by Market Overview:
The global Durable Medical Equipment Market is estimated to be valued at US$196.4 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2023-2030, according to a new report published by Coherent Market Insights. Durable medical equipment refers to devices and equipment that provide therapeutic benefits and are intended for long-term use by patients with medical conditions or disabilities. The market for durable medical equipment is driven by the increasing prevalence of chronic diseases, growing aging population, and advancements in healthcare technology. The advantages of durable medical equipment include improved patient comfort, enhanced mobility, and better management of chronic conditions. With the rising demand for cost-effective and efficient healthcare solutions, the market for durable medical equipment is expected to witness significant growth in the coming years.
Market Key Trends:
The key trend in the durable medical equipment market is the increasing adoption of home healthcare devices. Home healthcare devices are designed to provide medical assistance and monitoring at home, eliminating the need for frequent hospital visits. These devices enable patients to receive personalized care in the comfort of their own homes, leading to improved patient outcomes and reduced healthcare costs. The trend towards home healthcare devices is driven by factors such as the rising preference for home-based healthcare services, technological advancements in medical devices, and the growing awareness of the benefits of home healthcare. The COVID-19 pandemic has further accelerated the adoption of home healthcare devices, as it has highlighted the importance of remote monitoring and telemedicine. As a result, the market for durable medical equipment is witnessing a shift towards home-based care, presenting lucrative opportunities for market players in the coming years.
Segment Analysis:
The durable medical equipment market can be segmented based on product type, end-user, and region.
By product type, the market is dominated by the therapeutic and monitoring devices segment. This segment includes products such as wheelchairs, hospital beds, respiratory devices, and mobility aids. The dominance of this segment can be attributed to the increasing prevalence of chronic diseases worldwide, which has led to a growing demand for medical devices that aid in therapy and monitoring. Additionally, advancements in technology have resulted in the development of innovative and user-friendly devices, further driving the growth of this segment.
By end-user, the market is divided into hospitals, clinics, home healthcare settings, and others. Among these, hospitals account for the largest share in the market. The high market share of hospitals can be attributed to the large patient pool and the availability of advanced infrastructure facilities in these settings. Moreover, hospitals have a higher purchasing power and can afford expensive medical equipment, which contributes to the dominance of this segment.
Key Takeaways:
The Global Durable Medical Equipment Market Demand is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period from 2023 to 2030. This growth can be attributed to several factors. Firstly, the increasing prevalence of chronic diseases, such as cardiovascular disorders, respiratory diseases, and diabetes, is driving the demand for durable medical equipment. Additionally, the growing geriatric population, coupled with the rising number of people with disabilities, is further fueling market growth. Furthermore, advancements in technology and an increasing focus on home healthcare settings are creating lucrative opportunities for market players.
In terms of regional analysis, North America is expected to emerge as the fastest-growing and dominating region in the durable medical equipment market. This can be attributed to the presence of well-established healthcare infrastructure, favorable reimbursement policies, and a high adoption rate of advanced medical devices in the region. Moreover, the rising geriatric population and the increasing prevalence of chronic diseases in North America are driving the demand for durable medical equipment.
Key players operating in the durable medical equipment market include 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. These key players focus on strategic collaborations, mergers and acquisitions, and product innovation to strengthen their market position and cater to the growing demand for durable medical equipment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
