Durable Medical Equipment (DME) is the advanced medical devices and products that are developed to serve medical purposes. Such devices can tolerate subsequent or long-term heavy usage giving crucial assistance to patients in healthcare settings or home environments. Continuous enhancements in medical equipment supported by advanced technologies allowing improvisation in the quick diagnosis of diseases and effective treatments for the same. As a part of the development progress of healthcare sectors, there is a huge increase in the number of hospitals in developing and developed countries. These well-developed hospitals have all the modern surgical equipment such as walkers, wheelchairs, beds, monitoring & therapeutic devices, and other safety devices. All these factors help to improve the total patient outcomes boosting the overall market growth.
Increased R&D Activities to Develop Technologically Precise Diagnostic Devices
The rising aging population and growing demand for better-assisted care in a comfortable environment are the primary factors driving the growth of the durable medical equipment market. In addition to this, the increasing geriatric population that constitutes the key target population for the market is expected to foster the growth of the market. With a continuous increase in the prevalence of diseases and healthcare expenditure levels, the market is anticipated to witness substantial growth. Moreover, changing preference towards home healthcare as a better cost-effective substitute over hospital stay is further complementing the market progress.
With satisfactory funding from government and private organizations, manufacturers of blood press monitors are investing more in the research and development activities for producing effective diagnostic devices that are technologically precise and result-oriented. The changes in lifestyle habits such as sleeping and eating pattern also increasing patient count for hospital treatments and rehab. This will further create demand for walkers, canes, wheelchairs, crutches, and other assistive devices. On the other side, there are still issues such as failure to meet the desired outcomes from personal mobility devices hampering the market on some level.
Segmental Development of Durable Medical Equipment Market
- The monitoring and therapeutic devices gained major market share and are projected to grow continuously owing to inclination towards wireless monitoring devices and the growing prevalence of lifestyle related diseases.
- The bathroom safety devices & furniture segment is expected to record an exponential growth on the account of rapid growth in the hospitalization rates due to increased occurrence of diseases.
- According to estimates, the personal mobility devices segment is anticipated to grow as a major revenue contributor to the global market. Increasing preference for rollators & walkers and innovation in technologically advanced products supporting the segmental growth.
- There are also several insurance policies that reimburse the cost of maintenance and repair of the medical equipment. The majority of hospitals are taking these insurance policies, driving the growth of the durable medical equipment market.
Deep-dive Insights on global Durable Medical Equipment (DME) market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/durable-medical-equipment-market