Durable Medical Equipment Market Overview
Global durable medical equipment market has witnessed a rapid increase due to the rising adoption of DMEs in home-care and clinical setups. The trend of self-health management is growing continually with rising technological advances and improvements in durable medical equipment. Simultaneously, the growing awareness about durable medical equipment among the rising patient population positively impacts the market growth.
Moreover, favorable reimbursement policies accelerate the growth of market excellently. According to Market Research Future (MRFR), the global durable medical equipment market valuation had reached USD 1,08,553.8 MN in 2018, which is expected to appreciate further at 6% CAGR during the forecast period (2019-2025). Changing preference for well-equipped advanced home care setups creates additional market demand.
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Additionally, the growing prevalence of myriads of chronic diseases that require long and continual care and the ever-increasing need for affordable treatment options provides a huge impetus to the growth of the market. Furthermore, the growing geriatric population worldwide increases the numbers of the patient population and ultimately drives the demand in the DME market. The presence of major medical device companies and rising demand for innovative medical equipment propel market growth.
Conversely, the high costs associated with the purchase & maintenance of DMEs and stringent government regulation are expected to restrict the market growth. Nevertheless, rising concerns related to patient safety and government initiatives to improve healthcare & diagnosis equipment would support market growth throughout the review period.
Global Durable Medical Equipment Market – Segments
The report is segmented into three dynamics;
By Device Type: Personal Mobility Devices (Wheelchair, Crutch & Cane, Walker & Rollators, Other), Medical Furniture (Medical Bed & Mattress, Lift Chairs, Stretchers, others), Monitoring & Therapeutic Devices (Blood Glucose Monitor, Oxygen Equipment, Vital Sign Monitor, Continuous Passive Motion (CPM), Infusion Pump, Traction Equipment, Ostomy bags & accessories, Cardiology Devices, Orthopedic braces & support, Diabetic supplies, others), Bathroom Safety Devices (Commode & Toilet, Toilet Rails/Frames, others).
By End User: Hospital/Clinic, Ambulatory Surgical Center, Research Centers, Home Healthcare, and others.
By Regions: Americas, Europe, Asia-Pacific, and Rest-of-the-World.
Global Durable Medical Equipment Market – Regional Analysis
North America dominates the global durable medical equipment market. The largest market share attributes to the presence of a well-developed healthcare sector and a large number of medical device companies in the region. Besides, factors such as the growing prevalence of myriads of chronic diseases that require extended hospital-based and home-based care and the rising demand for technologically advanced products boost the market growth.
Moreover, the presence of advanced healthcare infrastructures and excellent reimbursement procedures, alongside the high healthcare expenses, drive the regional market growth. Also, the rising preferences for DME healthcare setups and large uptake of durable medical equipment drive a large share of the market. Throughout the assessment, the North American durable medical equipment market is anticipated to retain its leading position in the global market.
Europe stands second in the global durable medical equipment market. The market growth is driven by the increasing technological advances in the medical field and many healthcare organizations. Additionally, the presence of a large number of industry players, growing hospitalization rates, and rising per capita healthcare expenditures are increasing the adoption of DMEs. The European durable medical equipment market is estimated to grow at a phenomenal CAGR during the review period.
The Asia Pacific durable medical equipment market is growing rapidly. Factors such as rapid economic development and developing healthcare infrastructure in the region substantiate market growth. Additionally, the increasing need for affordable healthcare delivery systems and growing per capita income, are boosting the growth of the market.
Rising adoption of DMEs in affordable healthcare systems and hospital setups foster the market demand in the region. Moreover, the growth potential in emerging economies is expected to provide numerous opportunities for the APAC durable medical equipment market expansion during the forecast period.
Global Durable Medical Equipment Market – Competitive Landscape
Highly competitive, the DME market appears well-established due to the presence of several notable players. Also, the greater availability of advanced technology and intellectual property intensifies the market competition. Product development and close collaboration with large hospitals is an attractive strategy being pursued.
Industry players also adopt strategies such as mergers & acquisitions, collaborations, and partnerships to expand their footprints and expertise and reduce development times and costs. DME manufacturers acquire proprietary technology or partner with promising players from the Healthcare IT industry to reduce commercialization times.
Durable Medical Equipment Market Major Players:
Players leading the global DME market include GE Healthcare (US), Compass Health Brand (US), Getinge AB (US), Invacare Corporation (US), GF Health Products Inc. (US), Medtronic Inc. (Ireland), Koninklijke Philips NV (UK), Sunrise Medical (UK), Medline Industries Inc. (US), ArjoHuntleigh (UK), Masimo (US), Hill-Rom (US), Medical Device Depot, Inc. (US), and Stryker (US), among others.
Durable Medical Equipment Industry/ Innovation/ Related News:
March 04, 2020 —- CareCentrix, Inc. (the US), a leading global provider of provides health care services, announced the acquisition of palliative care company Turn-Key Health to expand Medicare Advantage (MA) opportunities. CareCentrix is a care management company focusing on home-based care, including post-acute care services, durable medical equipment (DME), discharge management, and home-based care services.
Turn-Key Health is a national network of healthcare organizations offering palliative care. CareCentrix’s move into the palliative care market is a carefully crafted growth strategy as the company identified palliative care as an emerging market.
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