Durable Medical Equipment Market Size, Share, Growth Analysis, By Product(Personal mobility devices, bathroom safety devices and medical furniture, monitoring and therapeutic devices, and others), By End-use(Hospitals, home healthcare, nursing homes, and others), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

The market in North America held the largest market share of 34.9% in 2022, and is likely to maintain its dominant position during the anticipated period. This is accountable to the rapid adoption of advanced equipment in the United States, the region now accounts for a larger share of the market. The region's growth is expected to be boosted mostly by the presence of leading manufacturers and the rapid adoption of advanced products. In order to secure a large share of the market, the region is constantly developing cost-effective and advanced devices for patients.

Owing to the continuous increase in chronic diseases such as diabetics, hypertension, high blood pressures, and others, the Asia-Pacific  is expected to contribute positively to the market share of durable medical equipment, particularly in developing countries such as China, India, and Japan. Furthermore, the rise in customer standard of living, and the willingness to access medical services at home has encouraged the expansion of the durable medical equipment market. According to the Asian Development Bank, the number of elderly people in the Asia Pacific region will reach 1.3 billion by 2050, implying that one in every four people will be over the age of 60. The elderly population's limited mobility has necessitated the implementation of personal mobility devices, which has also provided growth impetus to the region's durable medical equipment market.