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The durable medical equipment market includes various medical devices that facilitate patient mobility and support rehabilitation therapy. Durable equipment includes wheelchairs, walkers, hospital beds, suction machines and nebulizers, which aim to promote the independence of patients with disabilities or chronic diseases. These devices are prescribed to those suffering from orthopedic disorders, cardiovascular diseases, diabetes and other chronic conditions to carry out daily activities. The rising prevalence of disabilities and target medical conditions have boosted demand. Additionally, supportive policies by governments to provide home healthcare is driving wider adoption of such equipment.
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.
Market key trends:
One of the major trends witnessed in the durable medical equipment market is innovation in equipment design and development of lightweight, ergonomic models. Manufacturers are focusing on leveraging composite materials and cutting-edge engineering for manufacturing equipment that optimizes patient mobility and comfort. For instance, compact wheelchairs designed for indoor and outdoor usage that can be assembled and disassembled easily for storage and transport. Another trend is increased focus on developing equipment suitable for elderly populations. With a rapidly aging global demographic, there is a growing need for assistive gear optimized for the mobility and physical challenges faced by geriatric patients. This includes equipment with enhanced safety and operating features for convenience of use. Remote patient monitoring is also gaining ground, wherein devices are integrated with connectivity and sensor technology to enable remote oversight of vital health parameters by clinicians.
Porter’s Analysis
Threat of new entrants: The durable medical equipment market has high entry barriers due to strict regulatory requirements and certification procedures. New entrants need significant capital investments and long time to establish brand awareness.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for durable medical equipment is inelastic. However, large buyers can negotiate on price and exert pressure on manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low in this market as there are many component manufacturers and suppliers. This eases the pressure of suppliers on price increase.
Threat of new substitutes: There is low threat of substitutes as durable medical equipment has few product substitutes available. Equipment are designed to serve specific medical conditions.
Competitive rivalry: The durable medical equipment market has high competition due high number of regional and global players. players differentiate through product innovation and development.
Key Takeaways
The global durable medical equipment market is expected to witness high growth. Rising geriatric population suffering from chronic diseases, growing hospitalization rate, and increasing incidence of road accidents and trauma cases are fueling the market expansion.
Regional analysis: North America currently dominates the global durable medical equipment market owing to rising healthcare spending and presence of major players. Asia Pacific is expected to be the fastest growing market due to growing medical tourism, rapid economic development and improving access to healthcare in countries like India and China.
Key players: 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. Players are focusing on new product launches and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
