The global durable medical equipment market includes products that aid daily or specialized functions, such as hospital beds, home respiratory therapy equipment, mobility devices including wheelchairs, and others. These products enhance patient quality of life and provide appropriate treatment. The demand for durable medical equipment has increased significantly over the years due to rising geriatric population suffering from chronic conditions such as cardiovascular diseases, cancer, and respiratory problems that require continuous medical monitoring. As per various estimates, the geriatric population is expected to account for over 20% of the total global population by 2050.
The Global Durable Medical Equipment Market is estimated to be valued at US$ 5,949.9 Mn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the durable medical equipment market are Stryker Corporation, Baxter International, Inc. Medtronic plc. Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation, Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) Hill-Rom Holdings, Inc., and others. Stryker Corporation specializes in medical technology products used in orthopedic, medical and surgical applications.
The growing demand for home healthcare devices across the world is contributing to the growth of the durable medical equipment market. With the burgeoning geriatric population suffering from chronic conditions, home healthcare has picked up as it provides convenience and medical attention in the comforts of one's own home. This has increased the demand for medical equipment catering to home-based care services.
Technological advancements are further driving the durable medical equipment market. Key players are increasingly investing in the development of innovative products that are more effective, comfortable, portable, and easy to use. This has led to the introduction of equipment such as enhanced external counterpulsation therapy devices, ventricular assist devices and others aiding in critical care.
Market Trends
Growing usage of rental and leasing business models: Several hospitals and medical equipment providers are offering equipment rentals and leasing options to patients, especially those requiring short-term homecare therapy. This has enhanced access to critical medical devices.
Increasing adoption of telehealth and remote patient monitoring: Advancements in technologies such as AI, IoT, and wearable devices are enabling remote monitoring of patients. This is fueling demand for compatible connected medical equipment. Home-based devices that can transmit health data in real-time are witnessing higher adoption.
Market Opportunities
Emergence of lightweight and portable durable medical equipment: There is significant scope for developing compact, lightweight, and easy to handle medical equipment for improved patient mobility and comfort.
Growing demand in developing nations: Emerging economies in Asia Pacific and Latin America present lucrative prospects for durable medical equipment players owing to increasing healthcare investments, expansions in insurance coverage, and rising medical tourism.
Impact of COVID-19 on Durable Medical Equipment Market growth
The outbreak of COVID-19 pandemic has significantly impacted the growth of durable medical equipment market globally. The demand for durable medical equipment surged abruptly in 2020 due to the pandemic. Ventilators, oxygen generators and concentrators witnessed a drastic spike in demand as these proved vital in life support treatment of critically-ill COVID patients. Various market players ramped up their production capacities and supply chains to meet the unprecedented demand from hospitals and healthcare facilities. However, market growth was hampered initially by challenges in raw material procurement and international trade restrictions imposed during lockdowns. As the pandemic overwhelmed healthcare systems, the emphasis shifted to upgrading ICU infrastructure through installation of additional ventilators and monitoring equipment in hospitals. Telehealth emerged as a potential revenue channel for market players as demand increased for remote patient monitoring devices. Governments rolled out stimulus packages to fund healthcare infrastructure upgrades and reimburse for high-cost medical equipment to strengthen pandemic preparedness for future waves. The post-COVID scenario is expected to witness sustained demand for respiratory care equipment and remote patient monitoring solutions to support vulnerable patient population at home. Market players will focus on innovations to cater growing needs of aging population and support long-term care through specialized assistive equipment.
The durable medical equipment market in United States accounts for the largest value share globally. Being home to some of the largest market players, developed healthcare infrastructure, rising healthcare expenditure and presence of a large aging population drive market growth in the country. Rapid adoption of technologically advanced products and focus on home healthcare further boost market revenues. Growth is concentrated majorly in developed states owing to higher affordability and accessibility to medical equipment and services. The Asia Pacific region represents the fastest growing durable medical equipment market globally. Rapid economic development, improving healthcare infrastructure, growing medical tourism, increasing penetration of private insurance and rising affluence in developing countries are key factors fueling market growth in the region. China and India spearhead growth in Asia Pacific attributable to rising geriatric populations, expanding medical technologies industry and efforts by governments to enhance access to equitable healthcare through investments and reforms.
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