The U.S. durable medical equipment market size is expected to reach USD 70.8 billion by 2025 at a 6.0% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases requiring long-term care, rapidly growing geriatric population, and increasing penetration of home healthcare services and staff are factors driving demand for durable medical equipment (DME).
Chronic disorders such as diabetic foot, pressure ulcers, and cancer require long-term patient care and postoperative recovery. Rising prevalence of such conditions across the country is anticipated to boost the usage of DME.
Home healthcare is comparatively more economical than hospital stay. Hence, patients now prefer to avail post-operative recovery and long-term care at home. Rising demand for home healthcare services opens avenues for players in the DME market to upsell and cross-sell various products. This proliferation translates into significant market growth.
Expanding global geriatric population base is also expected to propel the U.S. DME market. Presently, there are over 40 million people in U.S., aged 65 years and above, and this number is anticipated to double by 2050.
Further key findings from the report suggest:
- By product, monitoring and therapeutic devices held a lucrative share in the market. This segment is inclusive of a wide range of devices used for long-term care in case of numerous disorders such as cardiovascular and neurological ailments and cancer
- Personal mobility devices are anticipated to gain significant share over the forecast period, registering the fastest CAGR. Introduction of technologically advanced products is likely to aid this segment’s growth
- Key players in the market include ArjoHuntleigh; Invacare Corporation; Sunrise Medical; Stryker Corporation; Hill Rom, Inc.; Drive Medical; Medline Industries Inc.; Carex Health Brands, Inc.; and GF Health Products Inc.
- New product launches, mergers and acquisitions, and collaborations are some of the key strategic undertakings by these players
- In February 2017, Hill-Rom acquired Mortara Instrument, Inc., a Wisconsin-based medical device manufacturer to increase its medical device product portfolio and revenue growth.