Medical Equipment Rental Market Size

Medical Equipment Rental Market size was valued at USD 59.08 Billion in 2023 and is set to exceed USD 118.5 Billion by the end of 2036, registering over 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical equipment rental is estimated at USD 62 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.