Durable Medical Equipment Market Size, Growth, Trends, Share and Analysis

Durable Medical Equipment Market

Market Overview:

The durable medical equipment market is primarily driven by the rise of chronic diseases, technological advancements, and increasing government initiatives. Due to the well-developed healthcare infrastructure, the significant presence of multinational medical device companies, and well-planned reimbursement policies, the market is expected to see a CAGR of 6.3 percent during the forecast period.

The Asia-Pacific region is set to register the fastest rate of growth due to rising government and private healthcare expenditure on R&D. The risk of life-threatening illnesses in the region is high due to a diverse population of patients. Countries such as China, Japan, and India have experienced enhanced economic growth over the previous five years, contributing to the development of an enhanced healthcare infrastructure, thus driving this markets development.

The Reports Scope:

According to the scope of this study, durable medical equipment DME are the devices and products that serve medical purposes and that can tolerate frequent and/or subsequent usage. Patients now prefer at home to enjoy post-operative and long-term care. As a result, the increasing demand for home healthcare services offers DME market players the possibility of selling and cross-selling the multiple products.

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Key Market Trends: –

Hospital/Clinic Segment holds the Largest Market Share and is Expected to Retain its Dominance:

The hospital segment is expected to hold the maximum share in the global durable medical equipment market. The segments growth is primarily attributed to a high volume of hospital patients and increased funding capabilities. Technological advances in medical devices help in the improvisation of disease diagnosis and therapy.

As healthcare industry growth is being followed, the amount of clinics across developing and developed countries is increasing. These growing numbers of hospitals and clinics have well-equipped surgical equipment such as wheelchairs, beds, walkers, safety systems for bathrooms, tracking and therapeutic facilities, and other equipment.

There is also an increasing number of well-equipped diagnostic facilities with facilities, such as blood sugar monitors, infusion pumps, mattress and bedding facilities, etc., to assist improve the overall patient outcome. There are also many insurance plans that reimburse hospital medical equipment repair and maintenance costs, and thus most hospitals adopt these insurance policies. Therefore, the growth in the medical devices industry drives the hospital segment of the market

North America Captured the Largest Market Share and is Expected to Retain its Dominance:

North America maintains the biggest market share, the biggest contributor to its income being the United States. The United States is accountable for controlling the sale of medical devices / products by the Federal Drug and Food Administration FDA . In these controlled products, the FDA also supervises safety monitoring. According to Select USA a forum sponsored by the US govt , the US is the worlds biggest market for medical devices. The country accounts for around 40 percent of the global market for medical devices. Overall, the US is the biggest market for long-lasting medical equipment and may continue to maintain its status over the forecast period. The primary drivers of development are likely to be the growing elderly population and the growing incidence of chronic disease, which may indirectly fuel the implementation of sustainable medical equipment.

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Competitive Landscape:

The global durable medical equipment market is highly competitive and consists of several major players. The current main players in the market for sustainable medical equipment employ powerful competitive strategies, resulting in high competition between them. Some of the main players on the market are, among others, Compass Health Brands, GE Healthcare, Getinge AB, GF Health Products Inc., and Invacare Corporation. The main players are growing the competitive competition with product advances and improvements in sustainable medical equipment.

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