PUBLISHER: SkyQuest | PRODUCT CODE: 1452865
PUBLISHER: SkyQuest | PRODUCT CODE: 1452865
Global Durable Medical Equipment Rental Market size was valued at USD 26 billion in 2022 and is poised to grow from USD 27.56 billion in 2023 to USD 43.93 billion by 2031, growing at a CAGR of 6.00% during the forecast period (2024-2031).
The growth of the healthcare sector can be attributed to a strong demand for home care services and significant costs associated with medical equipment, emphasizing the increasing need to control healthcare expenses. The market's momentum is further fueled by a rising elderly and disabled population, leading to a demand for long-term care and personalized mobility and safety devices. Rental services, offering more economically feasible short-term arrangements compared to outright purchases, play a crucial role. Companies such as Block Imaging integrate service coverage in rental pricing, addressing concerns related to durable medical equipment (DME) rentals for the predominantly elderly or disabled user demographic. Technological advancements leading to product obsolescence drive consumers and healthcare institutions to embrace DME rental solutions. For instance, the development of advanced accessories for walking aids encourages the adoption of DME rentals, and upgrading medical equipment serves as a key marketing strategy for rental companies, generating additional revenue streams.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Durable Medical Equipment Rental Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Durable Medical Equipment Rental Market Segmental Analysis
The global durable medical equipment rental market is segmented on the basis of application, end - use, region. By end - use, the market is segmented into personal/homecare, institutes and laboratories, Hospitals. By application, the market is segmented into personal mobility devices, bathroom safety and medical furniture, monitoring and therapeutic devices. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Drivers of the Global Durable Medical Equipment Rental Market
The increasing expenses associated with acquiring and upkeeping durable medical equipment (DME) are prompting healthcare institutions and individuals to lean towards rental services as a more economical alternative.
Restraints in the Global Durable Medical Equipment Rental Market
The growth of the medical equipment rental market may encounter impediments as service providers grapple with rigorous regulations and adherence standards. Stringent requirements in this domain pose challenges that have the potential to hinder the expansion of the market for medical equipment rental services.
Market Trends of the Global Durable Medical Equipment Rental Market
The popularity of subscription-based Durable Medical Equipment (DME) rental models is on the rise, providing patients with the opportunity to avail themselves of a variety of equipment and services through a predetermined monthly fee.