Medical Equipment Rental Market Expected to Grow at a CAGR of 4.2% 2021-2028, TMR Study
- The need for constant monitoring of the growing prevalence of chronic diseases, such as diabetes, respiratory and cardiovascular diseases, and high blood pressure, is driving the expansion of the global medical equipment rental market
- Increased demand for home care solutions seen during the COVID-19 pandemic to minimize hospital stay has driven the market growth
WILMINGTON, Del., September 16, 2022 /PRNewswire/ — Players in the global medical equipment rental market are focused on intensifying their efforts in the manufacture of electronic and digital equipment, durable medical equipment, personal care equipment and home and surgical equipment to meet various customer demands. The growing demand for durable medical equipment for the long-term healthcare needs of patients is positively affecting the expansion of the market. According to a recent professional intelligence report, the global medical equipment rental market is expected to reach the value of US$70.95 billion by the end of the forecast period in 2028.
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Medical Equipment Leasing Market – Key Findings of the Report
- Growing demand from the geriatric population: The increase in the number of elderly people diagnosed with chronic diseases, such as diabetes, cardiovascular disease and high blood pressure, mainly in developing and developed economies, is having a positive impact on the development of the global market for rental of medical equipment. Geriatric people are more prone to serious illnesses and drive the demand for various types of patient monitoring services as well as devices.
- Growing demand for durable medical equipment: Durable medical equipment accounted for a substantial share of the global medical equipment rental market revenue in 2020. Some of the major contributors to the growth of this segment include rising demand for high-end and cutting-edge medical systems like as well as their affordability. The demand for durable medical equipment is expected to increase in the coming years, due to the increase in the geriatric population across the globe, driving the need for long-term healthcare solutions.
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Medical Equipment Leasing Market – Growth Drivers
- Rising healthcare expenditure, growing demand for next-generation medical equipment, and rising preference for leasing high-value medical equipment instead of buying it, are driving the growth of the global equipment rental market medical
- Rising prevalence of chronic diseases and increased need for effective remote patient monitoring is driving the demand for home healthcare solutions in the market
Medical Equipment Leasing Market – Key Players
Some of the major functional companies 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 participants, the competitive landscape The global medical equipment rental market is highly fragmented.
Key strategies employed by players in the global medical equipment rental market to increase their market share include launching new technologically superior products, entering into collaboration agreements with other players, gaining approvals regulations for their new products and mergers and acquisitions, among others. . Players are also focusing on expanding their geographic reach to strengthen their presence across the globe.
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Medical Equipment Rental Market – Regional Growth Dynamics
Europe is expected to become the leading regional market in the global medical equipment rental market over the forecast period. Key drivers contributing to the expansion of Europe understand the growing incidence of various types of chronic diseases as well as the growing focus of governments in the region on strengthening their healthcare infrastructure. North America is also expected to become a leading region in 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 leasing equipment rather than purchasing it.
In the years to come, Asia Pacific is also expected to significantly contribute to the expansion of the global medical equipment rental market. Some of the major drivers responsible for the growth of this regional market include increasing disposable income of the regional population, as well as increasing expenditure on development of advanced healthcare infrastructure by some governments in the region.
Medical equipment rental market: segmentation
Medical equipment rental market, by device type
- Personal/home care equipment
- Electronic / digital equipment
- Surgical equipment
- Durable medical equipment
- Long-term care
- Acute care
- Emergency and traumatology
- Storage and transport
Medical equipment rental market, by end user
- Rental of personal/home care medical equipment
- Chronic and geriatric patients
- Preventive Care / Monitoring
- Acute and outpatient care
- Rental of institutional medical equipment
- Health centers
- Nursing homes
- Medical research laboratories/institutions
Medical equipment rental market, by region
- North America
- Latin America
- Latin America
- Middle East & Africa
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