Durable Medical Equipment Rental Market Size, Share & Trends Analysis Report 2021 - 2028
Durable Medical Equipment Rental Industry Overview
The global durable medical equipment rental market size is expected to reach USD 35.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. The growth is attributable to financial benefits offered by renting durable medical equipment (DME) as it aids in bridging the gap between capital availability and clinical needs. Moreover, before buying, renting DME helps in determining whether or not they are a suitable fit.
The COVID-19 pandemic has disrupted the supply chains of various medical devices. The shelter-in-place mandates have led to a shortage in the workforce across the supply chain industry. However, there has been a sudden surge in the demand for respiratory equipment owing to the ongoing coronavirus pandemic. The DME rental players are fulfilling these demands for hospitals as well as home care patients. Looking at the short-term necessity of these products, and to boost sales, various local manufacturers have come up with a marketing strategy that involves renting out this equipment. Therefore, the market for DME rental is projected to grow with a lucrative CAGR during the pandemic crisis.
The rising number of people with disabilities across the globe is boosting the demand for wheelchairs, crutches, walkers, and other such personal mobility equipment and aids. This, in turn, boosts the demand for DME rental. According to the WHO, more than a billion people have some form of disability in the world that accounts for around 15% of the global population. Also, there is a rapid increase in the number of people with disabilities owing to rising chronic health conditions and demographic trends. For instance, over 54 million adults have arthritis in the US according to a study by the CDC. This number is projected to cross 78 million by 2040.
The market is also driven by the growing demand for therapeutic and monitoring equipment. This demand is attributable to improving healthcare infrastructure across the globe coupled with continuous technological advancements in durable medical equipment. Renting advanced durable medical equipment helps in keeping up with the changing technology in a cost-effective manner. Moreover, people who need mobility equipment temporarily mostly prefer renting.
The rise of financial services for renting DME has been beneficial for various end-users such as hospitals, institutes & laboratories, as well as home care. Moreover, renting equipment confers cost benefits to end-users, as it reduces ownership costs and in turn allows these players to adopt advanced product modules. Medical equipment insurers typically cover around 50% to 80% of the overall cost of durable medical equipment such as a wheelchair. The maintenance and insurance are taken care of by the provider. This, in turn, reduces the risk for end-user and augments the growth of the market.
Durable Medical Equipment Rental Market Segmentation
Grand View Research has segmented the global durable medical equipment rental market on the basis of application, end-use, and region:
Based on the Application Insights, the market is segmented into Personal Mobility Devices, Bathroom Safety and Medical Furniture, and Monitoring and Therapeutic Devices.
- The bathroom safety and medical furniture segment dominated the market for DME rental and held the largest revenue share of 56.4% in 2020. This can be attributed to the rising prevalence of chronic diseases requiring long-term care leading to increasing demand for rental services for equipment such as mattresses, bedding, anti-skid bathroom ware, and toilet safety rails.
- The market for DME rental is categorized into personal mobility devices, monitoring and therapeutic devices, and bathroom safety and medical furniture. The personal mobility devices segment is anticipated to witness rapid growth over the forecast period due to the availability of technologically advanced, compact, and portable mobility aids.
Based on the End-use Insights, the market is segmented into Personal/Home care, Institutes and laboratories, and Hospitals.
- The hospitals' segment dominated the market for DME rental and accounted for the largest revenue share of 59.2% in 2020. This can be attributed to the bulk leasing, relatively high patient influx, increasing pressure to curb expenses, & the high need for technologically advanced products in these healthcare settings.
- Other segments under the end-use segment include personal/home care, and institutes and laboratories. The personal/home care segment is anticipated to witness rapid growth over the forecast period owing to increasing preference for home healthcare amongst the geriatric and disabled population.
Durable Medical Equipment Rental Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market for DME rental is highly competitive, marked by the presence of a large number of domestic as well as international players. The key players that dominated the regulatory market in 2020 include Hill-Rom Holdings, Inc.; Siemens Financial Services, Inc. GE Healthcare. This market is inclusive of device manufacturers as well as distributors that are entering the rental space. Hence, the level of competition is extremely high and is expected to be maintained so over the forecast period as well. However, owing to the large target population, the industry still represents huge opportunities for participants.
For instance, in an attempt to empower their clients in making the best suitable decision, certain vendors like Siemens are offering both DME rental and purchase options to their clients. Furthermore, GE healthcare also helps its customers with their financial analysis and then aid in making the appropriate decision. Certain vendors also work along with their clients, in order to help them in funding decisions regarding DME rental services whereas some are developing products at a lower cost without comprising on support and quality level. The supportive services offered by vendors have increased the attractiveness of the DME rental services. Some of the prominent players in the durable medical equipment (DME) rental market include:
- Hill-Rom Holdings, Inc.
- Stryker Corporation
- Getinge Ab.
- Siemens Financial Services, Inc
- Nunn’s Home Medical Equipment
- Westside Medical Supply
- Universal Hospital Services, Inc
- Woodley Equipment Company Ltd
- GE Healthcare
- N.Y Medical Products Inc.
- All American Medical Supply Corp.
- Homepro Medical Supplies, LLC
Order a free sample PDF of the Durable Medical Equipment Rental Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Comments
Post a Comment