The global medical equipment rental market was valued at US$ 46.9 Bn in 2022 and is forecast to reach a value of US$ 69.1 Bn by 2030 at a CAGR of 5.0% between 2023 and 2030.
Medical equipment rental refers to the practice of leasing or renting medical devices, instruments, or equipment for a specific period of time. This arrangement allows healthcare facilities, clinics, or individuals to access necessary medical equipment without the need for a long-term purchase or ownership commitment. By renting medical equipment, users can obtain devices such as mobility aids, respiratory equipment, monitoring devices, therapeutic machines, or other specialized medical instruments to support patient care, rehabilitation, or diagnostic purposes. This rental model offers flexibility, cost-effectiveness, and the ability to access the latest medical technologies without the need for significant upfront investments.
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Global Medical Equipment Rental Market Drivers:
Rise in patient pool to augment market growth
One of the key factors expected to people the growth of the global market over the forecast period is the rise in patient pool (due to rise in burden of chronic diseases across the world). According to the American Hospital Association, more than 133 Billion people in the U.S., nearly half the population, suffer from at least one chronic disease. This number is about 15 Billion higher than just a decade ago, and this number is expected to reach around 170 Billion by 2030. With the increase in number of patients, the burden on the hospitals is also increasing, which in turn increases the demand for rental medical equipment.
High demand for healthcare equipment to drive market growth
Another factor which is driving the growth of the global market is the increasing demand for advanced healthcare equipment. For instance, with the rise in patient pool and increase in number of hospitals and clinics across the globe, the demand for advanced healthcare equipment is also increasing with the rapid pace. In April 2022, Getinge, a manufacturer of medical and life sciences equipment, collaborated with the International Finance Corporation (IFC) to help increase access to medical equipment across Africa. Getinge joined the IFC’s initiative to help healthcare providers in East and West Africa get better access to life-saving equipment.
Scope of Global Medical Equipment Rental Market :
The global market encompasses a wide range of medical devices, instruments, and equipment available for rent or lease. This market serves various healthcare settings, including hospitals, clinics, diagnostic centers, long-term care facilities, rehabilitation centers, and home healthcare environments. It covers a diverse range of medical equipment, including diagnostic devices like X-ray machines, MRI scanners, CT scanners, ultrasound machines, and mammography systems. Therapeutic equipment such as infusion pumps, respiratory therapy equipment, patient monitoring systems, ventilators, and CPAP machines are also part of this market. Additionally, mobility aids like wheelchairs, crutches, walkers, and scooters are available for rental. Surgical equipment is another component of the market, offering rental options for surgical instruments and tools. The global market caters to the growing demand for flexible and cost-effective access to medical equipment, providing healthcare facilities and individuals with the necessary tools to deliver quality patient care and support various medical procedures.
Prominent players:
U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others.
Restraints:
The global market encounters several restraints that affect its growth and operations. One significant challenge is the presence of regulatory hurdles. Compliance with strict regulations and standards imposed by regulatory bodies can be complex and time-consuming for rental providers, requiring extensive documentation and adherence to specific guidelines. Additionally, the limited insurance coverage for rented medical equipment poses a constraint. Insurance companies often have restrictions or provide limited coverage for rented equipment, leading to additional financial burdens for both rental providers and users. Moreover, the high maintenance and servicing costs associated with medical equipment rental present a significant obstacle. Rental providers are responsible for the upkeep and servicing of the equipment, which can be expensive, particularly for specialized or advanced devices. These costs can impact profit margins and sustainability in the competitive market. Overall, these restraints require rental providers to navigate regulatory complexities, seek appropriate insurance coverage, and manage maintenance costs effectively to ensure the smooth operation of the global market.
Global Medical Equipment Rental Market: Regional Insights
Based on geography, the global market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to gain highest share in the market during the forecast period owing to the rise in burden of chronic diseases, rise in demand for healthcare services, rise in demand for medical equipment, and well-established healthcare infrastructure in the region. For instance, in January 2023, Turn Medical partnered with USME (US Med-Equip) to widen access to the start-up’s first product for critically ill people with severe respiratory issues. The partnership accelerates hospitals’ access to Turn Medical’s Pronova-O2 Automated Prone Therapy System, an automated hospital bed that rotates patients to a prone position onto their abdomen.
Moreover, Europe and Asia Pacific are also expected to witness significant growth in the global market owing to the rise in patient pool (due to rise in burden of chronic diseases), rise in demand for medical equipment, rise in demand for healthcare services, and well-established healthcare infrastructure in these region. For instance, IRM Europe is one of the leading provider of rental medical equipment. IRM Europe supplies equipment for clinical trials, as well as pays attention to developing nations, where several patients couldn’t afford to use costly medical equipment due to inadequate medical infrastructure.
Detailed Segmentation:
By Product:
- Surgical Equipment
- Durable Medical Equipment (DME)
- Storage and Transport
By End-Use:
- Personal/Home Care
- Institutes and Laboratories
- Hospitals
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| The market size value in 2023 |
Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Medical Equipment Rental Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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