U.S. Durable Medical Equipment (DME) Market is expected to reach USD 70.7 billion by 2025 according to a new report by Hexa Reports. Increasing prevalence of chronic diseases requiring long-term care, rapidly growing geriatric population, and increasing penetration of home healthcare services & staff are the key drivers of the market.
Increasing prevalence of chronic disorders requiring long-term patient care is anticipated to boost the usage of DME. Diseases such as diabetic foot, pressure ulcers, & cancer, which require long-term patient care and postoperative recovery, are anticipated to contribute toward the growth of U.S. DME market.
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Home healthcare is comparatively economic option over hospital stay. Hence, patients now prefer to avail post-operative recovery and long term care at home settings. Rising demand for home healthcare services opens avenues for the DME market players to up sell and cross sell the various products. Hence, proliferation of home healthcare services translates into growth of U.S. DME market at larger extent.
Increasing global geriatric population base is expected to propel the U.S. DME market. Presently, there are over 40 million people in the U.S., aged 65 years and above, and this number is anticipated to double by 2050. Rapidly growing geriatric population that forms the key target population for DME market is anticipated to bolster the growth of this sector in the U.S. over the forecast period.
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Further Key Findings From the Study Suggest:
- Monitoring and therapeutic devices held lucrative share in U.S. DME vertical. This segment is inclusive of a wide range of devices used for long-term care for numerous disorders such as cardiovascular & neurological and cancer.
- Personal mobility devices are anticipated to gain significant share over the forecast period. Introduction of technologically advanced products is likely to help this segment’s growth.
- The key players for the U.S. DME market include ArjoHuntleigh, Invacare Corporation, Sunrise Medical, Stryker Corporation, Hill Rom, Inc, Drive Medical, Medline Industries Inc., Carex Health Brands, Inc. and GF Health Products Inc.
- New product launches, mergers & acquisitions and collaboration are the key strategic undertakings by these players.
- For Instance, in February 2017, Hill-Rom acquired Mortara Instrument, Inc., a Wisconsin-based medical device manufacturer to increase their medical device product portfolio and revenue growth.
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