Medical Equipment Rental Market to Grow at CAGR of 4.2% Over 2021-2028, TMR Study
2022-09-16
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Need for constant monitoring for the rising prevalence of chronic health conditions, like diabetes, respiratory and cardiovascular diseases, and high blood pressure favors the expansion of global medical equipment rental market
Increased demand for home healthcare solutions, observed during COVID-19 pandemic, to minimize hospital stay, stimulated growth of the market
WILMINGTON, Del., Sept. 16, 2022 /PRNewswire/ -- Players in the global medical equipment rental market are focusing on increasing their efforts on manufacturing electronic and digital equipment, durable medical equipment, personal and home care equipment, and surgical equipment to cater to diverse demands of customers. Increasing demand for durable medical equipment for long-term healthcare needs of patients is positively affecting the market's expansion. According to a recent professional intelligence report, the global medical equipment rental market is anticipated to reach the value of US$ 70.95 Bn by the end of the forecast period in 2028.
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Medical Equipment Rental Market – Key Findings of the Report
Rising Demand from Geriatric Population: Increase in the number of elderly individuals diagnosed with chronic ailments, such as diabetes, cardiovascular diseases, and high blood pressure, most prominently in developing and developed economies, is positively impacting the development of global medical equipment rental market. Geriatric individuals are more prone to severe illnesses, and drive the demand for various types of patient monitoring services as well as devices.
Rising Demand for Durable Medical Equipment: Durable medical equipment accounted for a substantial revenue share of the global medical equipment rental market in 2020. Some of the key contributors to the growth of this segment include rising demand for high-end and state-of-the-art medical systems, as well as their affordable cost. The demand for durable medical equipment is anticipated to grow in coming years, owing to rising geriatric population across the world, driving the need for long-term healthcare solutions.
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Medical Equipment Rental Market – Growth Drivers
Growing spending on healthcare, rising demand for next-gen medical equipment, and increasing preference for renting high-value medical equipment instead of purchasing it, drive the growth of global medical equipment rental market
Rising prevalence of chronic diseases and increased need for effective remote patient monitoring boosts the demand for home healthcare solutions in the market
Medical Equipment Rental Market – Key Players
Some of the key companies functional in the global medical equipment rental market are Centric Health Corporation, Nunn's Home Medical Equipment, US Med-Equip, Inc., Woodley Equipment Company, Ltd., Westside Medical Supply, Inc., Apria Healthcare Group, Inc., Hill-ROM Holdings, inc., Port Huron Hospital Medical Equipment, Universal Hospital Services, Inc., and Walgreen, Co. Owing to the presence of a large number of established regional and multi-national participants, the competitive landscape of the global medical equipment rental market is highly fragmented in nature.
Leading strategies employed by the players in the global medical equipment rental market for increasing their industry share include launching of new and technologically superior products, entering into collaborative agreements with other players, gaining regulatory approvals for their new products, and mergers and acquisitions, among others. Players are also focused on expanding their geographical reach to enhance their presence across the globe.
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Medical Equipment Rental Market – Regional Growth Dynamics
Europe is anticipated to emerge as the leading regional market in the global medical equipment rental market over the forecast period. Key drivers contributing to the expansion of Europe market include increasing incidence of various types of chronic diseases as well as the increasing focus of governments in the region on strengthening their healthcare infrastructures. North America is also expected to emerge as a leading region within the global medical equipment rental market in coming years. Growth of this regional market is driven by the increasing preference of healthcare professionals and facilities in the region on equipment rentals as opposed to purchasing them.
In coming years, Asia Pacific is also projected to contribute considerably to the expansion of the global medical equipment rental market. Some of the key drivers responsible for the growth of this regional market include rising disposable income of the regional population, as well as the increasing spending on development of advanced healthcare infrastructure by certain governments in the region.
Medical Equipment Rental Market: Segmentation
Medical Equipment Rental Market, by Device Type
Personal / Home care Equipment
Electronic / Digital Equipment
Durable Medical Equipment
Long Term Care
Emergency and Trauma
Medical Equipment Rental Market, by End-user
Personal / Home Care Medical Equipment Rental
Chronic and Geriatric Patients
Preventive Care / Monitoring
Short Term and Outpatient Care
Institutional Medical Equipment Rental
Hospitals
Medical Nursing Homes
Medical Research Laboratories/Institutions
Medical Equipment Rental Market, by Region
North America
Latin America
Europe
Latin America
Middle East & Africa
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