Durable Medical Equipment Market Share, Trends and Size Analysis by Device Type (Personal Mobility Devices, Medical Furniture, Monitoring and Therapeutic Devices, and Bathroom Safety Devices), End User (Hospital/Clinic, Ambulatory Surgical Center, Research Centers, Home Healthcare, and Others), and Region (the Americas, Europe, Asia-Pacific, and the Middle East & Africa) – Forecast till 2027
Durable Medical Equipment Market Primary Drivers and Deterrents
The alarming rise in incidence of ophthalmic ailments, cardiac disorders, neurological conditions, gynecological complications and cancer will foster the product demand in the coming years. Surge in medical coverage along with supportive reimbursement policies with respect to durable medical equipment can also help the market attain a higher position over the years ahead. Medical devices like ostomy bags, hospital furniture and insulin pump fall under the durable medical equipment category and have been witnessing significant demand for years. Advanced medical technologies like monitoring systems and scanning equipment are also observing fast uptake in the healthcare industry to shorten the recovery period of the patients, thereby bolstering the DME demand. Rising adoption of technologies such as wireless remote monitoring to meet with the soaring demand for innovative treatment, in view of the escalating cases of chronic diseases also buoy the market demand.
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Since elderly individuals have compromised immunity levels, they are more prone to cardiac, neurological and skeletal problems, which give rise to the requirement for long-term care. This factor is touted to be favorable for the DME market during the conjectured period. This is also one of the main reasons for the high demand for durable medical equipment in home healthcare settings. On the downside, strict regulatory standards and scarcity of skilled professionals, especially underdeveloped regions could deter the market growth over the following period.
A number of firms adopt strategies like agreement, partnerships and acquisitions for business growth in the global market. A case in point, in October 2020, Medtronic acquired Avenu Medical, a privately owned medical device vendor based in the US. The acquisition is expected to align with Medtronic’s vision of offering more durable and less invasive endovascular solutions to the patients.
Durable Medical Equipment Market Segmentation
Durable medical equipment industry can be segmented in terms of device type and end user.
The market, depending on device type, caters to medical furniture, personal mobility devices, bathroom safety devices and monitoring and therapeutic devices.
Durable medical equipment observe demand among end users like ambulatory surgical center, hospital/clinic, home healthcare, research centers, and more.
Durable Medical Equipment Market Regional Insight
Durable medical equipment market can be regionally categorized as Europe, MEA or Middle East & Africa, the Americas and APAC or Asia Pacific.
The Americas can most likely take the lead in the global market, thanks to the flourishing healthcare industry and the growing presence of several medical device firms. The expansive patient populace that suffers from various chronic disorders combined with the mounting demand for technically innovative products can also boost the market’s growth potential in the region.
Europe is the second highest gainer in the global market, on account of the rising technological developments in the healthcare sector along with the surge in acquisitions and mergers. The escalating number of healthcare organizations, rising patient pool that require critical care coupled with the high availability of advanced healthcare infrastructure also nurture the market growth in the region. The growing number of skilled medical professionals and the rising adoption of equipment such as transfer chairs and sling lifts in hospital settings could also induce market expansion.
APAC could emerge as the fastest expanding market, thanks to the massive patient pool suffering from various chronic disorders such as arthritis, cancer, asthma, diabetes, and many more. The vast elderly population in the region and the surge in the number of diagnostic centers with advanced equipment including infusion pump, blood sugar monitors, bedding devices and mattress that bolster patient outcomes also boost market revenues. Growth in insurance schemes that reimburse the total cost of maintenance and repair of the medical equipment in hospitals also work in favor of the AAC market.
Durable Medical Equipment Market Top Competitors
Sunrise Medical (UK), GE Healthcare (US), Getinge AB (US), GF Health Products Inc. (US), ArjoHuntleigh (UK), Medtronic Inc. (Ireland), Stryker (US), Invacare Corporation (US), Medical Device Depot, Inc. (US), Hill-Rom (US), Koninklijke Philips NV (UK), Masimo (US), Medline Industries Inc. (US), Compass Health Brand (US), are some of the top competitors in the durable medical equipment industry.
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