Global Durable Medical Equipment Rental Market

Durable Medical Equipment Rental Market Size, Share, Growth Analysis, By Application(Personal Mobility Devices, Bathroom Safety and Medical Furniture, Monitoring and Therapeutic Devices), By End-Use(Personal/Homecare, Institutes and laboratories, Hospitals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2559 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 63 | Figures: 75

Durable Medical Equipment Rental Market Dynamics

Durable Medical Equipment Rental Market Drivers

Rising Healthcare Costs

  • The escalating cost of purchasing and maintaining durable medical equipment (DME) is pushing healthcare organizations and patients toward rental services as a cost-effective solution.

Government Initiatives

  • Government initiatives to curb healthcare expenditure and improve patient access to medical equipment are driving the adoption of DME rental.

Aging Population

  • The growing geriatric demographic requires long-term care and personalized medical equipment, boosting the demand for DME rental.

Durable Medical Equipment Rental Market Restraints

Regulatory Challenges

  • Stringent regulations and compliance standards for medical equipment rental can pose obstacles for service providers, potentially hindering market growth.

Quality Concerns

  • Quality concerns related to maintenance, cleaning, and safety of rental equipment can deter some customers from choosing rental options.

Economic Uncertainty

  • Economic downturns can impact healthcare budgets and patients' willingness to spend on rental services, affecting market growth.
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Durable Medical Equipment Rental Market size was valued at USD 26 billion in 2022 and is poised to grow from USD 27.56 billion in 2023 to USD 43.93 billion by 2031, growing at a CAGR of 6.00% during the forecast period (2024-2031).

The competitive landscape of the durable medical equipment (DME) rental market is characterized by the presence of both established players and emerging entrants striving to capture a share of the growing market. Leading companies are focusing on expanding their product portfolios, improving service quality, and leveraging technological advancements to maintain a competitive edge. These players often offer a wide range of DME rental options to cater to various medical needs and preferences. 'Hill-Rom Holdings, Inc. (USA)', 'Stryker Corporation (USA)', 'Arjo AB (Sweden)', 'Medline Industries, Inc. (USA)', 'Invacare Corporation (USA)', 'Sunrise Medical LLC (USA)', 'Drive DeVilbiss Healthcare (USA)', 'DJO Global, Inc. (USA)', 'Compass Health Brands (USA)', 'Permobil AB (Sweden)', 'Linde plc (Ireland)', 'Paramount Bed Co., Ltd. (Japan)', 'GF Health Products, Inc. (USA)', 'Joerns Healthcare (USA)', 'Merits Health Products Co. Ltd. (Taiwan)', 'Medical Depot, Inc. (USA)', 'Agfa-Gevaert Group (Belgium)', 'Mobility Healthcare, Inc. (USA)', 'American HomePatient, Inc. (USA)', 'Levo AG (Switzerland)'

The escalating cost of purchasing and maintaining durable medical equipment (DME) is pushing healthcare organizations and patients toward rental services as a cost-effective solution.

Rise of Subscription Models: Subscription-based DME rental models are gaining popularity, offering patients access to a range of equipment and services for a fixed monthly fee.

In 2022, North America firmly held the reins of the DME rental market, boasting the largest slice of the revenue pie at 32.5%. This commanding position can be attributed to a combination of recent economic deceleration, the burgeoning geriatric population, and the heightened prevalence of lifestyle-related ailments. These factors are expected to collectively contribute to the region's market expansion. Additionally, the surge in governmental initiatives aimed at reining in healthcare expenses is projected to create a favorable environment for market growth.

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Global Durable Medical Equipment Rental Market

Report ID: SQMIG35A2559

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