Robust Investment in R&Ds to Propel the Global Durable Medical Equipment Market
Global Durable Medical Equipment Market Research Report: Information 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 is likely to expand with a CAGR of 6% CAGR over the forecast period and the market stood at a value of USD 1,08,553.8 million in 2018. The equipment are aimed to the management of several medical conditions and illness that offer convenience and benefits of therapeutic to its patients.
Developing occurrence of malignancy, cardiovascular issue, ophthalmic illnesses, neurological conditions, and gynecological complexities will drive the item request over the conjecture time frame. Better inclusion and repayment strategies for DME items are likewise liable to help support the DME market development. What's more, rising number of older consideration focuses because of expanding geriatric populace base over the globe are anticipated to drive the DME market further.
Older patients have low insusceptibility levels and hence, are inclined to skeletal, heart, and neurological issues, which builds the requirement for long haul care and recuperation. This, thus, is assessed to increase the interest for DME items over the coming years. As per the UN information distributed in 2017, populace matured 60+ years was around 960 million, which represented 13.0% of the worldwide populace. Durable medical equipment assumes a significant job in long haul care after medical procedure at home or some other social insurance setting. This is additionally evaluated to drive the market development. Then again, stringent administrative rules in created economies and the absence of gifted experts for this equipment are said to thwart the business development.
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The introduction of advanced technologies products with enhanced patient comfort and portability is anticipated to propel the growth of the market. Additionally, monitoring and therapeutic devices such as infusion pumps, blood sugar monitors, nebulizer, oxygen equipment, Continuous Passive Motion (CPM), suction pumps, traction equipment, Continuous Positive Airway Pressure (CPAP), and others. Rising cases of lifestyle-oriented diseases coupled with demand for wireless monitoring equipment are estimated to propel the market growth.
Competitive Analysis:
The key players operating in the global durable medical equipment market include Invacare Corporation, Stryker Corporation, ArjoHuntleigh, Hill Rom, Inc., GF Health Products, Inc., -Drive Medical, Sunrise Medical, Carex Health Brands, Inc., and Medline Industries, Inc. The key players in the market are trying to offer newer products in the market for offering comfort to the patients, which is likely to benefit them to grab substantial share in the global durable medical equipment market.
Segmentation:
The durable medical equipment market is segmented based on device type, end user, and region.
In terms of device type, the global durable medical equipment market is categorized into personal mobility devices, monitoring and therapeutic devices, medical furniture, and bathroom safety devices.
Based on the end user, the market is segmented into hospital/clinic, research centers, ambulatory surgical center, home healthcare, and other.
Regional Analysis:
Based on the region, the market is segmented into Europe, the Americas, Asia Pacific, the Rest of the World (RoW). Of these, the Americas are estimated hold strong position in the durable medical equipment market owing to presence of key players manufacturing the durable medical equipment coupled with surge in adoption of advanced products are estimated to provide a boost regional growth in coming future. In addition to this, rising number of hospitals along with increase in geriatric population are estimated to contribute in to the major share in the regional market. However, Asia Pacific is anticipated to be the fastest-growing region during the forecast period as a result of targeted population base and supportive government initiatives. Also, robust population and patient’s pool in the region are estimated to offer robust opportunities for growth in the global durable medical equipment market in the estimated time frame.
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