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The durable medical equipment market offers a wide range of medical devices and equipment that are used by individuals with disabilities and elderly population to help maintain their mobility and independence at home. Durable medical equipment includes hospital beds, wheelchairs, walkers, bathroom safety devices, nebulizers, and diabetic testing supplies. They provide long-term services and supports which are needed by people with disabilities or chronic health conditions to maintain their health at home. With the increase in life expectancy and growth of geriatric population globally, the prevalence of chronic diseases has increased significantly leading to demand for such assistive devices that enhances mobility and quality of life.
The global durable medical equipment market is estimated to be valued at US$5 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trend in the durable medical equipment market is the emergence of telehealth and remote patient monitoring technologies. Telehealth allows healthcare providers to remotely monitor patients health conditions through digital technologies and provide medical advices and consultations virtually. This has benefitted elderly population immensely especially during covid-19 pandemic where vulnerable patients could seek medical help from safety of their homes. Remote patient monitoring sensors, devices, and platforms track important health vitals such as blood pressure, oxygen levels, heart rate, blood glucose etc with alert notifications to caregivers for timely medical intervention. Continuous monitoring through digital devices help manage chronic conditions efficiently. Such innovations are expected to transform chronic care management and drive the growth of durable medical equipment market over the forecast period.
Porter’s Analysis
Threat of new entrants: The durable medical equipment market requires high initial capital investment to enter the market which limits threat of new entrants. Bargaining power of buyers: Individual buyers have low bargaining power due to huge variety and quality of durable medical equipment available. However, large hospitals and healthcare organizations can negotiate on prices. Bargaining power of suppliers: The durable medical equipment market has large number of suppliers, however key component suppliers have some bargaining power due to proprietary technology and components. Threat of new substitutes: There are few substitutes for durable medical equipment as it caters to critical medical requirements. Competitive rivalry: The durable medical equipment market has few top players dominating the market while regional players compete on service quality and reliability.
Key Takeaways
The global durable medical equipment market is expected to witness high growth during the forecast period of 2023 to 2030. The global durable medical equipment market is estimated to be valued at US$5 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: North America holds the largest share of the durable medical equipment market, followed by Europe and Asia Pacific. Rapid increase in aged population, increasing healthcare expenditure, and government initiatives will drive the North America market.
Key players: The key players operating in the durable medical equipment market are Invacare Corporation, Sunrise Medical, ArjoHuntleigh, Hill Rom Inc., Stryker Corporation, Medline Industries Inc., Becton Dickinson and Company. Invacare Corporation specializes in non-acute medical equipment such as mobility aids, hospital beds, diagnosis devices and therapeutic products.
The global durable medical equipment market provides immense opportunities for players to expand their product portfolio and geographic reach. Partnerships with hospitals and long-term care facilities help players to strengthen distribution channels. Focus on development of technologically advanced products catering to complex medical needs will accelerate new product adoption.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
