Durable Medical Equipment Market: Recent Trends & Continuous Technological Advancements
According to The Insight Partners market research study titled ‘Durable Medical Equipment Market to 2027 – Global Analysis and Forecasts by Device Type, End User, and Geography.’ The global durable medical equipment market is expected to reach US$ 291.53 Bn in 2027 from US$ 170.89 Bn in 2018. The market is forecasted to grow with a CAGR of 6.5% during 2019-2027. The report highlights the trends prevalent in the global durable medical equipment market and the factors driving the market along with those that act as deterrents to its growth.
The market for durable medical equipment is expected to grow owing to factors such as the prevalence of chronic diseases, increasing elderly population, and rising incidents of road accidents. Also, the rising demand for home-based treatments is likely to have a positive impact on the growth of the market in the coming years.
Europe is the second-largest geographic market and is expected to be the second most significant revenue contributor throughout the forecast period. The region has witnessed a rise in the cases of road accidents, increasing prevalence of respiratory diseases, along with a growth in the diabetic population in the countries.
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Key finding from the Durable Medical Equipment Market
- The global durable medical equipment market by device type was led by personal mobility devices and monitoring & therapeutic devices. In 2018, the monitoring & therapeutic devices segment held the largest share of the market.
- However, the personal mobility devices segment is expected to grow at the fastest rate during the forecast period, due to a rise in road accidents along with an increase in orthopedic injuries.
- The major players operating in the durable medical equipment market include Invacare Corporation, Medtronic, BD, Hillrom Services Inc, Medical Depot, Inc, GF Health Products, Inc., Sunrise Medical (US) LLC, Medline Industries, Inc., Koninklijke Philips N.V, and ResMed among others.
- The market of durable medical equipment has witnessed various organic as well as inorganic developments during recent years. During January 2019, Medtronic plc. launched MyCareLink Heart, a mobile app that supports the peacemakers used to communicate directly with patients’ smartphones and tablets. These developments are a pivotal step towards better vital signs monitoring of patients.
Rising Number of Road Accidents
Road accidents have been increasing significantly across the United States. Road crashes are among the leading annual cause of death of US citizens without any medical history. As per data published by the US Department of Transportation, in 2016, there were around 7,277,000 police-reported cases of accidents, out of which approximately 37,461 people were estimated to be killed and 3,144,000 were injured. The fatalities due to road accidents in the US has increased by almost 5.6% compared to the numbers of 2015.
As per the estimates by the CDC, road traffic injuries are the eighth driving cause of death worldwide. Moreover, it is estimated that by 2030, road traffic injuries will be the seventh, driving cause of death globally. Road accident injuries lead to a substantial economic burden on the lower and middle-income countries. For instance, it was expected that the approximate cost of US$ 518 billion across the globe and near around US$ 65 billion in the lower-income and middle-income countries.
Injuries caused due to road accidents lead to deformities, amputations of limbs, fractures of bone, and severe pain in the different parts of the body. Other conditions caused due to injuries include spinal cord paralysis, head brain injuries, facial disfigurement, wrist, and arm injuries. Personal mobility devices such as wheelchairs, walkers, canes, and crutches are advised for individuals that have been recovering from these road accidents.
Continuous Technological Advancements
There have been significant changes along with technological advancements in the healthcare services and better facilities for the treatment of chronic conditions. The increasing prevalence of chronic diseases is leading to rising demand for technically advanced devices for the diagnosis and treating the patients with effective and efficient care.
For instance, among the cardiovascular devices, Boston Scientific launched the Resonate family of cardiac resynchronization therapy defibrillator (CRT-D) systems. Similarly, in February 2019, Medtronic plc. received approval for its Resolute Drug-Eluting Stent (DES) platform. It comprised of Resolute Onyx(TM) and Resolute Integrity(TM) (DES) for the treatment of coronary artery disease and de novo chronic total occlusion (CTO). These advancements have helped in offering better therapy for cardiovascular disorders.
DURABLE MEDICAL EQUIPMENT – MARKET SEGMENTATION
By Device Type
- Personal Mobility Devices
- Walkers & Rollators
- Canes & Crutches
- Other Personal Mobility Devices
- Monitoring & Therapeutic Devices
- Blood Glucose Monitors
- Vital Signs Monitoring Devices
- Infusion Pumps
- Oxygen Equipment
- Continuous Positive Airway Pressure (CPAP)
- Cardiovascular Devices
By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home Healthcare
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