The global Durable Medical Equipment Market size is expected to reach USD 331.1 billion and register a CAGR of 5.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by a rise in chronic diseases, such as kidney failure and cancer. Moreover, technological advancements along with a strong reimbursement scenario are likely to boost the durable medical equipment (DME) market over the forecast period.
The growing geriatric population across the globe is
likely to contribute to the industry expansion. People aged 60 years or above
are more prone to health issues, such as diabetes, mobility issues,
Cardiovascular Diseases (CVDs), and other lifestyle problems. This creates
demand for DME products. However, stringent regulatory guidelines in developed
economies and a lack of skilled professionals may limit the market growth.
The COVID-19 pandemic has initially affected the
market due to the shortage of supply of the product. The market players have
resulted in a decline in operations, sales, and revenue during the pandemic.
The outbreak has temporarily changed the customer’s spending habits due to the
restrictions imposed by the government. 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 technologically advanced products
has also played an important role in positively impacting the growth of the
market. Countries such as U.S., UK, and Germany 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 market growth.
Related Press Release@ Durable Medical Equipment Market Report
Durable Medical Equipment Market
Report Highlights
- Monitoring and therapeutic devices emerged as the largest segment
owing to the launch of technologically advanced products with more comfort
and portability.
- Home healthcare is anticipated to be the fastest-growing
segment in the forecast period as it is less expensive and preferred by
aged people.
- North America led the market with the largest share in 2021 and
will witness steady growth in the future on account of the presence of
major companies in the region.
- Asia Pacific is expected to register the highest CAGR in the
forecast period owing to the presence of a large target population base
and improving healthcare facilities.
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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