The durable medical equipment market reached USD 184 billion in 2022 and is projected to surpass around USD 321.81 billion by 2032 with a CAGR of 5.8% during the forecast period 2023 to 2032.
- North America dominated the market with the highest market share in 2022.
- Asia Pacific is observed to witness the fastest rate of growth during the forecast period.
- By Product, the monitoring and therapeutic devices segment dominated the market in 2022.
- By End-use, the hospital segment dominated the market in 2022.
Durable medical equipment’s are the equipment used to measures various health parameters that help in ascertaining the patient health condition. It helps the patients to live a better quality of life. The durable medical equipment’s comprises of ventilators, crutches, walkers, canes, wheelchairs, nebulizers, oxygen monitors and many others. It assists in diagnosing and monitoring the health condition of the patients. These equipment’s are durable, reusable and can be easily operated hence they are prescribed by the physicians to the patients across the globe to monitor their health condition.
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Crucial factors accountable for market growth are:
- Increase in chronic diseases across the globe especially in the older generation people.
- The surge in older population across the globe.
- The rapid technological advancement in the durable medical equipment’s.
- The comfort provided by the use of durable medical equipment’s.
- During the COVID-19 pandemic outbreak, the demand for durable medical equipment’s increased in the local hospitals and nursing homes.
- Asia Pacific region is expected to grow at highest CAGR during the forecast period owing to improved healthcare facilities and largest population.
- The rise in elderly population that need constant medical attention that can be ensured with the help of durable medical equipment’s.
- The monitoring and therapeutic devices sector will lead the durable medical equipment market with highest revenue share during the forecast period owing to the rapid increase of chronic disease among the people all over the world
- By Geography, North America leads the Durable Medical Equipment Market by revenue share because of rise in chronic diseases among the people in this region.
North America is leading the Durable Medical Equipment Market in 2021 and is projected to grow at a CAGR of 4% in the upcoming years. In North America, the demand for Durable Medical Equipment is very high due to increase in chronic diseases among the people of North America. Moreover, the people in North America desire for home-based monitoring devices and this fosters the demand for the Durable Medical Equipment’s in the market.
The Asia-Pacific Durable Medical Equipment market is estimated to grow at highest CAGR in the coming years with China forecasted to grow at 10.5% CAGR by 2030. The prime factors that is responsible for the growth of the Durable Medical Equipment Market in the Asia Pacific region includethe growing elderly population, largest target population, unbalanced diet patterns that develops many chronic diseases and many others.
Durable Medical Equipment Market Scope
|Market Size in 2023
|USD 193.75 Billion
|Market Size by 2032
|USD 321.81 Billion
|Growth Rate from 2023 to 2032
|CAGR of 5.8%
|2023 to 2032
|Product, End User
|North America, APAC, Europe, Latin America, MEAN, Rest of the World
The surge in the elderly population across the world and the rise in chronic disease such as cancer, diabetics, cardiac disorders, neurological conditions are the major factors that drive the growth of the Durable Medical Equipment Market. Moreover, the rising technological advancement in the medical equipment’s and the increase in demand for durable medical equipment’s across the globe is expected to drive the growth of the Durable Medical Equipment Market.
The major restraining factor that negatively impact the growth of the Durable Medical Equipment Market includes the high cost involved in the manufacture of the durable medical equipment, high maintenance, strict Government norms, lack of skilled personals to operate the medical equipment’s and many others.
The utility of durable medical equipment’s among the elderly population is the crucial factor that will boost the growth of the durable medical equipment market. Also, these equipment’s are used for diverse aspects such as BP monitoring, blood glucose analyzers, nebulizers and many others. All these attributes contribute significantly in discovering the futuristic opportunities for the growth of the durable medical equipment market.
The high cost of equipment development is one of the major challenges encountered by the durable medical equipment market. Furthermore, the strict Government regulations, tedious approval procedures, maintaining high quality and safety are some of the challenges encountered by the durable medical equipment market.
- On 27th August, 2021 Siemens Healthineers inaugurated a manufacturing facility for molecular diagnostic kits in Vadodara, Gujarat with a production capacity of 25 million tests per annum.
- On 15th September, 2021 ArjoHuntleigha global medical technology company has been rewarded with an Innovative Technology Contract for the Provizio SEM Scanner with Vizient Inc. The Provizio SEM Scanner has unique qualities that help in the identification of pressure injury risk, which can help caregivers provide earlier interventions to reduce both patient suffering and healthcare costs.
Segments Covered in the Report
- Personal Mobility Devices
- Wheelchair and Scooter
- Crutches and Canes
- Monitoring and Therapeutic Devices
- Oxygen Equipment
- Blood Glucose Analyzers
- Vital Sign Monitors
- Infusion Pumps
- Continuous Positive Airway Pressure (CPAP) Devices
- Bathroom Safety Devices
- Medical Furniture
- Incontinent Pads
- Breast Pumps
- Consumables and Accessories
- Home Healthcare
- Ambulatory Surgical Centers
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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