USD 54.8 billion
Medical Equipment Rental Market Size, Share, Growth Analysis, By Product(Durable Medical Equipment, Personal Mobility Devices, Digital Equipment, Storage & Transport Devices), By End-Use(Hospitals, Institutes, Laboratories, Personal/ Home Care), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35B2012 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
66
|Figures:
75
Medical Equipment Rental Market Insights
Global Medical Equipment Rental Market size was valued at USD 54.8 billion in 2019 and is poised to grow from USD 57.72 billion in 2023 to USD 92.02 billion by 2031, growing at a CAGR of 5.32% in the forecast period (2024-2031).
Hospitals continue to try to use medical equipment leasing as a solution to help with these problems by purchasing medical devices. The demand for medical equipment across the globe, consumers’ rising preference for hospital services, the intensifying economic recession, and the great technological advancements are all factors driving the growth of the worldwide medical equipment rental market. The development of upgraded variations with improved efficacy and effectiveness as a consequence of enhanced RD efforts in the healthcare industry sector is driving up the cost of various pieces of equipment.
US Medical Equipment Rental Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
5.32% CAGR
Global Medical Equipment Rental Market 2024-2031 ($ Bn)
Country Share for Europe Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
Medical Equipment Rental Market Segmental Analysis
The global medical equipment rental market segmentation is based on product, end-use, and region. Based on product the Medical Equipment Rental Market is segmented into durable medical equipment, personal mobility devices, electronic/digital equipment, and storage & transport devices. Based on end-use the Medical Equipment Rental Market is segmented into hospitals, institutes and laboratories, personal/ home care, and others. Based on Region the global Medical Equipment Rental market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Medical Equipment Rental Market Analysis by Product
In 2021, the sector of durable medical equipment had a major market share. The widespread use of leased wheelchairs, hospital wards, traction devices, pressure mats, and hospital lifts is responsible for this development. Additionally boosting the expansion of the durable medical equipment market is the expanding use of rental medicinal devices like insulin pumps in the treatment of severe illnesses like hyperglycemia.
Additionally, the personal mobility devices segment market is expected to expand at the highest rate from 2022 to 2028 due to the wide availability of technically advanced, compact, and small mobile devices such as powered wheelchairs that double as therapeutic tools.
Medical Equipment Rental Market Analysis by End-Use
The Hospitals segment held the largest market share in 2021. In such a hard economic period following the pandemic, where equipment procurement has been substituted by leasing, there has been a boom in the renting of medical equipment, particularly therapeutic devices. The sizeable patient base and the fast government regulations supporting the use of cutting-edge medical infrastructure are speeding up the expansion of this sector even more. This market's expansion is being further fueled by the escalating need to liquefy frozen cash as well as the rising concerns over inefficient capital allocation.
Due to the rising prevalence of chronic illnesses like hyperglycemia, which calls for the use of therapeutic equipment like insulin pumps, as well as the rising older population, the home care category is predicted to increase at the quickest rate over the forecast period.
To get detailed analysis on other segments, Request For Free Sample Report
Medical Equipment Rental Market Regional Insights
In 2021, the global medical equipment rental market is dominated by Europe followed by North America. The expansion of rental services for medical equipment as well as current and emerging companies' attention to the area are factors contributing to the region's supremacy. Due to the significant need for customer medical equipment rental in-home care settings and the assistance from government and healthcare institutes and hospitals that promote the use of rented medical equipment, Europe is the world's top area for medical equipment rentals.
During the projected time frame, the medical equipment rental market in North America is expected to have substantial potential and expand at the second-highest pace. The region is expected to dominate the market. The increased use of rental medical equipment is a result of the United States' rising health care costs, which are brought on by the acquisition of new equipment.
Global Medical Equipment Rental Market By Geography, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Medical Equipment Rental Market Dynamics
Medical Equipment Rental Market Driver
- Due to a rise in the demand for personal healthcare services brought on by hospitalization during the continuing pandemic, the worldwide rental market for medical equipment is expected to grow. Additionally, a spike in the aged population and disabled individuals is estimated to grow the demand for rental equipment in the near future.
- The number of disabled patients is growing as a result of an increase in musculoskeletal, cerebral, and muscle dystrophy issues. In order to prevent protracted hospitalization, people with a variety of chronic conditions elect to receive treatment at home. These people may rent a range of medical equipment to prevent protracted hospital visits. In the upcoming years, this factor is probably going to support the expansion of the medical equipment rental market.
Medical Equipment Rental Market Restraint
- Local hospitals and patients get into significantly more costly rental contracts than required because of unawareness and poor knowledge about renting and renting medical equipment. These factors could affect the demand of medical equipment rental in the market over the forecast period.
Request Free Customization of this report to help us to meet your business objectives.
Medical Equipment Rental Market Competitive Landscape
Many businesses are putting an emphasis on natural growth initiatives, including new offerings, product approvals, and others like patents and activities. With the growing requirement for medical equipment rentals in the world market, key participants are expected to benefit from lucrative growth prospects in the years. One of the top companies in the medical supply industry is Medtronic plc. Currently, the corporation provides a wide range of products. The business has continued to create a monopoly over the years.
Medical Equipment Rental Market Top Players Company Profiles
- Agfa-Gevaert NV
- Hill-Rom Holdings Inc.
- Siemens Healthineers AG
- GE Healthcare
- Koninklijke Philips NV
- Fresenius SE & Co. KGaA
- Stryker Corporation
- United Rentals Inc.
- Universal Hospital Services Inc.
- US Med-Equip Inc.
- Woodley Equipment Company Ltd.
- Nunn's Home Medical Equipment
- Express Medical Equipment Inc.
- Med One Group
- Integrated Rental Services Inc.
- Avante Health Solutions
- Henry Schein Medical
- Medical Equipment Source LLC
- Providian Medical Equipment LLC
- US Oxygen Sales Inc.
Medical Equipment Rental Market Recent Development
- In February 2022, the agreement between First Horizon and Toronto-Dominion Bank calls for TD to buy First Horizon in an all-cash deal worth roughly US$ 13.0 billion. The corporation was able to secure a strong marketplace thanks to this tactic.
Medical Equipment Rental Key Market Trends
- After the pandemic outbreak phase, with a projected need for digital or electronic equipment, future trends in digitalization are transforming into value-grab opportunities for suppliers of rented medical equipment. Many companies that hire out medical equipment exclude past data on their low costs, fair values, insurance replacement price, and additional benefits, such as post-agreement activities. Customers are unable to bargain for a lower price because they are still uninformed of the full lease agreements. Therefore, insurance firms and providers of rental medical equipment should collaborate to inform patients and healthcare professionals about fair value prices and insurance replacement prices. In the health industry, there has been a noticeable tendency to shift away from buying medical equipment and toward renting them.
Medical Equipment Rental Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the durable medical equipment sector dominated the global medical equipment rental market in 2021, and the personal mobility devices industry is expected to grow at the fastest rate throughout the forecast period. In 2021, the Hospital sector held the largest share. In 2021, Europe dominated the global medical equipment rental market followed by North America.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 54.8 billion |
| Market size value in 2031 | USD 92.02 billion |
| Growth Rate | 5.32% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Equipment Rental Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Equipment Rental Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Equipment Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Equipment Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Equipment Rental Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Equipment Rental Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
