PUBLISHER: The Business Research Company | PRODUCT CODE: 1409374
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409374
“Durable Medical Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on durable medical equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for durable medical equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The durable medical equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Durable medical equipment (DME) comprises medical devices or supplies necessary for maintaining a person's health on a long-term basis. These items are prescribed by a doctor, qualified nurse practitioner, physician assistant, or clinical nurse specialist for a patient's routine and extended use.
The primary types of durable medical equipment include personal mobility devices, bathroom safety devices and medical furniture, monitoring and therapeutic devices, and others. Personal mobility devices are designed to assist with walking and enhance the mobility of individuals with physical and mobility impairments. Payment for durable medical equipment can be facilitated through public, private, or out-of-pocket payer modes. These devices find application in various settings, including hospitals, nursing homes, home healthcare, and others.
The durable medical equipment market research report is one of a series of new reports from The Business Research Company that provides durable medical equipment market statistics, including durable medical equipment industry global market size, regional shares, competitors with a durable medical equipment market share, detailed durable medical equipment market segments, market trends and opportunities, and any further data you may need to thrive in the durable medical equipment industry. This durable medical equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The durable medical equipment market size has grown strongly in recent years. It will grow from $207.04 billion in 2023 to $222.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed during the historic period in the field of durable medical equipment can be attributed to several factors. These include the prevalence of chronic diseases, reimbursement policies facilitating access to such equipment, increased awareness and education about medical needs, the development of healthcare infrastructure, government initiatives supporting healthcare accessibility, and the impact of global disease outbreaks. Additionally, the empowerment of patients and their active involvement in healthcare decisions also played a role in driving growth.
The durable medical equipment market size is expected to see strong growth in the next few years. It will grow to $295.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period for durable medical equipment can be attributed to the expansion of telehealth services, the shift towards value-based healthcare, the rise in healthcare costs, global health challenges, concerns about data security, a heightened focus on preventive healthcare, and regulatory changes shaping the industry. Major trends expected in the forecast period encompass rapid technological advancements, the development of lightweight and portable solutions, an increased emphasis on preventive healthcare measures, the personalization of healthcare solutions, and the growing trend of home healthcare services.
The growth of the durable medical equipment market is anticipated to be driven by the increasing aging population. An aging population signifies a demographic shift characterized by a rise in the proportion of older individuals within a population. With aging, there's a higher prevalence of age-related ailments, necessitating the use of durable medical equipment such as blood glucose analyzers, vital sign monitors, infusion pumps, nebulizers, and more for prolonged periods. Consequently, the surge in the aging population becomes a key driver for the durable medical equipment market. For example, as per the United Nations' projections in January 2023, the global population aged 65 years or older is expected to escalate from 761 million in 2021 to 1.6 billion by 2050, emphasizing the considerable impact of this demographic shift on the durable medical equipment market's growth.
The growth trajectory of the durable medical equipment market is expected to be influenced by the escalating number of surgical procedures. Surgical procedures encompass a spectrum of medical interventions involving incisions or minimally invasive techniques aimed at treating, diagnosing, repairing, or removing a condition within the body. Durable medical equipment (DME) serves a crucial role in various surgical procedures, offering patient support, mobility assistance, infection control, enhanced surgical outcomes, and reduced hospitalization durations. For instance, in June 2022, data from the American Society for Metabolic and Bariatric Surgery (ASMBS) revealed a notable increase in bariatric surgeries, rising from approximately 198,651 in the prior year to 262,893 procedures in 2021. Consequently, the expanding number of surgical procedures becomes a significant driver propelling the durable medical equipment market.
Technological advancements emerge as a prominent trend shaping the durable medical equipment market. Major industry players are actively integrating new technologies to fortify their market standing. For instance, in March 2023, Dexcom, a US-based developer and distributor of continuous glucose monitoring systems, introduced the Dexcom G6 CGM System for eligible patients with type 1 and type 2 diabetes in Canada. This system utilizes a small wearable sensor and transmitter to continuously measure glucose levels and wirelessly transmit this data to a smart device, exemplifying the advancements in continuous glucose monitoring technology aimed at enhancing patient care and management.
Leading companies within the durable medical equipment market are prioritizing strategic partnerships to enhance their operational capabilities. These partnerships involve leveraging each other's strengths and resources to achieve mutual benefits and success. An example of this occurred in November 2023 when Humana Inc., a for-profit American health insurance company based in Kentucky, collaborated with two national durable medical equipment (DME) organizations such as AdaptHealth Corp. and Rotech Healthcare Inc. This partnership aimed to offer improved DME services to its Medicare Advantage HMO members. The objective was to enhance access to durable medical equipment, provide enhanced value, and streamline the experience for individuals managing their health at home. AdaptHealth Corp. is a home healthcare equipment company based in Pennsylvania, while Rotech Healthcare Inc., located in Florida, specializes in providing ventilators, oxygen, sleep apnea treatment, wound care solutions, and home medical equipment.
In December 2022, Atlas Copco, a Sweden-based company renowned for manufacturing industrial tools and equipment, acquired Shandong Meditech Medical Technology for an undisclosed sum. This strategic acquisition by Atlas Copco aims to bolster its portfolio and expertise, intending to expand its footprint in the healthcare sector, specifically in the global oxygen market. Meditech Equipment Co. Ltd., based in China, specializes in the manufacture of medical equipment and oxygen generators. Through this acquisition, Atlas Copco aims to solidify its presence and offerings in the medical equipment domain, particularly focusing on the growing demand for oxygen-related solutions worldwide.
Major companies operating in the durable medical equipment market report are Invacare Corporation, GF Health Products Inc., Stryker Corporation, Hill-Rom Holdings Inc., Siemens Healthcare GmbH, Koninklijke Philips NV, Sunrise Medical Inc., Drive Medical, Masimo Corporation, Becton Dickinson and Company, Getinge AB, Medtronic PLC, Nihon Kohden Corporation, Mindray Medical International Limited, ArjoHuntleigh, Permobil AB, ResMed Inc., OMRON Corporation, Medline Industries Inc., Abbott, Cheelcare Canada, Compass Health Brands, GE Electric Company, Pride Mobility, Minnesota Mining and Manufacturing Company, Edwards Lifesciences, Baxter International Inc., Roche Diagnostic Equipment, Saint-Gobain Performance Plastics, SAMAPLAST .
North America was the largest region in the durable medical equipment market in 2023. The regions covered in the durable medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the durable medical equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The durable medical equipment market consists of sales of wheelchairs, scooters, walkers, and rollators. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.