The North America Durable Medical Equipment Market size is expected to reach USD 114.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 5.8% from 2022 to 2030. The market for durable medical equipment (DME) is mainly driven by the rise in chronic diseases, such as cancer and diabetes. Factors such as the technological advancements and the remote patient monitoring services along with a strong reimbursement scenario are likely to boost the growth of the market over the forecast period.
The
rapid aging population across the region is likely to contribute to the
industry expansion. The geriatric population aged 60 years and above which
comprise around 16.5% of the total population is more prone to chronic diseases
and health issues, such as mobility issues, cancer, diabetes, mobility issues,
cardiovascular disorders, and other age-related diseases. These factors are
likely to boost the growth of the DME products market. However, lack of
awareness, stringent regulatory guidelines in developed economies, and lack of
skilled professionals may limit the durable medical equipment market growth.
The
COVID-19 pandemic has initially affected the market due to the shortage of
supply of the product. There is a decline in the operations, sales, and revenue
of the market players during the pandemic. The pandemic has resulted in rising
costs of the product and post-sale services for the recovery of financial loss
incurred by the market players.
The availability
of advanced DME products has also played an important role in positively
impacting the growth of the market. Countries such as the U.S. and Canada are
innovators and early adopters of advanced technologies, thus these are the most
important customers for medical device markets with rapid technological
innovations. Technological breakthroughs concentrating on increasing efficiency
are expected to occur during the forecast period, thereby driving the market
growth.
Related Press
Release@ North
America Durable Medical Equipment Market Report
North America Durable Medical Equipment Market
Report Highlights
- Monitoring
and therapeutic devices emerged as the largest segment owing to the
introduction of technologically advanced products with more comfort and
portability
- Home
healthcare is anticipated to be the fastest-growing segment over the
forecast period as it is less expensive and preferred by aged people
- The bathroom
safety devices and medical furniture is expected to witness the highest
growth rate over the forecast period
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
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