What is the global market size of Durable Medical Equipment Market?

Durable Medical Equipment Market size was valued at USD 196.4 billion in 2021 and is poised to grow from USD 207.99 billion in 2022 to USD 329.01 billion by 2030, growing at a CAGR of 5.9% in the forecast period (2023-2030).

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

Report ID: SQMIG35A2180 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 94 | Figures: 76

Durable Medical Equipment Market News

In March 2022, DexCom Inc. has received the CE Mark (Conformité Européenne) for the Dexcom G7 Continuous Glucose Monitoring (CGM) System, which is intended for individuals who are diabetic aged two years and older, including pregnant women, in Europe.
In January 2022, ASPIRE introduced the ASPIRE SOCIALITE WHEELCHAIR in Australia. The Aspire Socialite is an ultra-lightweight transport chair with a safe working load capacity of 115kg that can accommodate a wide range of users.
In December 2021, Hillrom was successfully acquired by Baxter. The acquisition is likely to improve care outcomes by increasing efficiencies across care settings.

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Global Durable Medical Equipment Market size was valued at USD 207.99 billion in 2022 and is poised to grow from USD 220.26 billion in 2023 to USD 348.42 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

The global durable medical equipment market is highly competitive in nature. To maintain a competitive edge, the major industry participants are implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by some players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also investing heavily for R&D. 'Invacare Corporation', 'Drive Medical', 'Hill-Rom Holdings, Inc.', 'Stryker Corporation', 'ArjoHuntleigh', 'Medline Industries, Inc.', 'Permobil AB', 'Sunrise Medical LLC', 'GF Health Products, Inc.', 'Pride Mobility Products Corporation', 'Medtronic plc', 'Otto Bock Healthcare', 'DJO Global, Inc.', 'ResMed Inc.', 'Becton, Dickinson and Company (BD)', '3M Health Care', 'Smith & Nephew plc', 'Baxter International Inc.', 'Teleflex Incorporated', 'Zimmer Biomet Holdings, Inc.'

The major reason anticipated to propel the expansion of durable medical equipment market size is rising need for durable medical equipment to be used at home.

The vital signs monitor is a tool that assists medical and nursing staff in gathering information about the patient's physiologic condition. Nurses are usually in charge of monitoring these vital signs, which include blood pressure (BP), heart rate (HR), respiratory rate (RR), oxygen saturation (SpO 2), and core temperature. Consistent vital sign monitoring is essential for detecting clinical deterioration in hospital patients. It is primarily monitored by nurses, who measure and document all patients' primary vital signs 2-3 times a day to assess their condition.

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.

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