The global durable medical equipment market products includes mobility equipment such as wheelchairs, walkers & crutches, bathroom safety devices, and medical furniture among others. These products provide independent living, safety, and mobility to patients and elderly population suffering from chronic diseases or physical disabilities. Durable medical equipment helps improve quality of life and aid independent living. The Global durable medical equipment market is estimated to be valued at US$ 5,949.9 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the durable medical equipment are Stryker Corporation, Baxter International, Inc. Medtronic plc. Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation, Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) Hill-Rom Holdings, Inc., and others. Key players are focusing on developing smart and Internet of Things (IoT) enabled durable medical equipment to gain a competitive advantage in the market.
The global durable medical equipment market provides numerous opportunities for players in the form of rising geriatric population, growing incidence of chronic diseases, and increasing demand for home healthcare. Technologies such as artificial intelligence and Internet of Things are enabling remote monitoring of patients. This is expected to drive demand for smart and connected durable medical equipment.
Technological advancements are supporting early disease detection and management through integration of new technologies in durable medical equipment. Products such as smart beds, smart wheelchairs, and wearable medical devices are integrated with sensors, software, and communication technologies to remotely monitor patients' vital signs and provide real-time healthcare support. This is improving healthcare access and outcomes.
Market drivers
The key driver for the durable medical equipment market is the increasing prevalence of chronic diseases and mobility-related disabilities globally. As per WHO, chronic diseases accounted for approximately 60% of all deaths worldwide in 2001. Further, ageing population is more prone to chronic conditions requiring durable medical equipment support. Favorable reimbursement policies for durable medical equipment major countries is also fueling the market growth.
Current Challenges in Durable Medical Equipment Market
The durable medical equipment market is facing few challenges currently which includes high maintenance and service costs associated with medical equipment, shortage of trained professionals and technicians for operation and maintenance of medical equipment and rising costs of medical devices. Due to increasing cost pressures in the healthcare industry, hospitals and other healthcare providers are focusing on reducing operational expenditures which also impacts the demand for new medical equipment purchases.
SWOT Analysis
Strength: Durable medical equipment provides long term benefits to patients and reduces hospital readmissions. Advancing technology is enabling development of user friendly medical devices.
Weakness: High initial investment and maintenance costs of medical equipment. Rapidly changing technology leads to faster obsolescence.
Opportunity: Growing geriatric population and increasing prevalence of chronic diseases is driving the need for home healthcare. Portable and wearable devices are opening new opportunities.
Threats: Economic slowdowns can negatively impact the industry. Stringent regulatory approvals and reimbursement policies pose challenges.
Geographical Regions
North America region currently holds the major share in durable medical equipment market in terms of value which is owing to factors such as presence of major players, high healthcare spending and rapid technology adoption. Asia Pacific region is expected to witness fastest growth during the forecast period supported by increasing healthcare infrastructure, growing medical tourism and rising purchasing power in emerging countries.
Geographical Regions with Fastest Growth
Asia Pacific region is projected to experience fastest growth in durable medical equipment market during the forecast period of 2023 to 2030. This growth can be attributed to factors like rapidly growing geriatric population, improving reimbursement scenarios, increasing healthcare expenditures and rising focus of global players on emerging Asian countries due to presence of large patient pool and cost competitiveness. China and India are expected to be at forefront of Asia Pacific regional growth.
