The expansion of this sector can be attributed to the robust demand for home care services and the substantial costs associated with medical equipment, further underscored by the mounting need to control healthcare expenses.
The market's momentum is also propelled by the increasing elderly and disabled population, which is driving the requirement for long-term care and personalized mobility and safety devices. In this context, rental services offer short-term arrangements that are more economically feasible compared to outright purchases.
Leading companies, like Block Imaging, integrate service coverage within rental pricing. This includes provisions for preventive maintenance, parts replacement, engineer labor, uptime assurances, and around-the-clock call center support, collectively minimizing quality concerns associated with durable medical equipment (DME) rentals. Given the predominant user demographic of elderly or disabled individuals, these service provisions foster convenience and elevate living standards.
Swift technological advancements contributing to the swift obsolescence of products drive consumers and healthcare institutions toward embracing DME rental solutions.
For instance, the development of advanced accessories for walking aids or sophisticated versions like rollators, enhancing user comfort, encourages the adoption of DME rentals to access novel and improved products. Upgrading medical equipment serves as a pivotal marketing strategy for rental companies, generating supplementary revenue streams.
US Durable Medical Equipment Rental Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Durable Medical Equipment Rental Market Segmental Analysis
The global durable medical equipment rental market is segmented on the basis of application, end – use, region. By end – use, the market is segmented into personal/homecare, institutes and laboratories, Hospitals. By application, the market is segmented into personal mobility devices, bathroom safety and medical furniture, monitoring and therapeutic devices. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Durable Medical Equipment Rental Market Analysis By Application
The segment of bathroom safety and medical furniture emerged as the dominant force in the DME rental market, commanding a substantial revenue share of 56.4% in the year 2022. This prevalence can be attributed to the escalating presence of chronic illnesses that necessitate prolonged care, subsequently driving the heightened demand for rental services concerning essential equipment like mattresses, bedding, anti-skid bathroom fixtures, and toilet safety rails.
The sphere of personal mobility devices is projected to undergo rapid expansion during the forecast period, largely fueled by the accessibility of technologically advanced, compact, and portable mobility aids. Moreover, the escalating occurrences of ailments like rheumatoid arthritis and osteoporosis are anticipated to significantly contribute to the growth of this specific segment.
Durable Medical Equipment Rental Market Analysis By End – Use
The sector of hospitals emerged as the frontrunner in the domain of DME rental, commanding the majority of the market with a substantial revenue share of 59.2% in the year 2022. This dominance can be ascribed to various factors including the practice of bulk leasing, the notable influx of patients, the mounting pressure to curtail expenses, and the pronounced requirement for technologically advanced products within these healthcare settings.
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Global Durable Medical Equipment Rental Market Regional Insights
In 2022, North America firmly held the reins of the DME rental market, boasting the largest slice of the revenue pie at 32.5%. This commanding position can be attributed to a combination of recent economic deceleration, the burgeoning geriatric population, and the heightened prevalence of lifestyle-related ailments. These factors are expected to collectively contribute to the region's market expansion. Additionally, the surge in governmental initiatives aimed at reining in healthcare expenses is projected to create a favorable environment for market growth.
Across the Asia Pacific region, the DME rental market is poised to experience robust growth during the forecast period. This optimistic outlook is chiefly influenced by the region's substantial patient pool, which consequently fuels a robust demand for advanced healthcare infrastructure. Furthermore, the presence of government programs aimed at enhancing the affordability and accessibility of patient assistance devices, coupled with the burgeoning geriatric demographic, is poised to act as key catalysts for segment growth. For example, the United Nations Population Fund (UNFPA) predicts that by 2050, the Asia Pacific region will be home to an estimated 1.3 billion individuals aged 60 and above. This demographic shift is expected to significantly drive demand for durable medical equipment across the region. The resulting high demand, coupled with the costliness of such equipment, is anticipated to trigger an upsurge in the demand for DME rental services, given that renting presents a more cost-effective alternative.
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