PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164911
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164911
The Durable Medical Equipment Market size was valued at USD 198,005.8 Million in 2021, expanding at a CAGR of 6.6% from 2022 to 2028.
Any medical device used at home to improve quality of life is considered durable medical equipment (DME), and it is a benefit that is now covered by the majority of insurance policies. DME consists of home-use wheelchairs, hospital beds, oxygen tents, nebulizers, catheters, and iron lungs.
Market Dynamics:
One of the primary factors considerably influencing the market growth is the rising incidence of cancer, cardiac disorders, neurological issues, ophthalmic illnesses, and gynaecological complications worldwide. The market is expanding as a result of the growing elderly population, who are more likely to have disabilities, as well as the rise in elderly care facilities. Additionally, DME is rapidly expanding in popularity because to its widespread use in post-operative long-term care.
Another aspect driving growth is the release of a variety of technologically improved goods that guarantee patient comfort and portability, as well as the incorporation of AI technology into medical equipment. In addition, the coronavirus disease (COVID-19) outbreak has caused a surge in demand for DME as hospitals and healthcare systems around the world look to increase their capacity for patient treatment. The emergence of more skilled professionals, expanding hospital enrollment, increased spending on healthcare infrastructure, and stronger DME product coverage and reimbursement policies are all anticipated to have a significant impact on the market in the years to come.
COVID-19 Impact:
The market for durable medical equipment was significantly impacted by the COVID-19 epidemic. Many people with long-term illnesses or physical limitations were unable to adhere to the protocols and recommendations intended to stop the spread of COVID-19. For instance, a person with a disability was unable to live completely alone because they required assistance from family members or other caretakers. Due to the COVID-19 public health emergency, there was a rise in the need for durable medical equipment for patient monitoring and expanding the capacity of local hospitals and healthcare systems through temporary expansion sites. Manufacturers from diverse sectors of the economy that are not typically linked with the production of medical devices were looking for resources to help them produce and market these items in order to address this requirement. For instance, in May 2020, the Railway Board of India issued necessary instructions to the General Managers of the production units to explore the feasibility of manufacturing items like simple hospital beds (without mattresses) and stretchers.
Segment Analysis:
Based on product, the global market is segmented into personal mobility devices, bathroom safety devices and medical furniture, monitoring and therapeutic devices, and others. The monitoring and therapeutic devices segment held the largest market share in 2021 and is expected to show its dominance during the forecast period. The growth in the segment is attributed to the growing incidence of lifestyle-related diseases, which need vital statistics analysis, and increasing demand for wireless monitoring devices.
Based on end-use, the market is bifurcated into hospitals, nursing homes, home healthcare, and others. The hospitals segment is expected to dominate the market during the forecast period due to the increasing chronic diseases globally and increased financing and services capabilities of these healthcare settings.
Geography Insights:
In 2021, North America had the most market share, and it is anticipated that it would continue to rule the market during the study period. The United States has quickly embraced new technology, which has increased its market share. The presence of top manufacturers and the rapid uptake of cutting-edge products are expected to accelerate the region's growth. To win a sizable industry share, the US market is constantly creating high-tech, low-cost medical gadgets for patients. Additionally, factors contributing to the regional growth include the rising number of hospitals coupled with the ageing population.
Recent Development:
In March 2022, the Dexcom G7 Continuous Glucose Monitoring System for people with diabetes in European region, aged two and older, including pregnant women, has been given the CE Mark (Conformite Europeenne) by DexCom Inc.
In January 2022, ASPIRE introduced the ASPIRE SOCIALITE WHEELCHAIR in Australia market. A wide spectrum of users can use the Aspire Socialite, an ultra-lightweight transport chair with a safe operating load capacity of 115kg.
Key features of the study:
This proposed research study on the Durable Medical Equipment market provides market size (US$ Million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Durable Medical Equipment market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Durable Medical Equipment market
The impact of COVID-19 on the Durable Medical Equipment market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Durable Medical Equipment market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Durable Medical Equipment market, we have also included a competitive landscape and key innovator analysis for the Durable Medical Equipment market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Durable Medical Equipment market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Durable Medical Equipment market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL DURABLE MEDICAL EQUIPMENT MARKET KEY PLAYERS
Stryker Corporation
ArjoHuntleigh
Invacare Corporation
Hill Rom, Inc.
Drive Medical
GF Health Products, Inc.
Sunrise Medical
Medline Industries
Hill Rom, Inc.
Carex Health Brands, Inc
Becton, Dickinson and Company
General Electric Company
Medtronic PLC
Compass Health Brands
GLOBAL DURABLE MEDICAL EQUIPMENT MARKET, BY PRODUCT
Personal Mobility Devices
Bathroom Safety Devices And Medical Furniture
Monitoring And Therapeutic Devices
Others
GLOBAL DURABLE MEDICAL EQUIPMENT MARKET, BY END-USE
Hospitals
Nursing Homes
Home Healthcare
Others
GLOBAL DURABLE MEDICAL EQUIPMENT MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA