Polaris Market Research recently updated its existing market research study on the report “Durable Medical Equipment (DME) Market Share, Size, Trends, Industry Analysis By Device Type (Therapeutic and Monitoring Devices (Oxygen Equipment, Blood Glucose Monitors, infusion pumps, nebulizers, and others), Personal Mobility Devices (Walker and rollators, Scooters, Wheelchairs, Door Openers, and Other Devices), and Furniture And Bathroom Safety Devices (Bedding & Mattresses Devices, and Commodes and Toilets)); By End User; By Regions, Segment Forecast, 2020 – 2026” he report covers an exhaustive list of market tables and figures, thus providing in-depth analytical data for segments across different regions.
The durable medical equipment market is expected to reach $246.6 Billion by 2026 and is growing at a rapid rate registering a significant CAGR of 6.9% over the forecast period (2020-2026). Growing incidents of cardiac disorders, neurological conditions, cancers, and gynecological complications are driving the growth of the global market. The increasing geriatric population coupled with rising government initiatives for health care programs is anticipated to fuel the demand for the global durable medical equipment market. In addition to this, better reimbursement policies and reduction in shifts of hospitals are some of the key driving factors complementing the overall growth for the durable medical equipment market at domestic and global levels. According to the World Health Organization (WHO), the percentage of people aged 60 years and above will surpass children younger than five years of age, is projected to give a huge boost to the global market.
Key Driving Factors and Trend Analysis for Global Durable Medical Equipment Market
Growing Usage of Monitoring Devices: The monitoring and therapeutic devices segment has accounted for the highest revenue on account of the rapid increase in the adoption of these devices among the elderly population that helps to effectively monitor patient health, thus propelling market progression. The growing usage of monitoring devices in the healthcare sector is expected to present lucrative growth opportunities in the near future.
Surging expenditure in Healthcare Infrastructure: The hospital segment holds the majority of market share and is anticipated to keep this progress in the coming future also. This growth is attributed to the rising number of patients who seek critical care in hospitals coupled with excellent healthcare infrastructure. Additionally, the availability of skilled professionals in ample amounts along with the support of advanced equipment in hospital settings to further increase the growth rate.
Innovative Product Launches: Prominent players working in the durable medical equipment market continuously bettering their business strategies in the terms of regional expansions and innovative product launches to gain an edge in the market. For instance, Dynarex launched advanced durable medical equipment which includes two new wheelchairs along with an elongated raised toilet seat.
Rising Government Initiatives: Governments from different parts of the world are bringing new policies and initiatives for setting better health care programs as a major factor in creating a healthy environment for the durable medical equipment market to grow. For instance, The US has launched a new initiative called Million Hearts, with the collaboration of the Centers for Medicare and Medicaid Services and CDS. The program works for bringing innovations in patient communication and health information technology.
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Regional Scenario and Trend Analysis
North America has retained its dominance over the global market with its significant contribution. The quick adoption of advanced medical equipment and the presence of major manufacturers in the region are anticipated to fuel the region’s growth to the next level. Additionally, an increasing number of hospitals and continuously growing geriatric population are contributing to its overall growth. The Asia Pacific is projected to emerge as the faster-growing region owing to supportive government policies, the presence of major medical device manufacturers, and the rising target population base in the region.
Polaris Market research has segmented the Durable Medical Equipment market report based on Device Type, end-user and Region
Durable Medical Equipment (DME) Market Size and Forecast by Device Type
- Therapeutic and Monitoring Devices
- Oxygen Equipment
- Blood Glucose Monitors
- infusion pumps
- Personal Mobility Devices
- Walker and rollators
- Door Openers
- Other Devices
- Furniture And Bathroom Safety Devices
- Bedding & Mattresses Devices
- Commodes and Toilets
Durable Medical Equipment (DME) Market Size and Forecast by End User
- Specialty Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
- Home Healthcare
Durable Medical Equipment (DME) Market Size and Forecast by Regions
- North America (U.S., Canada)
- Europe (Germany, UK, France, Italy, Spain, Belgium, Russia, Netherlands)
- Asia-Pacific (China, Japan, India, Australia, Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines)
- Latin America (Brazil, Mexico, Argentina)
- Middle East and Africa (UAE, Saudi Arabia, South Africa)
List of Key Players of Durable Medical Equipment (DME) Market
- Stryker Corporation
- Medtronic plc.
- Baxter International, Inc.,
- Medline Industries, Inc.,
- Becton, Dickinson and Company
- Sunrise Medical (US) LLC
- ResMed, Inc
- Hill-Rom Holdings
- Invacare Corporation
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U.S. Durable Medical Equipment Market Share, Size, Trends, Industry Analysis Report, By Product (Personal Mobility Devices, Bathroom Safety Devices & Medical Furniture, Monitoring & Therapeutic Devices); By End User: Segment Forecast, 2020 – 2026
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