Medical Equipment Rental Market Size

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

Medical Equipment Rental Market Size

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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Author Credits:  Radhika Pawar

  • 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.
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