Medical Equipment Rental Market 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 Size and Forecast:
|
Base Year |
2024 |
|
Forecast Year |
2025-2034 |
|
CAGR |
5.7% |
|
Base Year Market Size (2024) |
USD 59.82 billion |
|
Forecast Year Market Size (2034) |
USD 104.13 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of medical equipment rental is evaluated at USD 62.72 billion.
Medical Equipment Rental Market size was valued at USD 59.82 billion in 2024 and is expected to reach USD 104.13 billion by 2034, expanding at around 5.7% CAGR during the forecast period i.e., between 2025-2034.
North America is expected to dominate largest industry share by 2034.
The key market players include Apria Healthcare Group, Inc., 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.
