Market Growth Factors

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.

  • Repairs and recalls are reduced due to the renting of different types of medical devices.
  • Financial troubles faced by healthcare providers can make use of these services.
  • Increased use of medical equipment at home will also help in the market growth.
  • As the geriatric population across the world is increasing the need for these devices will also increase. 
  • The growing number of diseases that the patients suffer from will also provide major growth during the period of forecast.

Medical Equipment Rental Market Scope

Report Coverage Details
Market Size in 2023 USD 53.57 Billion
Market Size in 2024 USD 56.25 Billion
Market Size by 2033 USD 87.26 Billion
Growth Rate from 2024 to 2033 CAGR of 5%
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product, and By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Medical Equipment Rental Market Dynamics

Key Market Drivers

  • Availability of innovative products on rent - Many firms are engaged in providing medical equipment of the innovative type on a rental basis. Advanced supervision for the patients with the help of healthcare professionals through the use of these innovative products will provide good opportunities for the growth of this market in the long run. The use of wearable devices and the availability of non-invasive procedures will also help in the growth of the market. Artificial intelligence will also play a significant role in the growth of the market during the period of forecast. The market is expected to show significant growth in the coming years due to the availability of durable equipment of the innovative kind.
  • An increase in the number of devices rented will also help in the growth of the market - Recently there is a growing trend for renting various devices used for therapeutic purposes and this trend shall continue to grow in the coming years. Low availability of various devices that perform assistive functions like walkers, visual aids, and hearing aids are expected to drive the market growth in the coming years. 
  • Renting services used by medical personnel - Increase in the need for various devices used for the therapeutic process in hospitals and other healthcare centers is also expected to drive market growth in the coming years. The use of wheelchairs and oxygen concentrators are also provided on rent.

Key Market Challenges 

  • Non-adherence to the standards - The rented medical equipment which is available in the market does not qualify for their quality as laid down by the security standards for the patients. This is expected to hamper the growth of this market in the coming years. This proves to be a hazard as the providers of these devices do not follow the standards laid down by the authority. Most of the medical equipment is not certified due to the required standards not being maintained and the equipment performing in a poor manner. This will hamper the growth of the market during the period forecast.
  • Lack of coverage provided in insurance - Very few devices which are offered in the renting services come with proper insurance coverage. This will hamper the growth of the market as it will reduce the expansion of the medical device renting market. As the awareness regarding the availability of products with better costs is less, consumers end up spending a lot more on renting these devices.

Key Market Opportunities

  • Government policies - The availability of various grants provided by the government for the betterment of the population that is physically impaired will lead to the growth of this market. Financial support is provided due to the enactment of various provisions by the government and it provides funds and equipment to these people through the renting of various equipment.

Product Insights

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. 

End-User Insights

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.

Medical Equipment Rental Market Share, By End-User, 2023 (%)

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 Companies

Recent Developments

  • A new distribution center was opened by MedOne group in the year 2020 for the region of North Carolina. The center will provide medical equipment on rent.
  • Martab equipment management services were acquired by Med-equip in the year 2020 and this acquisition aims at offering various devices like infusion pumps, infant incubators as well as monitors for blood pressure on a rental basis.

Segments Covered in the Report

By Product

  • Durable
  • Surgical
  • Storage and Transport

By End User

  • Hospitals
  • Institutes
  • Personal

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Frequently Asked Questions

The global medical equipment rental market size was accounted at USD 53.57 billion in 2023 and it is expected to reach around USD 87.26 billion by 2033.

The global medical equipment rental market is poised to grow at a CAGR of 5% from 2024 to 2033.

The major players operating in the medical equipment rental market are Westside medical supply, Universal hospital services, Woodley Equipment Co limited, Siemens financial services, Nunns's home medical equipmentWhich are the driving factors of the medical equipment rental market?

The driving factors of the medical equipment rental market are an increase in the number of devices rented will also help in the growth of the market, availability of innovative products on rent and renting services used by medical personnel.

North America region will lead the global medical equipment rental market during the forecast period 2024 to 2033.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Medical Equipment Rental Market 

5.1. COVID-19 Landscape: Medical Equipment Rental Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Medical Equipment Rental Market, By Product

8.1. Medical Equipment Rental Market, by Product, 2024-2033

8.1.1. Durable

8.1.1.1. Market Revenue and Forecast (2021-2033)

8.1.2. Surgical

8.1.2.1. Market Revenue and Forecast (2021-2033)

8.1.3. Storage and Transport

8.1.3.1. Market Revenue and Forecast (2021-2033)

Chapter 9. Global Medical Equipment Rental Market, By End User

9.1. Medical Equipment Rental Market, by End User, 2024-2033

9.1.1. Hospitals

9.1.1.1. Market Revenue and Forecast (2021-2033)

9.1.2. Institutes

9.1.2.1. Market Revenue and Forecast (2021-2033)

9.1.3. Personal

9.1.3.1. Market Revenue and Forecast (2021-2033)

Chapter 10. Global Medical Equipment Rental Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Product (2021-2033)

10.1.2. Market Revenue and Forecast, by End User (2021-2033)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Product (2021-2033)

10.1.3.2. Market Revenue and Forecast, by End User (2021-2033)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Product (2021-2033)

10.1.4.2. Market Revenue and Forecast, by End User (2021-2033)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Product (2021-2033)

10.2.2. Market Revenue and Forecast, by End User (2021-2033)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Product (2021-2033)

10.2.3.2. Market Revenue and Forecast, by End User (2021-2033)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Product (2021-2033)

10.2.4.2. Market Revenue and Forecast, by End User (2021-2033)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Product (2021-2033)

10.2.5.2. Market Revenue and Forecast, by End User (2021-2033)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Product (2021-2033)

10.2.6.2. Market Revenue and Forecast, by End User (2021-2033)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Product (2021-2033)

10.3.2. Market Revenue and Forecast, by End User (2021-2033)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Product (2021-2033)

10.3.3.2. Market Revenue and Forecast, by End User (2021-2033)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Product (2021-2033)

10.3.4.2. Market Revenue and Forecast, by End User (2021-2033)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Product (2021-2033)

10.3.5.2. Market Revenue and Forecast, by End User (2021-2033)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Product (2021-2033)

10.3.6.2. Market Revenue and Forecast, by End User (2021-2033)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Product (2021-2033)

10.4.2. Market Revenue and Forecast, by End User (2021-2033)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Product (2021-2033)

10.4.3.2. Market Revenue and Forecast, by End User (2021-2033)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Product (2021-2033)

10.4.4.2. Market Revenue and Forecast, by End User (2021-2033)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Product (2021-2033)

10.4.5.2. Market Revenue and Forecast, by End User (2021-2033)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Product (2021-2033)

10.4.6.2. Market Revenue and Forecast, by End User (2021-2033)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Product (2021-2033)

10.5.2. Market Revenue and Forecast, by End User (2021-2033)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Product (2021-2033)

10.5.3.2. Market Revenue and Forecast, by End User (2021-2033)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Product (2021-2033)

10.5.4.2. Market Revenue and Forecast, by End User (2021-2033)

Chapter 11. Company Profiles

11.1. Westside medical supply

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Universal hospital services

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Woodley Equipment Co limited

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Siemens financial services

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Nunns's home medical equipment

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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