by The medical equipment rental market comprises medical devices that are made available on a rental basis to healthcare providers and patients. Rental equipment finds widespread application in various fields including diagnostics, surgery, therapy, home healthcare, and others. Some key medical equipment available on rent includes mobility equipment like crutches, walker and wheelchairs, personal mobility vehicles, surgical equipment like operating room lights and tables, patient monitors, cardiorespiratory equipment, nebulizers and others. Medical equipment rental offers cost-effective and flexible solutions for providers to access sophisticated devices without high capital investments. This benefit has been a major driver for market growth over the years.
The global Medical Equipment Rental Market is estimated to be valued at Us$ 56.68 Mn in 2023 and is expected to exhibit a CAGR Of 6.7% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The heading “Medical Equipment Rental Market is Expected to be Flourished by Growing Demand for Cost-Effective Healthcare Facilities” references the key driver of growing demand for cost-effective healthcare facilities which is fueling market growth. Cost-effectiveness is the major factor driving increased adoption of medical equipment rental services. Renting equipment on an as-needed basis reduces upfront capital costs and offers financial flexibility compared to purchasing assets outright. This has proven especially advantageous for small healthcare offices and hospitals with constrained budgets. Additionally, technological advancements are constantly reinventing medical devices with new models and features being launched regularly. Renting allows providers to gain access to latest equipment without long ownership cycles of older assets. The market is also propelled by increasing prevalence of chronic diseases globally which is strengthening the medical infrastructure and demand for diagnostic, therapeutic and home healthcare services. Overall, the rental model promises to revolutionize the healthcare industry by making advanced care more affordable and accessible to providers and patients worldwide.
Segment Analysis
The medical equipment rental market can be segmented into durable medical equipment and non-durable medical equipment based on product type. The durable medical equipment sub segment is currently dominating the market as it provides long term rental services for various critical care equipment used for treatments such as respiratory therapy, patient monitoring, renal care and others. Renting such equipment on a long term basis reduces upfront capital costs for healthcare facilities while ensuring continuous availability.
PEST Analysis
Political: Governments across countries are focusing on enhancing accessibility and affordability of healthcare through various supportive policies and measures for medical equipment rental market. This is positively impacting the market growth.
Economic: Rising healthcare expenditure coupled with limited capital budgets of healthcare facilities is driving the demand for rental models in the medical equipment market. The rental model generates cost savings.
Social: Growing geriatric population and increasing prevalence of chronic diseases are major social factors augmenting the need for advanced medical equipment. This is contributing to market growth.
Technological: Integration of Internet of Things and advance connectivity in medical equipment enables remote monitoring. This is enhancing efficiency of equipment utilization as well as care delivery.
Key Takeaways
The Global Medical Equipment Rental Market Demand is expected to witness high growth over the forecast period.
Regional analysis:
North America region currently dominates the medical equipment rental market led by the US owing to advanced healthcare infrastructure, prominent healthcare rental companies and early technology adoption.
Key players operating in the medical equipment rental market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, and Berger Paints India Limited. They provide a range of critical care equipment on rental basis such as patient monitors, respiratory devices, IV pumps and others as per the requirements of healthcare facilities.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
