July 13, 2024

Durable Medical Equipment Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

Market Overview:

Durable medical equipment refers to medical devices which are not disposable and are used to serve a medical purpose by the patient in the home. These equipment are used either for acute or post-acute care. Some common examples of durable medical equipment include mobility devices such as walkers, wheelchairs, hospital beds, respiratory therapy equipment such as oxygen tanks and concentrators, bipap and cpap machines, and monitoring equipment. The growing geriatric population are more prone to chronic diseases and disabilities which drives the need for durable medical equipment to improve their quality of life at home. The equipment provides independence, improves functionality and safety of patients.

The global Durable Medical Equipment Market is estimated to be valued at US$ 5,949.9 Mn in 2023 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.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/durable-medical-equipment-market-1677

Market key trends:

One of the key trends in the durable medical equipment market is the shift towards home healthcare. With advances in medical technology, many complex medical treatments which earlier required hospital admission can now be delivered at home. This reduces healthcare costs and provides comfort to patients. Home healthcare is expected to grow significantly during the forecast period. Another major trend is the increasing demand for rental and leasing options for durable medical equipment. This provides flexibility to patients and reduces upfront equipment costs. Manufacturers are also focusing on product innovation and development of technologically advanced devices with additional features to gain market share.

Porter’s Analysis

Threat of new entrants: The durable medical equipment market requires a large capital investment as well as regulatory approvals, lowering the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to inelastic demand for medical devices. However, large healthcare organizations and group purchasing organizations wield significant power.
Bargaining power of suppliers: A few large multinational firms dominate the supply of core medical technologies, allowing them strong bargaining power over smaller buyers.
Threat of new substitutes: While some substitutes exist, alternatives typically offer inferior clinical outcomes, increasing customer preference for established brands.
Competitive rivalry: Competition is intense as the major players continuously invest in new product innovations and engage in mergers and acquisitions for market share growth.

Key Takeaways

The global durable medical equipment market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand for home healthcare devices and rising geriatric population globally. The North American region currently dominates the market owing to the presence of advanced healthcare infrastructure and favorable reimbursement policies in the region.

The durable medical equipment market size for 2023 is estimated to be $5,949.9 million. Regional analysis The Asia Pacific region is expected to be the fastest growing market for durable medical equipment due to growing healthcare investments, rising medical tourism, and increasing disposable incomes in the region.

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.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it