The global medical equipment rental market size is expected to reach USD 64.07 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.4% during the forecast period. Expanding base of geriatric and disabled population coupled with rising need for home healthcare products is propelling the market.
Rising demand for technologically advanced clinical devices and increasing healthcare expenditure is encouraging R&D activities in the medical devices industry are resulting in launch of expensive variants of medical products. This is anticipated to positively influence the growth of the medical equipment rental market.
Dominance of durable medical equipment (DME) can be attributed to increasing adoption of personal mobility and assist aids by disabled individuals. In addition, surging demand for monitoring and therapeutic instruments owing to increasing patient pool and continuous technological upgradation in these devices are spurring the growth of the DME rental market.
Emergence of financial services for leasing healthcare apparatus in the past few years has emerged to be a boon for hospitals, institutes, and other healthcare providers. Moreover, renting equipment confers cost benefits to end users, as it reduces ownership costs and in turn allows these players to adopt advanced product modules.
Rising concerns regarding palliative care coupled with regulatory transformations for the same are poised to augment the market. Regulatory transformation or programs adopted by hospitals for palliative care are resulting in increased demand for rental equipment.
Further key findings from the report suggest:
- DMEs emerged as the largest product segment in 2017 owing to increasing disabled population
- Hospitals dominated the market in 2017 owing to heightened demand for rental devices for cost benefits
- North America is projected to lead the market throughout the forecast horizon. Improving awareness about home healthcare and increasing demand for novel technologies are supporting the dominance of the region
- The market in Asia Pacific is estimated to witness healthy growth during the forecast period owing to faster adoption of advanced equipment for quality healthcare practices
- Few of the key market players include Hill-Rom Holdings, Inc., Westside Medical Supply, Nunn’s Home Medical Equipment, Siemens Financial Services, Inc., Woodley Equipment Company Ltd.; and Universal Hospital Services, Inc.