Medical Equipment Rental Market Size & Share, by Product type {Durable Medical Equipment (Acute care, Long term care, Emergency, Trauma care), Electronic/Digital, Storage, Transport, Personality Mobility Device}; Application (Personal/Homecare, Institutional, Institute & Laboratories, Hospitals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 495
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Medical Equipment Rental Market size is anticipated to surpass USD 92 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of medical equipment rental was over USD 56 Billion.The growth of the market is primarily attributed to the patient care and clinical satisfaction. Medical equipment is one of the fundamental and necessary tools in healthcare applications. According to Indian Brand Equity Foundation (IBEF), in June 2021, the quality council of India (QCI) and the association of Indian manufacturers of medical devices (AiMeD) launched the Indian certification of medical devices (ICMED) 13485 Plus scheme to undertake verification of the quality, safety and efficacy of medical devices.

Global medical equipment rental market trends such as, the rising of chronic diseases and rise in geriatric population across the globe are anticipated to influence the growth of the market positively over the forecast period. According to British Heart Foundation, in 2021, around 7.6 million in the U.K. were suffering from cardiovascular diseases.


Medical Equipment Rental Market
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Medical Equipment Rental Sector: Growth Drivers and Challenges

Growth Drivers                         

  • Increased home healthcare preferences – The augmentation of home medical equipment is resulting the reduction of dependency on clinical and pathological support and diagnostic facilities for every single need such as, ventilators and nebulizers, wheelchairs, infusion pumps, blood glucose meters, apnea monitors, and other home monitoring devices. According to International Diabetes Federation (IDF), 537 million adults (20-79 years) are living with diabetes 1 in 10. This number is predicted to rise to 643 million by 2030 and 783 million by 2045.
  • Increase in Geriatric Population – According to World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
  • Increasing Demand for Technically Advanced Healthcare Facilities– In July 2022, the Indian Council of Medical Research (ICMR) released standard treatment guidelines for 51 common illnesses across 11 specialties to assist doctors, particularly in rural regions, in diagnosing, treating, or referring patients in time for improved treatment outcomes.
  • Increasing Prevalence of Chronic Diseases – According to World Health Organization (WHO), cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes).
  • Various Government Initiative for Advanced Healthcare Facilities – According to Indian Brand Equity Foundation (IBEF), Indian Government aims to develop India as a global healthcare hub, and is planning to increase public health spending to 2.5% of country’s GDP by 2025.

Challenges

  • Lack of insurance coverage and price knowledge
  • Lack of quality in manufactured equipment

Medical Equipment Rental Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2022)

 ~ USD 56 Billion

Forecast Year Market Size (2033)

~ USD 92 Billion

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Medical Equipment Rental Segmentation

Product type {Durable Medical Equipment (Acute care, Long term care, Emergency, Trauma care)

The global medical equipment rental market is segmented and analyzed for demand and supply by product type into durable medical equipment, electronic/digital equipment, storage and transport and personal mobility device. Out of these, the durable medical equipment segment is attributed to garner the highest market share by 2033, owing to the growing number of disabled and geriatric population is heating the market expansions. According to World Health Organization (WHO), Over 1 billion people are estimated to experience disability. This corresponds to about 15% of the world's population, with up to 190 million (3.8%) people aged 15 years and older having significant difficulties in functioning.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Our in-depth analysis of the global market includes the following segments:

          By Product Type

  • Durable Medical Equipment
    • Acute Care
    • Long-Term Care
    • Emergency Trauma Care
  • Electronic/Digital Equipment
  • Storage and Transport
  • Personality Mobility Device

         By Application

  • Personal/Homecare
  • Institutional
  • Hospitals

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Medical Equipment Rental Industry - Regional Synopsis

Regionally, the global medical equipment rental market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033, owing to the growing investments in healthcare infrastructure in the region. According to the data published by International Trade Administration (ITA), in 2021, the U.S. supplied approximately 32% of Canada’s total medical equipment and supplies manufacturing imports, followed by China (20%), Mexico (9%), and Germany (4%).

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Medical Equipment Rental Market Size
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Companies Dominating the Medical Equipment Rental Market

top-features-companies
    • Apria Healthcare Group, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Universal Hospital Services, Inc.
    • US Med-Equip, Inc.
    • Huron Hospital Medical Equipment
    • Westside Medical Supply, Inc.
    • Centric Health Corporation
    • Hill-ROM Holdings, Inc.
    • Nunn’s Home Medical Equipment
    • Walgreen co.
    • Woodley Equipment Company ltd.

In the News

  • Walgreen co. updated COVID-19 boosters are now available for individual aged 12 years and older to help protect communities against newer variants like OMRICRON BA.4 and BA.5

  •  Centric Health Corporation announces that it has closed the previously announced sale of its Surgical and Medical Centre business to Clearpoint Health Network Inc.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 495
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increased demand for advanced technologies equipment and increasing prevalence of Chronic Diseases are anticipated as the growth drivers of the medical equipment rental market.

The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023-2033.

Lack of insurance coverage and price knowledge and lack of quality are the hindrances affecting the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Apria Healthcare Group, Inc., Huron Hospital Medical Equipment, Westside Medical Supply, Inc., Universal Hospital Services, Inc., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application and by region.

The durable medical equipment segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Medical Equipment Rental Market Report Scope
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