Increasing prevalence of chronic diseases, rising focus on home care settings, and rising demand for medical equipment are some key factors expected to drive market growth
According to Emergen Research, the global durable medical equipment market size was USD 192.93 Billion in 2020 and is expected to reach USD 305.17 Billion in 2028 and register a revenue CAGR of 5.8% during the forecast period, 2021-2028.
Durable medical equipment (DME) is an equipment used in healthcare units or in home for everyday and extended use. Wheelchairs, oxygen equipment, crutches, blood testing strips for diabetics, hospital beds, commode chairs, and power scooters are some examples of durable medical equipment. DME allows patients to become more independent and minimizes the level of assistance needed from caregivers. This improves social engagement and psychological wellbeing of patients with a disability. This equipment are designed to manage numerous medical conditions, and offer therapeutic benefits to patients. Increasing awareness regarding benefits of durable medical equipment is expected to drive market revenue growth during the forecast period.
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In addition, increasing demand for therapeutic and monitoring devices, growing geriatric population, and technological advancements in medical equipment are some factors expected to positively impact revenue growth of the market. However, high cost of machine, lack of safety awareness, and growing popularity of assistive technology (AT) are some factors expected to restrain market over the forecast period. AT include devices that allow patients to live freely in a hands free or other assisted mode. Environmental control units (ECUs) and bluetooth home automation are examples of recent advancements in assistive technology. Most these technologies are not designed for people with disabilities, but people with visual or language impairments, or motor impairments find the greatest satisfaction from being able to operate their home (light switches, television, etc.) with this help of technology. Other technology include robotics and exoskeletons which give patient autonomous control and improve interactions with the environment.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Personal Mobility Segment Revenue to Expand at a Rapid CAGR:
Personal mobility segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing number of accidents causing disabilities, growing popularity of mobility scooters, rising global geriatric population, rapid adoption of technologically advanced rollators, and introduction of advanced features in persona mobility devices, including, lockable wheels, hemiplegic handles, oxygen tank holders, pressure brakes, and extended weight-bearing capacity.
Hospital Segment to Register Significant Revenue Growth:
Hospital segment is expected to register significant revenue growth over the forecast period due to ongoing technological developments in healthcare infrastructure, growing healthcare costs, rising medical innovation, increasing awareness for regular health checkups and rising affordability in medical services due to rising medical insurance coverage.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due increasing government and private investments in technologically advanced products that offer mobility, integration of medical equipment with artificial intelligence (AI) and machine learning (ML) technology and rising healthcare expenditure. Further, presence of key players and improvements in home healthcare services are some other factors expected to contribute to market growth in the region.
Major Companies in the Market Include:
- Invacare Corporation
- GE Healthcare
- Stryker Corporation
- Hill Rom, Inc.
- Drive Medical
- GF Health Products, Inc.
- Sunrise Medical
- Medline Industries, Inc.
- Carex Health Brands, Inc.
- Intco Medical
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For the purpose of this report, Emergen Research has segmented the global durable medical equipment market based on product type, payers, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Bathroom Safety Devices and Medical Furniture
- Personal Mobility Devices
- Monitoring and Therapeutic Devices
Payer Outlook (Revenue, USD Billion; 2018–2028)
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Long Term Care Centers
- Home Care Settings
- Ambulatory Surgical Centers
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Durable Medical Equipment Market By Product Type (Bathroom Safety Devices and Medical Furniture, Personal Mobility Devices, Monitoring and Therapeutic Devices), By Payer (Private, Public, Out-of-Pocket), By End-Use (Clinics, Hospitals, Long Term Care Centers, Home Care Settings, Ambulatory Surgical Centers, and Others), and By Region Forecast to 2028
Compound Management Market By Solution (Products and Outsourcing Services), By Sample Type (Chemical Compounds, Biosamples), By Application (Drug Discovery, Gene Synthesis, Biobanking, Others), By End-Use (Biopharma Companies, Pharma Companies, Biobank, CRO) and By Region Forecast to 2028
Blood-Brain Barrier (BBB) Market By Application (Alzheimer’s Disease, Epilepsy, Parkinson’s Disease, Multiple Sclerosis, Hunter’s Syndrome, Brain Cancer), By Technology (Bispecific Antibody RMT Approach, Trojan Horse Approach, Increasing Permeability, Passive Diffusion, Others), By End-Use (Hospitals, Surgical centers, Research Institutes, Others), and By Region Forecast to 2028
Antibody Services Market By Service (Antibody Development, Antibody Production & Purification, Antibody Fragmentation & Labeling), By Type (Monoclonal, Polyclonal), By End-Use (Bioscience Companies, Bioscience Research Institutions, Hospitals, Others), and By Regions Forecast to 2028
RNA Transcriptomics Market By Product (Reagents, Instruments, Software, Service), By Technology (Microarrays, Polymerase Chain Reaction, RNA Sequencing, RNA Interference), By Application (Clinical Diagnostics, Toxicogenomics, Drug Discovery, Comparative Transcriptomics), By End-Use (Hospitals, Academic & Research Institutes, Pharmaceutical & Biotechnology Companies, Contract Research Organizations). and By Region