Published: Dec, 2016
The global medical equipment rental market is extremely fragmented, with numerous regional and global players competing against each other to achieve a stable position, says Transparency Market Research (TMR) in a research report. Although the level of competition in the market is moderate, players are incessantly focusing on enhancing their geographical reach, distribution network, and market reach through business expansion. As a result of this, the competition among the players is expected to intensify in the near future. The key vendors in the global medical equipment rental market are Apria Healthcare Group Inc., Centric Health Corporation, Hill-Rom Holdings Inc., Nunn’s Home Medical Equipment, Siemens Financial Services Inc., and Universal Hospital Services.
The global medical equipment rental market is likely to exhibit promising growth during the forecast period. As consumers are being impelled to acquire the cost-effective alternatives of expensive medical equipment, the market is projected to stand at US$49.1 bn by the end of 2020.
Need for Resilient Equipment to Bode Well for Durable Medical Equipment Segment
Durable medical equipment emerged dominant in terms of both revenue and growth. The segment is estimated to touch a valuation of US$21.9 bn by the end of 2020. The durable medical equipment segment is further categorized into emergency and trauma care, long-term care, and acute care. These equipment include products and medical devices used in the home care treatment settings to enhance the quality of life and withstand repetitive use. It comprises a wide range of products such as home infusion products, patient positioning devices, home respiratory therapy systems, and patient mobility devices. The demand for these products is expected to intensify owing to their high rate of adoption, patient predilection, and easy availability.
Europe led the global medical equipment rental market in terms of deployment in 2013. However, it has been projected that North America will surge ahead of Europe in 2020 to be worth US$15.9 bn. According to a TMR analyst, “Europe led the market over the last couple of years due to a large demand for leased and rental medical equipment in countries such as France, Germany, and the U.K.” Factors such as the rising preference for home healthcare services and mounting pressure on hospitals and healthcare institutions to reduce the cost of health care are likely to bode well for the market growth in the region..
Rising Cases of Chronic Diseases to Escalate Adoption
According to a survey conducted by the World Health Organization, over 9.4 million people die of cardiovascular diseases each year and this figure is estimated to cross 23.3 million by 2030. Chronic conditions such as diabetes and blood pressure that cause respiratory and cardiovascular conditions need regular monitoring and diagnosis. As a result of this, the demand for rental medical equipment is anticipated to gain momentum over the coming years. The growing number of people diagnosed with chronic diseases is giving rise to the demand for different types of rental medical equipment such as mobility devices, diabetes supplies, and rehabilitation devices.
According to the Centers for Medicare and Medicaid Services, the annual healthcare expenditure in the U.S. was approximate US$3.2 trillion in 2015. Many start-up healthcare facilities are reluctant to spend high-cost medical equipment in order to maintain their capital funds and budget. Thus, the adoption of rental medical equipment is likely to intensify over the forthcoming years. However, problems related to pricing flexibility and the dearth of appropriate policies are anticipated to inhibit the growth of the market.
This review is based on a Transparency Market Research report titled, “Medical Equipment Rental Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
Key Segments of the Global Medical Equipment Rental Market:
Global Medical Equipment Rental Market, by Device Category
- Personal/Home Care Equipment
- Electronic/Digital Equipment
- Surgical Equipment
- Durable Medical Equipment
- Storage and Transport
Global Medical Equipment Rental Market, by End Use
- Personal/Home Care
- Medical Equipment Rental
- Institutional Medical Equipment Rental
Global Medical Equipment Rental Market, by Geography
- North America
- Rest of the World
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