Medical Equipment Rental Market
Medical Equipment Rental Market (Device Types: Personal/Home Care Equipment, Electronic/Digital Equipment, Surgical Equipment, Durable Medical Equipment, Storage & Transport; End Users: Personal/Home Care & Institutional) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
A shift in preference toward renting of medical devices in place of buying those devices has been noticed in the last few years in the healthcare industry. Across the globe, healthcare providers are aiming toward installation of highly advanced infrastructural facilities and in lessening capital cost. These two factors are likely to boost the growth of the industry in the years to come. All the aforementioned factors together with short lifecycle of the product are expected to pave way for the rapid growth of the global medical equipment rental market.
Expanding at a growth rate of 5.80 % CAGR over the projection period, the global medical equipment rental market is estimated to attain a market valuation of US$ 20 Bn through 2020.
Some of the important vendors in the global medical equipment rental market comprise Nunn’s Home Medical Equipment,Woodley Equipment Company Ltd., Nunn’s Home Medical Equipment, Westside Medical Supply, Port Huron Hospital Medical Equipment and Walgreen Co.
Reduced Hospital Stays to Shoot up Demand in the Market
A shift in trend from procuring to renting of medical devices in the healthcare industry has become a prominent trend. The growing need to cut down on the cost of capital and to bring on the improvement of the infrastructural facilities is what the industry is aiming at to foster growth over the period of projection. This trend is here to stay and is expected to propel development of the global medical equipment rental market in the years to come.
Rising need for the services of home healthcare owing to diminished hospital stays is estimated to induce growth in the global medical equipment rental market. Furthermore, increasing number of disabled and geriatric patients generate the demand for rental devices in the forthcoming years. Rising incidences of skeletal or brain disorders and muscular dystrophy are resulting in a rise in the number of disabled population. The patients suffering from various chronic disorders opt for treatment at home in an effort to avoid long stays at hospitals. These patients could choose from a wide range of medical devices on rent in a bid to avoid long stays at hospital. This factor is likely to support growth of the global medical equipment rental market in the years to come.
The segment of durable medical equipment is likely to observe profitable growth over the projection tenure owing to its extensive use in the treatment and diagnosis of different types of disorders. The rising incidences of gynecological complications, neurological disorders, cancer, and cardiac disorders necessitate surgical interventions on many occasions. This leads to long term recovery and care, which generates the demand for durable medical equipment.
On the other hand, few medical devices come with insurance coverage, which is likely to act against the expansion of the global medical equipment rental market over the assessment tenure.
Asia Pacific to Offer Promising Growth Opportunities
Considering regional platform, both North America and Europe are likely to emerge as the most promising zones for the global medical equipment rental market. The medical equipment rental market in Europe is estimated to witness substantial growth over the projection tenure. The region is expected dominate the global market. Rising incidences of chronic diseases with development of the healthcare infrastructure is likely to boost the market in Europe.
North America is estimated to emerge as another prominent region in the global medical equipment rental market. Driven by Canada and the US, the medical equipment rental market in the region is likely to observe growth on the back of rising preference for renting such equipment as opposed to buying.
Asia Pacific is likely to be one of the most lucrative regions for the market. Increased disposable income together with rising expenditure for the development of healthcare infrastructure presents ample scope for growth of the medical equipment rental market in Asia Pacific.
Medical equipment comprises a group of several instruments. These instruments are used during surgical procedures or for patient care. High-end and novel medical equipment is needed only for specific situations or for routine periodic assistance, which is why renting these instruments has become the preferred mode for several medical institutions and practitioners. The global medical equipment rental market is broadly segmented by device type, geography, and end user.
The report on the global medical equipment rental market provides a detailed explanation of the competitive landscape keeping in focus key market players and their regional presence. The business strategies of these companies have been covered in the research study along with their product portfolio and an elaboration upon each product. Additionally, the report also provides recent developments of these companies and their impact on the market. A mix of primary and secondary research has been used to deliver valuable market estimates and forecasts in the report.
Overview of the Global Medical Equipment Rental Market
Growing costs of medical and pharmaceutical equipment and its direct impact on the bills have led to patients opting for more affordable options. Moreover, growth in the diabetic and geriatric populations has resulted in increasing demand for rental medical equipment. The resultant high cost savings and safeguard against technological obsolescence is expected to fuel the global medical equipment rental market.
The global medical equipment rental market was recorded at US$33,417.4 million in 2013 and, at a CAGR of 5.8% during the forecast period of 2014 to 2020, will reach a value of US$49,112.8 million by 2020. According to device type, the global medical equipment rental market is segmented into home/personal care equipment, surgical equipment, electronic/digital equipment, durable medical equipment, and storage and transport equipment. Durable medical equipment is currently the leading sector in the market and is expected to grow at a 6% CAGR during the forecast period. By end user, the global medical equipment rental market is divided into institutional medical equipment rental and personal/home care medical equipment rental. Personal/home care medical equipment rental is presently the leading sector and is anticipated to grow at a CAGR of 5% during the forecasting horizon.
Geographically, the global medical equipment rental market is classified into Asia Pacific, Rest of the World (RoW), North America, and Europe. Europe dominated the global medical equipment rental market with a 30% share in 2013. On the other hand, Asia Pacific is projected to show the fastest CAGR of 6% during the forecast period.
Though the global medical equipment rental market is expected to grow steadily, the lack of appropriate regulatory framework and poor pricing flexibility is expected to hamper growth of this market.
Companies mentioned in the research report
The global medical equipment rental market is highly fragmented in nature due to the presence of numerous significant device manufactures. These manufactures are generally small and medium enterprises (SME). The key companies operating in this market are Hill-Rom Holdings, Woodley Equipment Company, US Med-Equip, Centric Health, and Apria Healthcare.
Major geographies analyzed under this research report are:
- North America
- Rest of the World
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments