Durable Medical Equipment Market Size to Reach USD 305.17 Billion in 2028 Growing at a CAGR of 5.8%, according to Emergen Research
Emergen Research has published its latest report titled “Durable Medical Equipment Market, By Product Type (Bathroom Safety Devices and Medical Furniture, Personal Mobility Devices, Monitoring and Therapeutic Devices), By Payer (Private, Public, Out-of-Pocket), By End-use (Hospitals & Clinics, Ambulatory Surgical Centers, Long-term Care Centers, Home Care Settings, Others), and By Region, Forecast to 2028”
According to Emergen Research, the global durable medical equipment market size was USD 192.93 Billion in 2020 and is expected to reach USD 305.17 Billion in 2028 and register a revenue CAGR of 5.8% during the forecast period, 2021-2028.
Steady revenue growth of the global durable medical equipment market is majorly driven by factors such as rise in geriatric population worldwide, increasing prevalence of chronic diseases including cancer, cardiovascular disorders, neurological conditions, ophthalmic diseases, and gynecological disorders, and increasing investments in medical infrastructure development. Rapid adoption of technologically advanced medical equipment in healthcare facilities including hospitals, ambulatory surgical centers, and home care settings, increasing demand for surgical and outpatient services, growing availability of improved healthcare reimbursement plans and policies, and increasing government spending on advancement of infrastructure are other key factors contributing to the global durable medical equipment market growth. Durable medical equipment are specifically designed to provide therapeutic benefits to patients, and these equipment can be used for a long period of time. Durable medical equipment include personal mobility devices, monitoring & therapeutic devices, and temporary hospital-grade equipment.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Personal Mobility Devices Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the global durable medical equipment market is segmented into bathroom safety devices and medical furniture, personal mobility devices, and monitoring, and therapeutic devices. The personal mobility devices segment accounted for the largest revenue share in the global market in 2020. Factors driving revenue growth of this segment are rapidly increasing global geriatric population, growing prevalence of chronic illnesses such as cardiovascular disorders, neurological disorders, cancer, and ophthalmic diseases, increasing patient pool, and growing use of technologically advanced medical equipment.
Hospitals & Clinics Segment to Account for Fastest Revenue CAGR:
Based on end-use, the global durable medical equipment market is segmented into hospitals & clinics, ambulatory surgical centers, long-term care centers, home care settings, and others. The hospitals & clinics segment is expected to register the fastest revenue CAGR in the global market over the forecast period. Rising prevalence of chronic and acute diseases, growing rate of hospital admissions, rapid adoption of technologically advanced medical equipment in hospitals and clinics, and increasing investments in hospital infrastructure development are expected to drive revenue growth of this segment.
North America Market Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America durable medical equipment market accounted for largest revenue share in the global market in 2020, supported by many favorable factors. Rising burden of chronic and acute diseases, increasing need for advanced durable medical equipment, increasing government investments in healthcare infrastructure development, and presence of major industry players in the region, including GE Healthcare, Hill-Rom Holdings, Inc., Invacare Corporation, and Medline Industries, Inc., are major factors driving the regional market revenue growth.
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Major Companies in the Global Durable Medical Equipment Market Include:
- Invacare Corporation
- GE Healthcare
- Stryker Corporation
- Hill-Rom Holdings, Inc.
- Drive Medical
- GF Health Products, Inc.
- Sunrise Medical
- Medline Industries, Inc.
- Carex Health Brands, Inc.
- Intco Medical
For the purpose of this report, Emergen Research has segmented the global durable medical equipment market based on product type, payer, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Bathroom Safety Devices and Medical Furniture
- Personal Mobility Devices
- Monitoring and Therapeutic Devices
Payer Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Long-term Care Centers
- Home Care Settings
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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