The global medical equipment rental market is segmented into device such as personal/home care equipment, electronic/digital equipment, surgical equipment, durable medical equipment, and storage and transport. Further, durable medical equipment grabbed the largest segment in 2016 and it is expected to garner at a notable CAGR during the forecast period. Likely, continuous innovation of healthcare products along with easy availability of rental medical equipment is projected to foster the growth of medical equipment rental market. Moreover, increase in prices of medical equipments is also believed to spur the growth medical equipment rental market.
Global medical equipment rental market is expected to register a 7.1% CAGR over the forecast period. Moreover, the global medical equipment rental market is anticipated to reach USD 68 Billion globally by 2024. The market is expected to expand on the back of developing healthcare infrastructure and increasing adoption of rental medical equipments.
The personal/home care medical equipment rental segment is projected to occupy a considerable CAGR by the end of 2024. In terms of regional platform, Europe region captured the largest market of medical equipment rental in 2016 aided by Western Europe countries such as Germany, U.K. and others. Further, rapid urbanization and growing adoption of rental medical equipment are the key factors driving the growth of Europe medical equipment rental market. Apart from this, Asia-Pacific region is expected to be the fastest growing medical equipment rental market.
Increasing healthcare expenditure
Rapid urbanization coupled with positive GDP figures of the developed and developing nations such as U.S., China and others are believed to flourish the growth of medical equipment rental market. Moreover, short life of medical equipments restricts the consumer to purchase the equipment which in turn believed to foster the growth of medical equipment rental market.
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Rising prevalence of chronic diseases
Growing aging population across the globe coupled with growing incidences of chronic diseases is also predicted to boost the growth of medical equipment rental market. Furthermore, increasing inclination of consumers towards rental medical equipments due to lower cost and upsurge demand for medical equipment from medical and healthcare institutions is anticipated to be the dynamic factor behind the rapid growth of medical equipment rental market.
On the contrary, lack of awareness regarding medical equipment rental is believed to hamper the growth of medical equipment rental market during the forecast period.
The report titled “Medical Equipment Rental Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global medical equipment rental market in terms of market segmentation by device type, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global medical equipment rental market which includes company profiling of Hill-Rom Holdings, Inc., Nunn’s Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Universal Hospital Services, Inc., Woodley Equipment Company Ltd. Westside Medical Supply, Inc., Medone Group, Apria Healthcare Group, Inc., Siemens Financial Services, Inc.. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global medical equipment rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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