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.
Growth Drivers
Challenges
|
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 |
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 |
|
|
By Application |
|
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%).
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
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?