According to our new research study on “Durable Medical Equipment Market Forecast to 2027 – Global Analysis – by Device Type, End User, and Geography,” the global durable medical equipment market analysis is expected to reach US$ 291,529.57 million by 2027 from US$ 170,885.52 million in 2018; it is estimated to grow at a CAGR of 6.5% during 2019–2027. The report highlights trends prevailing in the market and factors driving its growth. The durable medical equipment market growth is attributed to growing prevalence of chronic disease, rising healthcare expenditure, and rising penetration of home healthcare services. However, high equipment cost, high maintenance, and lack of skilled professionals to handle the equipment may hinder the growth of market.
Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis –
https://www.theinsightpartners.com/sample/TIPRE00005163/
Furthermore, sleep apnea is one of the significant health issues observed among the population in the US and is one of the most common sleep disorders. As per the National Sleep Foundation, in 2019, more than 18 million American adults recorded suffered from sleep apnea. Hence, considering the factors mentioned above, the growth of the durable medical equipment market in the US is expected to grow during the forecast period. Medical devices used to diagnose or treat diseases include diagnostic tests, masks, gowns, gloves, sterilizers, and ventilators.
North America accounted for the largest market in the durable medical equipment with the US holding the largest market share, followed by Canada. The market for durable medical equipment in the US is expected to grow owing to the rise in the prevalence of cardiovascular disorders, lung disorders, and cases of sleep apnea. A rise in the cases of cardiovascular disorders during recent years has been observed in the US. As per the data collected by the American Heart Association (AHA), in 2016, around 15.5 million people aged 20 years and above across the US had chronic heart diseases (CHD). Also, recent data collected for cardiac diseases by the American Heart Association states that in 2018, one out of every three deaths is caused due to cardiovascular diseases. Nearly 2,300 Americans die owing to cardiovascular disease, and an average of one death is recorded every 38 seconds.
Click here to avail lucrative discounts on our latest reports. We offer student, enterprise, and special periodic discounts to our clientele. Please fill the inquiry form below to know more –
https://www.theinsightpartners.com/discount/TIPRE00005163/
Growing Prevalence of Chronic Diseases Fueling Durable Medical Equipment Market Growth
Chronic diseases, namely diabetes, heart disease, obesity, and stroke, are the leading causes of death globally and account for most of the nation’s healthcare costs. According to the report of CDC, in 2018, approximately more than 9% of the population had diabetes, one of the leading causes of kidney failure, lower-limb amputations in the US region. Also, the data suggest that nearly 1.5 million Americans are diagnosed with diabetes every year in the US. As per the European Cardiovascular Disease Statistics 2017, in Europe, cardiovascular disease (CVD) causes 3.9 million deaths every year. The CVD accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the European Union region. CVD is the primary reason for death in men and women in all countries. Moreover, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, which accounted for around half of the US adult population, suffer from cardiovascular disease. Therefore, a rise in the incidences of CVDs is likely to increase the demand for cardiovascular diagnostic devices, thereby propelling the growth of the durable medical equipment market during the forecast period. The US Food and Drug Administration approved 40 innovative medical devices through its premarket approval process in 2020, a 25% increase from 32 a year earlier.
Durable Medical Equipment Market: Competitive Landscape and Key Developments
The durable medical equipment market share is anticipated to flourish with the development of new innovative products by market players. Hillrom Services Inc; Carex Health Brands, Inc.; Cardinal Health; NOVA Medical Products; Drive DeVilbiss Healthcare; Medical Depot, Inc; GF Health Products, Inc.; Medline Industries, Inc.; Invacare Corporation; Sunrise Medical (US) LLC; Resmed Inc.; Medtronic; BD; and Koninklijke Philips N.V. are among the leading companies in the durable medical equipment market.
- In September 2019, Medtronic received FDA approval for the Evolut PRO+ TAVR System for the treatment of symptomatic severe aortic stenosis patients.
- In May 2019, Medtronic received FDA approval for the CareLink SmartSync Device Manager. SmartSync is the latest smart technology to join Medtronic's cardiac care management platform.
- In July 2018, BD acquired TVA Medical, Inc., a company that develops minimally invasive vascular access solutions for patients with chronic kidney disease requiring hemodialysis.
Durable Medical Equipment Market: Segmental Overview
Device Type-Based Insights
The global durable medical equipment market, based on device type, is segmented into personal mobility devices and monitoring & therapeutic devices. The monitoring & therapeutic devices segment was the largest among the device type subsegments in 2018. However, the personal mobility devices segment is expected to witness the fastest CAGR during 2019–2027.
End User-Based Insights
The global durable medical equipment market, based on end user, is segmented into hospitals & clinics, ambulatory care centers, and home healthcare. The hospitals & clinics segment was the largest among the end-user subsegments in 2018. However, the home healthcare segment is expected to witness the highest growth during 2019–2027.
Immediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods –
https://www.theinsightpartners.com/buy/TIPRE00005163/
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense, Food & beverage, Chemical and Materials, Semiconductors etc.
Contact Us:
Call: +1-646-491-9876
Email: sales@theinsightpartners.com
0
