Medical Equipment Rental Market Size Hit USD 65.4 Bn by 2026
Global medical equipment rental market size is expected to reach USD 65.4 billion by 2026, exhibiting a steady growth at 4.5% CAGR from period 2019 and 2026.
LOS ANGELES, Nov. 7, 2019 /PRNewswire/ -- The report offers in-depth insights into the global market. It studies closely the prevailing medical equipment rental trends to estimate its growth rate. Besides determining the historic figure, the report offers refined forecasts with regards to its potential value by the end of 2026. The report was compiled with the intent of offering precise and accurate overview of the global market. It therefore compiles information from trusted sources. Furthermore, it uses industry-leading analytical tools to gauge the potential market trajectory. In addition to this, the report reveals growth drivers and key restraints hampering influencing the market's growth behavior. Profiles of the leading companies are included as well to offer insights into the competitive landscape.
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Stability in Growth Expected Due to Rising Cases of Disability around the World
The report predicts a stable growth rate for the market on account of factors such as rising geriatric population. Increasing cases of disability worldwide also is expected to fuel the demand for medical equipment rental. This will also result from the propagation of home healthcare. With an increasing number of patients and their families advocating for home healthcare, medical equipment rental sales is poised to surge exponentially in the coming years. A key point to consider here is home healthcare will require ceaseless monitoring, besides a few medical devices. Spurred by this, the demand in the medical equipment rental market is expected to increase significantly in the coming years.
In the coming years, the medical equipment rental market will witness growth on account of increasing prevalence of chronic ailments. Furthermore, the demand is expected to rise in response to the rising cases of disability around the world. Incidence of accidents leading to brain or skeletal injuries is increasing which further bolsters the growth prospects for the market. Including this, the market is likely to gain momentum on account of the rising incidence of muscular dystrophy.
Emerging Nations to Offer Lucrative Growth Prospects
Emerging nations are expected to offer attractive growth opportunities to the market. For instance, the medical equipment rental market in India will gain from better accessibility to healthcare facilities. In addition to this, the presence of favorable reimbursement policies will support the market's expansion in developed economies. Factors such as the rising awareness around the world and increasing willingness to spend on advanced healthcare will continue aiding the medical equipment rental market growth through the course of the report's forecast period.
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The paradigm shift from procuring to leasing medical devices is also touted as a chief market driver. In addition to economic crisis, leading to higher adoption of various medical assist devices, technological developments are considered as key trends enabling growth in the market. Coupled with these, the rising investment towards research and development, are forecast to support growth in the coming years. With product lifecycle of medical devices shortening, the demand for medical equipment rental will skyrocket in the coming years.
Demand for Durable Medical Equipment Expected to Rise
For the purpose of the study, the global market is segmented on the basis of various parameters. For instance, in terms of products, the market is categorized into surgical equipment, durable medical equipment, and storage and transport. Of these, the durable medical equipment segment is expected to enjoy dominance in the global market in the coming years.
Hospitals to Emerge as Leading End Users
Among key end users, including institutions, hospitals, and personal and home care, the demand from hospitals is expected to surge exponentially in the coming years. Healthcare providers have been reeling under the concern of accumulated frozen capital since a long time. Making concerns more intense are the frequent product launches. At the same time, increasing investment required towards the procurement of advanced devices is encouraging hospitals and other end users to invest in rentals instead.
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North America to Exhibit High Demand
Regionally, the global medical equipment rental market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these regions, North America is expected to remain one of the most lucrative markets through the course of the forecast period. The presence of several leading service providers and the significantly high demand for advanced medical devices will support the growth of the market in North America. However, over the course of the forecast period, the market in Asia Pacific is likely to exhibit growth at a higher rate.
Some of the companies profiled in the report are Siemens Financial Services, Inc.; Hill-Rom Holdings, Inc.; Westside Medical Supply; Nunn's Home Medical Equipment; Universal Hospital Services, Inc.; and Woodley Equipment Company Ltd.
Market Segmentation
Market by Product
- Surgical Equipment
- Durable Medical Equipment
- Personal Mobility Devices
- Bathroom Safety and Medical Furniture
- Monitoring and Therapeutic Devices
- Storage and Transport
Market By End-user
- Personal/Home care
- Institutional
- Hospitals
Market By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa (MEA)
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