The global Durable Medical Equipment Rental Market size is expected to reach USD 35.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. The growth is attributable to financial benefits offered by renting durable medical equipment (DME) as it aids in bridging the gap between capital availability and clinical needs. Moreover, before buying, renting DME helps in determining whether or not they are a suitable fit.
The COVID-19 pandemic has disrupted the supply chains
of various medical devices. The shelter-in-place mandates have led to a
shortage in the workforce across the supply chain industry. However, there has
been a sudden surge in the demand for respiratory equipment owing to the
ongoing coronavirus pandemic. The DME rental players are fulfilling these
demands for hospitals as well as home care patients. Looking at the short-term
necessity of these products, and to boost sales, various local manufacturers
have come up with a marketing strategy that involves renting out this
equipment. Therefore, the market for DME rental is projected to grow with a
lucrative CAGR during the pandemic crisis.
The rising number of people with disabilities across
the globe is boosting the demand for wheelchairs, crutches, walkers, and other
such personal mobility equipment and aids. This, in turn, boosts the demand for
DME rental. According to the WHO, more than a billion people have some form of
disability in the world that accounts for around 15% of the global population.
Also, there is a rapid increase in the number of people with disabilities owing
to rising chronic health conditions and demographic trends. For instance, over
54 million adults have arthritis in the US according to a study by the CDC.
This number is projected to cross 78 million by 2040.
The market is also driven by the growing demand for
therapeutic and monitoring equipment. This demand is attributable to improving
healthcare infrastructure across the globe coupled with continuous
technological advancements in durable medical equipment. Renting advanced
durable medical equipment helps in keeping up with the changing technology in a
cost-effective manner. Moreover, people who need mobility equipment temporarily
mostly prefer renting.
The rise of financial services for renting DME has
been beneficial for various end-users such as hospitals, institutes &
laboratories, as well as home care. Moreover, renting equipment confers cost
benefits to end-users, as it reduces ownership costs and in turn allows these
players to adopt advanced product modules. Medical equipment insurers typically
cover around 50% to 80% of the overall cost of durable medical equipment such
as a wheelchair. The maintenance and insurance are taken care of by the
provider. This, in turn, reduces the risk for end-user and augments the growth
of the market.
Related Press Release@ Durable Medical Equipment Rental Market Report
Durable Medical Equipment Rental
Market Report Highlights
- The bathroom safety and medical furniture segment accounted for the
largest revenue share of 56.4% in 2020 owing to growing technological
innovations in such medical equipment
- The hospitals’ segment accounted for the largest revenue share of
59.2% in 2020 owing to huge patient footfall in comparison to laboratories
and institutes coupled with growing need to keep up with technological
advancements
- North America contributed for the largest revenue share of 32.5%
owing to the presence of dominant market players, high healthcare
expenditure, and high adoption rate for advanced medical technologies
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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