Durable Medical Equipment Market Size is expected to grow at a 6.27% CAGR during the forecast period for 2023-2031.
Durable medical equipment is a type of medical utility equipment that is made to be used for long-time in-patient care and treatment. These are different from single-use gadgets because they are made to be used for long-term therapy. The need for help with basic bodily processes and everyday motions increases as people age. There is a continual need for durable medical equipment such as wheelchairs, dialysis machines, breathing equipment, and more due to the increase in senior care and nursing homes.
The prevalence of long-term health problems is also rising. While becoming older certainly plays a role, other lifestyle factors, such as insufficient exercise, worsen the situation. Accidents and poor eating habits also contribute to the need for long-term medical devices. Furthermore, the global rise in cardiovascular illness, necessitating continuous monitoring of patient vital signs, is expected to expand the durable medical equipment market.
The market growth is hampered by the high-cost criteria for the safety and health of the durable medical equipment market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or highly durable medical equipment because making, buying, and maintaining long-lasting medical equipment can be quite costly. Healthcare providers and people may be hesitant to engage in cutting-edge technology due to its high initial cost, even if it has the potential to enhance patient final outcomes and overall quality of life.
Global events, such as pandemics or supply chain disruptions, can greatly affect the availability of long-term medical equipment. The government-imposed shutdown caused by the COVID-19 epidemic also interrupted the supply chain of DME. Products, including nebulizers, oxygen concentrators, CPAP machines, and RADs, have experienced disruptions in their supply chains. Complications for high-risk patients caused by storage have contributed to strong market demand for the products.
Competitive Landscape
Some Major Key Players In The Durable Medical Equipment Market:
- Invacare Corporation
- ArjoHuntleigh
- Stryker Corporation
- Drive Medical
- GF Health Products, Inc.
- Sunrise Medical
- Medline Industries
- Hill Rom, Inc.
- Carex Health Brands
- Becton, Dickinson and Company
- General Electric Company
- Medtronic PLC
- Compass Health Brands
- Getinge AB
- Resmed Inc.
- Koninklijke Philips NV,
- Medical Device Depot Inc.,
- Others
Market Segmentation:
The durable medical equipment market is segmented based on product and end user. As per the product segment, the market is divided into personal mobility devices, bathroom safety devices & medical furniture and monitoring & therapeutic devices. By end user, the market is segmented into hospitals, nursing homes, home healthcare, and others.
Based On The Product, The Monitoring & Therapeutic Devices Durable Medical Equipment Market Segment Is A Major Contributor To The Durable Medical Equipment Market.
The monitoring and therapeutic devices segment in durable medical equipment market is expected to hold a major global market share in 2022 because of the increasing demand for wireless monitoring devices and the number of lifestyle-related disorders that require health record analysis. There will likely be an increase in the demand for health and fitness monitoring apps and devices like smart glasses, fitness bands, and wristwatches that can track vitals like temperature, heart rate, and oxygen levels and give important health analyses to help people stay safe.
Home Healthcare Segment To Witness Growth At A Rapid Rate.
The home healthcare industry makes up the bulk of durable medical equipment because family members can keep tabs on health using equipment and tracking devices. Home healthcare is a cost-effective alternative to hiring medical professionals. Additionally, being in a familiar setting, such as one's own house, might be helpful for a patient's mental health., especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Durable Medical Equipment Market Holds A Significant Revenue Share.
The North American durable medical equipment market is expected to record the maximum revenue share in the near future. It can be attributed to the rapid advancement of cutting-edge medical technology and the concentration of key regional players. The medical and biological sciences are fields that are constantly evolving technologically. Patients must have access to affordable equipment if the market is to accommodate the greatest potential population. In addition, Asia Pacific is estimated to grow rapidly in the global durable medical equipment market because there is a growing number of chronic diseases among the target population, a surge in demand for medical equipment among patients, and several government initiatives and financial schemes focused on expanding healthcare access.
Recent Developments:
- In Oct 2023, Sunrise Medical completed the acquisition of Ride Designs, a business renowned for its expertise in developing personalized seating solutions for those using wheelchairs. The acquisition indicated a broadening of Sunrise Medical's range of bespoke seating options, clinical knowledge, and service capacities. Ride Designs bolstered Sunrise Medical's track record in mergers and acquisitions, which was deemed a crucial component of its business strategy.
- In Feb 2022, Invacare Corporation unveiled a more compact iteration of the Invacare AVIVA STORM RX rear-wheel drive electric wheelchair. The narrow base variant of the AVIVA STORM RX, a cutting-edge chair introduced in August 2021, presented various novel enhancements in contrast to the conventional version. The AVIVA STORM RX series represented a significant advancement in the company's rear-wheel-drive power wheelchairs, aiming to enhance the end-user's experience by incorporating cutting-edge design, technology, and performance.
Durable Medical Equipment Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 6.27 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product, End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Invacare Corporation, ArjoHuntleigh, Stryker Corporation, Drive Medical, GF Health Products, Inc., Sunrise Medical, Medline Industries, Hill Rom, Inc., Carex Health Brands, Becton, Dickinson and Company, General Electric Company, Medtronic PLC, Compass Health Brands, Getinge AB, Resmed Inc., Koninklijke Philips NV, Medical Device Depot Inc., and Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
