The Durable Medical Equipment Market will grow at highest pace owing to increasing Geriatric Population

The durable medical equipment market comprises medical devices that are meant for home healthcare services including mobility equipment, bathroom safety devices and monitoring equipment. Durable medical equipment helps patients manage medical conditions at home and includes wheelchairs, nebulizers, infusion pumps, insulin pumps, CPAP machines, hospital beds and oxygen equipment. These devices offer independence to patients and relieve their dependence on caregivers for certain medical needs. The demand for durable medical equipment is increasing with rising prevalence of chronic diseases like diabetes, cancer and respiratory disorders globally. The global durable medical equipment market is estimated to be valued at US$ 5,949.9 Mn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the durable medical equipment are Stryker Corporation, Baxter International, Inc. Medtronic plc. Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation, Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) Hill-Rom Holdings, Inc., and others. Stryker Corporation dominated the market with wide assortment of medical equipment including patient beds, wheelchairs and emergency stretchers. The demand for durable medical equipment is growing due to increasing healthcare expenditure and rising prevalence of chronic diseases worldwide. Technological advancements in medical devices are allowing for home-based remote monitoring and treatment of chronic diseases reducing dependency on hospitals.

The continuous increase in geriatric population globally drives the durable medical equipment market as older adults often require assistive devices and home medical equipment for mobility, disabilities and monitoring of medical conditions. Additionally, increasing incidence of chronic diseases like diabetes, cancer and cardiovascular diseases boosts the demand for durable medical equipment as patients undergo long-term treatment and require assistive devices at home. Technological advancements are allowing integration of Internet of Things (IoT) and wireless monitoring in medical devices which is improving patient care and outcomes.

Market Trends
Remote patient monitoring through integration of IoT and wireless connectivity in durable medical equipment is a key trend witnessed in the market. This allows continuous monitoring of vital signs and physiological data of patients at home reducing hospital visits. Another trend is the increasing demand for rental and leasing of medical equipment which eases accessibility and reduces upfront costs for patients. Manufacturers are also focusing on developing portable, lightweight durable medical equipment for enhanced mobility and convenience.

Market Opportunities
The durable medical equipment market provides ample opportunities for players in home healthcare devices. The rising healthcare expenditure in emerging nations offers opportunities to expand market presence. Increasing focus on reducing burden on hospitals drives opportunities for remote patient monitoring solutions. Collaborations of device manufacturers with healthcare facilities and insurers can facilitate access to affordable medical equipment for patients globally. New product development targeting aging population needs also provides lucrative growth prospects.

Impact of COVID-19 on the Durable Medical Equipment Market

The COVID-19 pandemic impacted the growth of the durable medical equipment market. The lockdowns and restrictions imposed during the early phases of the pandemic hampered the supply chains and disrupted production activities. This led to shortages of critical medical devices and equipment required for treatment. However, as the pandemic intensified the demand for ventilators, oxygen concentrators and other respiratory care devices grew rapidly. Governments and private organizations placed bulk orders to meet the surge in demand from the healthcare sector. Telehealth and remote patient monitoring also emerged as important tools for delivering care during this time. Post pandemic, there is expected to be sustained demand for devices that support home healthcare as patients prefer receiving treatment outside hospitals. The market is also witnessing increased investments in digital technologies that can help provide quality care while maintaining social distancing norms. While short term disruptions were experienced, the long term outlook for the market remains positive driven by the ongoing aging trends and increasing prevalence of chronic diseases globally.

In terms of value, North America holds the major share of the durable medical equipment market currently. This can be attributed to factors like the rising healthcare expenditure, presence of advanced healthcare infrastructure and favorable reimbursements in countries like the United States. The region also has a high density of major market players with strong distribution networks. Asia Pacific is projected to be the fastest growing regional market owing to the improving access to healthcare, rising incomes and growing medical tourism industry in emerging nations of China and India. Governments are making continued investments towards expanding coverage which is expected to drive the future demand from the region.

Fastest Growing Region in the Durable Medical Equipment Market is Asia Pacific

The Asia Pacific region is poised to witness the fastest growth in the durable medical equipment market over the forecast period from 2023 to 2030. This can be attributed to factors like rapid economic development, growing healthcare expenditure, rising geriatric population and increasing incidences of chronic illnesses in countries like China and India. Governments in the region have implemented various initiatives to strengthen their healthcare infrastructure and improve access through public-private partnerships. This has spurred both domestic production and imports of high-quality medical devices. R & D investments are also promoting innovation to develop cost-effective products tailored for Asia Pacific consumers. With better awareness and availability, the demand for home healthcare solutions is rising as patients prefer receiving long term care outside hospitals. The medical tourism industry further supports the market expansion by attracting patients from developed markets seeking affordable treatment options. Overall, Asia Pacific presents lucrative opportunities for durable medical equipment companies given its large patient pool and rapid development trends. This makes it currently the fastest growing regional market globally.
_________________________________________________________________________

The Durable Medical Equipment Market will grow at highest pace owing to increasing Geriatric Population

Global Everything as a Service Market Research Report: Growth Drivers, Challenges And Industry Trends

Shop Fitting Aberdeen

Hepatitis B Treatment Market Research, Report is Likely to Grow at the Uppermost CAGR During 2022-2030

Language