A newly released Durable Medical Equipment Rental Market analysis report by Future Market Insights reveals that revenue through the Durable Medical Equipment Rental Market in 2022 was held at USD 25.7 billion. With a CAGR of 5.7% from 2023 to 2033, the market is projected to reach a valuation of USD 47 billion by 2033. Hospitals are expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 5.7% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Durable Medical Equipment Rental Market (2023) | USD 27 billion |
| Global Durable Medical Equipment Rental Market (2033) | USD 47 billion |
| Global Durable Medical Equipment Rental Market CAGR (2023 to 2033) | 5.7% |
| The USA Durable Medical Equipment Rental Market CAGR (2023 to 2033) | 6.1% |
| Key Companies Profiled | Hill-Rom Holdings Inc.; Stryker Corporation; Getinge Ab.; Siemens Financial Services Inc; Nunn’s Home Medical Equipment; Westside Medical Supply; Universal Hospital Services, Inc.; Woodley Equipment Company Ltd.; GE Healthcare; C.N.Y. Medical Products Inc.; All American Medical Supply Corp.; Homepro Medical Supplies, LLC |
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As per the Durable Medical Equipment Rental Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the Durable Medical Equipment Rental Market increased at around 5.1% CAGR.
Despite projected and exponential expansion, operators in the healthcare industry continue to struggle to find a sustainable financing alternative to invest in cutting-edge technology and equipment to keep up with an increasingly demanding client base. Rental medical equipment might be the next big thing in the global healthcare market, giving economical and cost-effective choices during difficult economic times.
As technology improves and the need for capital advances, providers struggle with finances. It becomes difficult to handle the equipment and finance them. Hospitals use rental equipment to deal with the capital crunch. Equipment integration, recalls, and reductions in reimbursement, are other factors that shift the focus from acquiring medical devices to renting them for use.
The geriatric population across the globe is growing at an unprecedented rate, which creates a significant demand for medical facilities, and hence renting medical equipment becomes feasible to cater to the growing demand.
Lately, it has been observed that handicapped persons have started accepting personal mobility and assistance, which can be ascribed to the dominance of durable medical equipment. Furthermore, with a huge customer base and continuous technological improvements, there has been a rising demand for monitoring and therapeutic instruments, which would help in driving the expansion of the medical equipment rental market.
Rising palliative care concerns, as well as legislative changes, are anticipated to boost the industry. Increased demand for rental equipment is being driven by regulatory changes or palliative care initiatives implemented by hospitals.
The necessity for personal mobility devices is rising throughout the world. With the increase in the number of people with impairment, the need for walkers and wheelchairs rises. Along with this, the demand for monitoring and therapeutic devices is also increasing because of better healthcare development globally. Moreover, renting medical equipment provides an advantage where patients can select their medical settings according to their requirements from a wide variety of products.
Healthcare companies are currently operating in a dynamic environment, facing seismic shifts as a result of the advent of novel medical treatments and rising internet usage. Astute patients have become more cautious as a result of this, as well as unequaled online access to incredible volumes of information. As a result, there is an increased need for smart, economical, and personalized healthcare services. COVID-19 has also resulted in increased demand for healthcare and related products and services, which has boosted the overall performance of the healthcare business. This has created favorable conditions for the rental market of durable medical equipment.
However, the lack of consistent regulatory standards for medical equipment rental services and high costs is expected to stymie industry expansion. Simultaneously, it has been discovered that few medical gadgets come with insurance coverage, which will somehow hinder the growth of the global medical equipment rental industry.
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In 2022, the market was dominated by North America. The reasons for this are its strong healthcare infrastructure and government backing of privately held hospitals, clinics, and diagnostic centers.
Asia Pacific constitutes a large population and widespread incidences of infectious and chronic diseases. With the growing healthcare sector in the region and investments made by private healthcare institutions, there exists a significant opportunity for the market.
The United States is expected to have the highest market of USD 13.7 billion by 2033, growing at a CAGR of 6.1%, with an absolute growth opportunity of USD 6.1 billion. The market in the country is expected to develop because of the rising elderly population, and high prevalence of lifestyle-related disorders. Other factors increasing demand for durable medical equipment include increased penetration of home nursing services and employees.
The market in the United Kingdom is expected to reach a valuation of USD 2.1 billion by 2033, growing at a CAGR of 5% from 2023 to 2033. The market is projected to gross an absolute dollar opportunity of USD 840 million during the forecast period.
In Japan, the market is expected to reach a valuation of USD 2.2 billion by 2033. During the forecast period, the market in the country is expected to garner an absolute dollar opportunity of USD 1.1 billion, growing at a CAGR of 7.4%.
The market in South Korea is projected to grow at a CAGR of 6.7% from 2023 to 2033. During this period, the market is projected to witness an absolute dollar opportunity of USD 609 million and reach USD 1.3 billion by 2033.
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From 2018 to 22 the largest share of revenue as well as a CAGR of approximately 5.1% was acquired by Bathroom Safety and Medical Furniture. The market through this application is projected to grow at a CAGR of 4.9% throughout the forecast period owing to the rising incidences of chronic conditions that require long-term care due to which rental services demand is upsurging. The demand for mattresses, bedding, and toilet safety rails is further driving the market.
Durable medical equipment rental commanded the largest revenue from Hospitals and grew at a CAGR of 4.6% during 2018-22. The market is forecasted to grow at a CAGR of 5.4% throughout the forecasted period. This can be ascribed to bulk leasing, a relatively large patient intake, increased pressure to cut costs, and a strong demand for technologically sophisticated items in these healthcare settings.
Also, due to an increase in the rental of medical equipment, particularly therapeutic devices, during Covid-19, when equipment acquisition was substituted by renting, provided a boost to this segment. The massive patient pool, as well as the escalating government changes supporting the use of progressive healthcare infrastructure, are propelling the expansion of this market.
Some of the key players operating in the medical equipment rental market include Hill-Rom Holdings Inc., Stryker Corporation, Getinge AB, Siemens Financial Services Inc, Nunn’s Home Medical Equipment, Westside Medical Supply, Universal Hospital Services, Inc., Woodley Equipment Company Ltd., GE Healthcare, C.N.Y. Medical Products Inc., All American Medical Supply Corp., and Homepro Medical Supplies, LLC.
Some of the recent developments of key Durable Medical Equipment Rental providers are as follows:
Similarly, recent developments related to companies in the Durable Medical Equipment Rental Market have been tracked by the team at Future Market Insights, which are available in the full report.
The market is valued at USD 27 million in 2023.
The market’s CAGR from 2023 to 2033 will be 5.7%.
Japan is projected to reach USD 2.1 billion by 2033.
By 2033, the segment growth rate is expected to reach 4.9%.
Hospital segment to account for 5.4% CAGR through 2033.
1. Executive Summary | Durable Medical Equipment Rental Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Personal Mobility Devices 5.2. Bathroom Safety and Medical Furniture 5.3. Monitoring and Therapeutic Devices 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 6.1. Personal/Homecare 6.2. Institutes and laboratories 6.3. Hospitals 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Hill-Rom Holdings, Inc. 17.2. Stryker Corporation 17.3. Getinge Ab 17.4. Siemens Financial Services, Inc 17.5. Nunn’s Home Medical Equipment 17.6. Westside Medical Supply 17.7. Universal Hospital Services, Inc 17.8. Woodley Equipment Company Ltd 17.9. GE Healthcare 17.10. C.N.Y Medical Products Inc. 17.11. All American Medical Supply Corp. 17.12. Homepro Medical Supplies, LLC 18. Assumptions & Acronyms Used 19. Research Methodology
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Durable Medical Equipment Rental Market
