The global durable medical equipment market is anticipated to grow exponentially and is expected that the market will register a CAGR of 6.9% during the forecast period. Rising cases of cardiovascular and neurological disorders is a key factor fueling the growth of the global market. Increasing surgical & outpatient procedures, the number of hospitals, and home healthcare services is projected to boost the demand for durable medical equipment, supporting the market growth further. In addition to this, the growing aging population, increasing healthcare expenditure and major penetration of home healthcare services are some of the major factors creating opportunities for market players. Furthermore, increasing awareness among the population for the adoption of medical equipment and favorable government policies are complementing the growth of the market globally.
The increasing cases of COVID-19 across the world also contribute to the lucrative growth of the market as it fuels the demand for more advanced durable medical equipment that can help COVID patients in hospital settings. This has also surged the necessity for research and development programs to invent new products to offer more comfortable facilities for patients suffering from life-threatening viruses such as COVID-19. A rapid increase in patients who need long-term therapy and drug delivery is facilitating the demand for such medical equipment. Moreover, continuous technological developments in the invention of durable medical equipment further drive the growth of the global market.
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Key Highlights of Global Durable Medical Equipment Market
- On the basis of device type, the therapeutic and monitoring segment emerging as the leading shareholder owing to rising chronic diseases, and prevalence of diabetes. Monitoring and therapeutic devices include oxygen equipment, Continuous Positive Airway Pressure (CPAP), blood sugar monitors, infusion pumps, Continuous Passive Motion (CPM), nebulizer, and others.
- Based on end-use, the hospital segment growing at a significant rate with an increasingly high volume of patients and better infrastructure of healthcare settings. The increased number of medical professionals employed at hospitals is one of the key factors resulting in patient outnumbers, supporting the market progress.
- North American region dominates the durable medical equipment market holding majority of market share on the account of the growing patient pool diagnosed with various diseases and a rise in the number of surgeries. Presence of major medical device manufacturing companies and growing demand for advance medical equipment further driving the growth.
- The Asia Pacific is projected to exhibit substantial growth with the support of increasing initiatives & investment by governments of major economies for the healthcare industry. Also, increasing awareness regarding the use of such monitoring devices is expected to boost the market in the region.
- Leading players in the durable medical equipment market include Becton, Invacare Corporation, ResMed, Inc., Baxter International, Dickinson, and Company, Hill-Rom Holdings, Inc., Stryker Corporation, Medline Industries, Inc., Medtronic plc., Sunrise Medical (US) LLC. Key players aggressively adopting various growth strategies such as acquisitions, collaborations, and, mergers to grow their position in the market. For instance, Hill-Rom has acquired a Wisconsin-based medical manufacturer named Mortara Instrument, to add more significance to its medical device product portfolio.