July 18, 2024

Medical Equipment Rental Services is fastest growing segment fueling the growth of Medical Equipment Rental market

Market Overview:

The medical equipment rental market includes various medical devices and equipment provided on rental basis to healthcare providers as well as patients. This helps in reducing huge capital costs incurred on purchasing expensive medical devices. The rented medical equipment find wide application in various diagnostic and therapeutic procedures in hospitals as well as homecare settings.

Market key trends:

One of the key trends in the medical equipment rental market is growing preference for renting of high-cost medical equipment rather than purchasing. Due to the expensive prices of medical equipment such as imaging equipment, it has become financially challenging for most hospitals and diagnostic centers to purchase them. Moreover, the costs of maintaining and replacing older medical devices is also substantial. Renting such medical devices on short-term basis reduces significant capital expenditure burden.

Segment Analysis
The global medical equipment rental market can be segmented based on equipment type and end-users. Based on equipment type, the market can be classified into durable medical equipment and non-durable medical equipment. The durable medical equipment segment dominates the market and is expected to continue its dominance over the forecast period. Durable medical equipment includes wheelchairs, walkers, medical beds and breathing devices. They find applications across various medical settings and facilities.

Key Takeaways

The Global Medical Equipment Rental Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population.

The market size for 2022 was US$ 46.9 Bn. North America dominates the global medical equipment rental market, owing to rising healthcare expenditure and presence of leading market players in the region.

Key players operating in the medical equipment rental market are U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others. Hill-Rom Holdings, Inc. is one of the largest players in the market and offers rental services of medical equipment across several countries globally.

Regional analysis
North America holds the major share in the global medical equipment rental market due to increasing adoption of rental services of medical devices among healthcare providers to reduce operational costs. According to estimates, the North America medical equipment rental market was valued at US$ 20 Bn in 2022.

Key players
Key players operating in the medical equipment rental market are U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others. Hill-Rom Holdings, Inc. is one of the largest players in the market and offers rental services of medical equipment such as ICU beds, surgical tables and therapeutic supports across several countries globally.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it