Medical Equipment Rental Market Trends

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

Medical Equipment Rental Market Trends

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

Get more information on this report: Request Free Sample PDF

Browse Key Market Insights with Data Illustration:


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.
Inquiry Before Buying Request Free Sample
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying