Acumen Research and Consulting, a global provider of market research studies, has recently published a report titled “Medical Equipment Rental Market (By Product: Surgical Equipment, Durable Medical Equipment [Personal Mobility Devices, Bathroom Safety and Medical Furniture, Monitoring and Therapeutic Devices], Storage and Transport; By End-user: Personal/Homecare, Institutional, Hospitals) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 – 2026” offers detailed insights on the Medical Equipment Rental Market entailing insights on its different market segments.
The global Medical equipment rental market size is expected to reach a value of USD 65.4 billion by 2026, this market is anticipated to grow with 4.5% CAGR during the forecast time period.
Growing base of geriatric and handicapped populace combined with rising requirement for home medicinal services items is pushing the market.
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Strength of Durable Medical Equipment (DME) can be credited to expanding reception of individual portability and help by disabled individuals. Likewise, increasing need for monitoring and therapeutic instruments due to growing patient pool and constant technological upgradation in these gadgets are encouraging the development of the DME rental market.
Rise of financial services for renting healthcare equipment in the past few years has developed to be a shelter for institutes, hospitals, and other healthcare providers. Additionally, leasing hardware gives money saving advantages to end clients, as it diminishes proprietorship costs and thus enables these players to receive propelled product modules.
A change in trend from buying to renting devices has been seen in recently in the medical care industry. Medical services suppliers across the globe are pointing towards improved infrastructural offices and decrease in capital needed to accomplish something similar. The trend is probably going to remain, subsequently will drive the market. Nonetheless, the presence of protection inclusion for a couple of clinical gadgets is required to represent a danger to the rental/renting market.
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The reduced product lifecycle is another factor expected to stir up the development of the market during the estimated time frame. Consistent accessibility of cutting edge gadgets is prompting value climb and subsequently, causing a weight on medical services suppliers. To stay aware of the competitors, medical care suppliers need to give sharp consideration to mechanical overhauls. In this way, rising inclusion in R&D is ready to impel the market.
Moreover, rising requirement for home medical care services from decreased clinic stays and enlarging geriatric and debilitated patient pool is boosting the interest for rental gadgets. Increasing accidents like solid dystrophy, spinal failing, and cerebrum or skeletal injury/messes are prompting an ascent in people. Every one of these components is working for the market.
Accessibility of different awards and government arrangements for the crippled people is projected to hinder the development of the market. Provision grants, for example, monetary help for the acquisition of gear and assets for building infrastructural offices for the incapacitated are bringing down the requirement for leasing hardware. This, thusly, is assessed to restrict the market from understanding its most extreme potential.
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Rising requirement for home healthcare attributable to diminished hospital stays and extending geriatric and debilitated patient pool is boosting the need for rental gadgets. Expanding mishaps, for example, spinal malfunctioning, brain or skeletal injury/ disorders and muscular dystrophy are leading to an increase in the pool of disabled people. All these parameters are working in favor of the medical equipment rental market.
Accessibility of different grants and government arrangements for handicapped people is anticipated to obstruct the development of the market. Arrangement allows, for example, budgetary help for acquisition of gear and assets for building infrastructural offices for debilitated are bringing down the requirement for leasing of equipment. This, thusly, is estimated to constrain the market from understanding its most extreme potential.
North America dominated the market in 2018 and is required to stay strong through 2025. Emergence of a large number of service providers and high need for technically progressive products are rising the development of the regional medical equipment rental market. The region faces issues of extra expenditure on purchase of latest therapeutic device or equipment, which can be tackled by leasing equipment.
The region was followed by Europe in 2018 on the basis of revenue. Rising occurrence of chronic diseases, for instance, Huntington’s illness, Parkinson’s, and atherosclerosis, expansion of home health care, and quickly developing geriatric populace are giving a fillip to the market in Europe. Also, educational institutes and research labs are anticipating diminishing operational and acquirement costs, prompting more prominent appropriation of rental gear all inclusive.
Market companies are more focused on implementing new strategies for example regional expansion, new product launches, partnerships, mergers, and acquisitions, distribution agreements to surge their revenue share. The major players associated with the Medical equipment rental are Hill-Rom Holdings Inc., Woodley Equipment Company Ltd., Westside Medical Supply, Universal Hospital Services, Nunn’s Home Medical Equipment Inc., and Siemens Financial Services Inc.
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