Medical Equipment Rental Market to Grow at a CAGR of 4.2% During 2021-2028, TMR Study

Medical Equipment Rental Market to Grow at a CAGR of 4.2% During 2021-2028, TMR Study

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  • The need for constant control of the increasing prevalence of chronic diseases, such as diabetes, respiratory and cardiovascular diseases, and high blood pressure, favors the expansion of the global medical equipment rental market

  • Increased demand for home healthcare solutions, observed during the COVID-19 pandemic, to minimize hospital stays stimulated market growth

WILMINGTON, Del., September 16, 2022 /PRNewswire/ — Global medical equipment rental market participants are focusing on increasing their efforts in manufacturing electronic and digital equipment, durable medical equipment, home and personal care equipment, and surgical equipment to meet the various demands of customers. The increasing demand for durable medical equipment for patients’ long-term healthcare needs is positively affecting the expansion of the market. According to a recent professional intelligence report, the global medical equipment rental market is anticipated to reach the value of $70.95 billion at the end of the forecast period in 2028.

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Medical Equipment Rental Market: Key Findings from the Report

  • Growing demand from the geriatric population: The increase in the number of older people diagnosed with chronic diseases, such as diabetes, cardiovascular diseases and high blood pressure, especially in developing and developed economies, is positively impacting the development of the global medical equipment rental market. Geriatric people are more prone to serious illnesses and drive demand for various types of patient monitoring services and devices.

  • Growing demand for durable medical equipment: Durable medical equipment accounted for a substantial portion of the global medical equipment rental market revenue in 2020. Some of the major contributors to the growth of this segment include the increasing demand for high-end and state-of-the-art medical systems, as well as as well as its affordable cost. The demand for durable medical equipment is expected to grow in the coming years, due to the increase in the geriatric population around the world, which will drive the need for long-term healthcare solutions.

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Medical Equipment Rental Market: Growth Drivers

  • Rising spending on healthcare, rising demand for next-generation medical equipment, and growing preference for renting high-value medical equipment rather than buying it, are driving the growth of the global medical equipment rental market.

  • The increasing prevalence of chronic diseases and the increased need for effective remote monitoring of patients increases the demand for home healthcare solutions in the market.

Medical Equipment Rental Market: Key Players

Some of the key companies operating in the global medical equipment rental market are Centric Health Corporation, Nunn’s Home Medical Equipment, US Med-Equip, Inc., Woodley Equipment Company, Ltd., Westside Medical Supply, Inc., Apria Healthcare Group, Inc. ., Hill-ROM Holdings, inc., Port Huron Hospital Medical Equipment, Universal Hospital Services, Inc. and Walgreen, Co. Due to the presence of a large number of established regional and multinational players, the competitive landscape of The global medical equipment rental market is highly fragmented by nature.

The main strategies employed by players in the global medical equipment rental market to increase their share in the industry include launching new and technologically superior products, entering into collaboration agreements with other players, obtaining regulatory approvals for their new products and mergers and acquisitions, among others. . Players are also focused on expanding their geographical reach to improve their presence around the world.

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Medical equipment rental market: regional growth dynamics

Europe It is anticipated to emerge as the leading regional market in the global medical equipment rental market during the forecast period. Key drivers contributing to the expansion of Europe They include the rising incidence of various types of chronic diseases, as well as the growing focus of governments in the region on strengthening their health care infrastructures. North America It is also expected to emerge as a leading region within the global medical equipment rental market in the coming years. The growth of this regional market is driven by the growing preference of healthcare professionals and facilities in the region for equipment rental rather than purchase.

In the next years, Pacific Asia It is also expected to contribute significantly to the expansion of the global medical equipment rental market. Some of the key drivers responsible for the growth of this regional market include increased disposable income of the regional population, as well as increased spending on advanced healthcare infrastructure development by certain governments in the region.

Medical equipment rental market: segmentation

Medical Equipment Rental Market, by Device Type

  • Home/Personal Care Equipment

  • Electronic / Digital Equipment

  • Surgical equipment

  • Durable medical equipment

  • Storage and Transportation

Medical equipment rental market, by end user

Medical equipment rental market, by region

  • North America

  • Latin America

  • Europe

  • Latin America

  • middle East & Africa

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