The global durable medical equipment market is set to enjoy a valuation of US$ 207 billion in 2022 and further expand at a CAGR of 7% through 2026, according to industry analysis by Fact.MR, a market research and competitive intelligence provider.
Durable medical equipment refers to products and gadgets with clinical uses that can endure continuous and heavy use. More patients now favour receiving long-term medical care and post-treatment at home. As a result, durable medical equipment (DME) providers are cross selling a variety of items because of the growing need for home healthcare services.
Reusable and long-lasting medical supplies include durable equipment. Durable medical equipment includes items that are used for many years, such as ostomy bags, insulin pumps, and hospital furnishings.
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Governments across the world and numerous private organisations are launching programs to financially support medical equipment makers. To provide technologically-precise and useful diagnostic gadgets, blood pressure monitor manufacturers have increased their R&D spending.
Demand for home healthcare durable medical equipment is rising quickly as hospital stays are being reduced. For instance, the length of stay can be decreased with the use of post-surgical recovery products, long-term illness products, and supporting medical treatment products.
Key Takeaways from Market Study
- Personal mobility devices are expected to account for US$ 33 billion by 2026.
- Demand for community home medical equipment has increased as a result of the development of technology for self-health management to lessen the financial burden on traditional healthcare systems.
- Growth of the durable medical equipment industry is being boosted by the senior population’s high use of these devices.
- Sales of durable medical equipment are expected to expand at a CAGR of 7% from 2022-2026.
Leading companies in the worldwide durable medical equipment market are focused on obtaining regulatory clearances, inventing cutting-edge technologies, introducing new products, and collaborating with and acquiring other firms.
The industry is competitive since several market participants are focussed on creating and launching portable, cost-effective, vital sign monitoring equipment.
- For instance, in Europe, Australia, and other chosen locations, Mindray debuted its new VS 9 and VS 8 Vital Signs Monitors in January 2021, for diagnostic spot-check measures of BP and other vital signs in clinics and hospitals.
- Numed Healthcare introduced the Huntleigh SC300 Vital Signs Monitor in August 2021.
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Why is Demand for Personal Mobility Devices So High?
“Rising Traffic Accidents, Orthopedic Pains, & Technological Advancements Supporting Personal Mobility Device Sales”
The personal mobility devices segment is expected to account for US$ 33 billion by the year 2026.
The global market for personal mobility devices is expanding rapidly, driven by the steadily rising number of people with disabilities and the rising number of trauma and accident cases. The market for personal mobility devices is developing as a result of an ageing world population that is more vulnerable to different chronic conditions that limit mobility.
Focusing on the development of novel and cutting-edge products also contributes to growth. The need for personal mobility devices is anticipated to increase as more people, for example, suffer from arthritis.
The market is further supported by the implementation of programs to help persons with disabilities and the favourable reimbursement situation in nations such as the United States.
Key Segments in Durable Medical Equipment Industry Research
- By Product :
- Monitoring & Therapeutic Devices
- Personal Mobility Devices
- Bathroom Safety Devices
- Medical Furniture
- Incontinent Pads
- Breast Pumps
- Consumables & Accessories
- By End User :
- Nursing Homes
- Home Healthcare
- Ambulatory Surgical Centers
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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There are many significant competitors in the highly competitive global market for durable medical equipment. Due to the aggressive competitive strategies used by the top durable medical equipment companies currently operating in the market for durable medical equipment, there is fierce competition among them.
Competition is getting more intense as a result of the leading durable medical equipment manufacturers focusing on product developments and advancements in DME.
- In Australia, ASPIRE introduced the ASPIRE SOCIALITE WHEELCHAIR in January 2022. Aspire Socialite was an extremely lightweight transport chair with a safe working load limit of 115kg that catered to a wide range of users.
- A first-in-the-nation ‘automated real-time hospital bed and resource tracking tool’ was offered in the United States in October 2021, thanks to a partnership between GE Healthcare & Apprise Health Insights.
Key Companies Profiled
- Invacare Corporation
- Sunrise Medical
- Medline Industries, Inc.
- Medical Device Depot, Inc.
- GF Health Products Inc.
- Carex Health Brands
- Baxter International, Inc.
- Becton, Dickinson, and Company
- Joerns Healthcare LLC
Explore Fact.MR’s Coverage on the Healthcare Domain
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