The Global Durable Medical Equipment Rental Market is anticipated to grow to US$47 billion by 2033. With a compound annual growth rate (CAGR) of 5.7% for the anticipated period (2023–2033), this indicates a stable growth trajectory from a market size of US$25.7 billion in 2022.
Patients now have a cost-effective and convenient way to get the medical equipment they need for long-term care or rehabilitation thanks to the market for DME rentals. This includes nebulizers, wheelchairs, walkers, and other medical equipment.
The healthcare sector is undergoing major change as a result of widespread internet use and the development of innovative medical treatments. The easy availability to a plethora of internet information has made people more discerning and aware, and as a result, there is a growing need for innovative, affordable, and personalized healthcare solutions. In this context, hospitals are the primary industry that produces revenue, with a compound annual growth rate (CAGR) of more than 5.7% between 2023 and 2033.
The COVID-19 pandemic is causing unprecedented dynamics in the worldwide healthcare system. The epidemic has increased consumer demand for healthcare services and goods, which has enhanced overall sector performance. As a result, the market is expanding swiftly, and the rise in demand has made it more desirable for consumers to rent durable medical
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Despite the expected and exponential expansion, healthcare operators continue to struggle to find a long-term financing solution to invest in cutting-edge technology and equipment to fulfill the demands of an increasingly demanding consumer base. Renting medical equipment may be the next big thing in the global healthcare industry, offering cost-effective and economical solutions during difficult economic times.
The lack of uniform regulatory criteria for medical equipment rental services, as well as high costs, are projected to constrain the industry’s growth. Furthermore, it has been observed that few medical devices come with insurance, which will hinder the expansion of the global medical equipment rental sector.
In 2022, North America led the market. This is because of the country’s strong healthcare system and government support for privately operated hospitals, clinics, and diagnostic services.
Competitive Analysis
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.
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Some of the recent developments of key Durable Medical Equipment Rental providers are as follows:
- In June 2020, MedOne Company announced the launch of a new facility in North Carolina. U.S., for the rental and service of medical equipment.
- In March 2020, Med-Equip announced the acquisition of Martab’s equipment management services. The acquisition is being carried out to provide rentals of custom-made gadgets such as home testing kits.
Market Segments Covered in Global Durable Medical Equipment Rental Industry Analysis
By Application:
- Personal Mobility Devices
- Bathroom Safety and Medical Furniture
- Monitoring and Therapeutic Devices
By End Use:
- Personal/Homecare
- Institutes and laboratories
- Hospitals
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