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The durable medical equipment market comprises various products such as mobility devices, personal use or home support devices among others. These products aim to support or substitute for disabled or non-functioning medical conditions. Some common durable medical equipment includes wheelchairs, hospital beds, continuous passive motion machines, ambulatory aids, and respiratory therapy equipment. The growing geriatric population and the rising rate of chronic diseases and disabilities have increased the demand for durable medical equipment worldwide.
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 market 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. The market players are focusing on new product launches and increased investments in R&D of advanced medical devices. For instance, ResMed launched newConnected Care digital health solutions to help improve patient outcomes.
The durable medical equipment market provides numerous growth opportunities owing to the rising prevalence of chronic conditions and increasing healthcare expenditures. Growing adoption of home healthcare is further facilitating the durable medical equipment market growth. Key opportunities in the market include development of cost-effective and user-friendly devices through incorporation of latest technologies like IoT, AI and more.
Technological advancements play a major role in driving the durable medical equipment market. Integration of advanced technologies like robotics, artificial intelligence, 3D printing and Internet of Things (IoT) has improved product efficiency and healthcare outcomes. For example, computer-aided technologies help design customized prosthetics based on individual functional requirements. AI in ventilators manages respiration effectively by analyzing breathing patterns.
Market Drivers
Rising geriatric population: The growing pool of aging population globally having increased susceptibility to medical conditions is a key growth driver. They require continuous medical care and assistive devices for treatment, disease management and independent living.
Increasing prevalence of chronic diseases: The high incidence of diseases like COPD, diabetes, cancer and more have accelerated the demand for durable medical equipment including respiratory therapies, glucose monitoring devices, prosthetics and others.
Growing healthcare spending: Rising investments in healthcare infrastructure development and adoption of advanced treatment options have boosted the availability and uptake of durable medical devices in both developed and developing regions.
Current Challenges in Durable Medical Equipment Market
The durable medical equipment market faces various challenges due to technological advancements, cost pressures, and stringent regulations. Equipment upgrading needs more investments to keep up with changing technology. Also, developing technologies like 3D printing can disrupt the market. The market players also face pricing challenges due to reimbursement policies. Stringent device approval processes increase compliance costs for companies.
SWOT Analysis
Strength: Strong growth in healthcare spending and need for home healthcare. Increased awareness about availability of advanced medical equipment.
Weakness: High costs associated with R&D, clinical trials and regulatory approvals. Pressure to reduce equipment pricing.
Opportunity: Scope for remote patient monitoring technologies and devices. Growing demand for energy-efficient and reusable products.
Threats: Threat from refurbished and rental products. Stringent regulations around product development and marketing. Threat of new entrants and substitute products.
Geographical Regions
North America accounts for the largest share of the durable medical equipment market currently, in terms of value. This is attributed to factors like early adoption of advanced technologies, high healthcare spending, and presence of major medical device companies in the region. However, Asia Pacific region is expected to witness the fastest growth during the forecast period due to growing medical tourism, increasing elderly population and investments in healthcare infrastructure development.
Fastest Growing Region
Asia Pacific region is poised to grow at the fastest rate for the durable medical equipment market between 2023-2030. This is due to rising healthcare expenditure, growing patient population and increasing focus of global players on expanding presence in emerging countries like India, China and South Korea. Initiatives by governments to strengthen public healthcare systems and improve access to medical services will aid the development of sustainable models for using advanced medical equipment in the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
