May 27, 2024

Durable Medical Equipment Market Trends: A Comprehensive Analysis

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Market Overview:

Durable medical equipment refers to medical devices and equipment that are meant for long-term or extended use in treating a medical condition or assisting individuals with their activities of daily living. It includes wheelchairs, walkers, hospital beds, nebulizers, and others.

Market Dynamics:

The durable medical equipment market is witnessing significant growth owing to the rise in geriatric population globally as well as increasing prevalence of chronic diseases like cardiovascular diseases, diabetes, respiratory diseases, and cancer. As per WHO, the global geriatric population is expected to reach 2 billion by 2050 from 900 million in 2015. Older adults are more susceptible to chronic diseases and disabilities and heavily rely on durable medical equipment for mobility and self-care needs. Furthermore, technological advancements in durable medical equipment like development of lightweight mobility aids, user-friendly nebulizers, and smart hospital beds is also fueling the market growth. However, lack of reimbursement policies for durable medical equipment in developing nations and higher costs remain challenging factors for market expansion.

Growing Geriatric Population is Driving the Demand for Durable Medical Equipment

As the average life expectancy increases across major markets, the geriatric population aged 65 years and above is growing rapidly. According to the United Nations, the share of global population aged 65 years or over is projected to rise from 9% in 2019 to 16% by 2050. The growing elderly population is one of the major drivers of demand for durable medical equipment such as wheelchairs, walkers, hospital beds, oxygen equipment and other home healthcare products. As people age, they are more susceptible to chronic diseases, disabilities and loss of mobility which increases their reliance on medical equipment and devices for movement, breathing and other daily needs. Manufacturers are responding to this growing need by developing more advanced and lightweight products tailored for elderly patients.

Impact of Chronic Diseases is Fueling Sales of Medical Support Equipment

Rising prevalence of chronic diseases globally has also emerged as a key growth driver for the durable medical equipment market. Chronic conditions like cancer, heart disease, diabetes and respiratory diseases often require long term treatment and management with the help of medical devices. Equipment like nebulizers, CPAP machines, insulin pumps, wound care products see increased demand from patients suffering from chronic illnesses. As per the World Health Organization (WHO), chronic diseases account for over 70% of all deaths worldwide. In response, manufacturers are focusing on innovation to create more compact, portable devices that can comfortably fit into patients’ daily routines and improve their quality of life. This rising disease burden and the need for long term care is sustaining demand for durable medical products.

Budgetary Constraints Pose Challenge for Market Growth

Despite growing medical needs, budgetary constraints continue to pose a challenge for higher adoption of durable medical equipment. Healthcare costs have been rising sharply globally due to aging demographics, growing disease prevalence and advancements in treatment technology. At the same time, economic slowdowns during the COVID-19 pandemic have strained public healthcare budgets around the world. This is restricting governments and private insurers from reimbursing the full costs of expensive medical devices. Many patients also find the out-of-pocket expenses of specialized equipment to be unaffordable. To address this, manufacturers are developing more low-cost products suitable for resource-poor settings and engaging in partnerships for equitable access especially in developing countries.

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

Shift towards Home Healthcare Delivery Opens Up New Avenues

The COVID-19 pandemic has highlighted the importance of expanding access to healthcare beyond hospitals and into the home setting. There is a growing preference among patients and providers alike for remote monitoring, home recovery and general shift towards home-based care delivery models. This emerging trend presents lucrative opportunities for durable medical equipment suppliers. By offering portable diagnostic tools, rehabilitation products and other devices that can facilitate virtual consultations and home recovery programs, they can benefit from the rising demand as healthcare moves closer to patients. Many major players have already initiated strategic collaborations with digital health companies and remote patient monitoring system developers to gain a stronger foothold in this evolving space. The overall move towards home healthcare is likely to emerge as a key driver of future growth for DME companies.

Adoption of New Technologies will Shape Market Dynamics

Technology also remains a major influencer in the durable medical equipment landscape with far reaching implications for product development and demand trends. Advancements in material science, 3D printing, miniaturization and artificial intelligence are enabling creation of smart, connected devices with advanced functionalities. Some of the technologies expected to disrupt the market include 3D printed orthotics and prosthetics, exoskeleton robots, AI-powered remote health monitors and seamless integration of medical devices with digital health platforms. Companies focused on innovation will be better positioned to tap new revenue pools opened up by such technologies. Meanwhile, proliferation of low-cost 3D printing may also intensify price competition. Overall, successful adoption of emerging tech will determine how durable medical equipment is designed, manufactured and used going forward.

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