Medical Equipment Rental Market is Expected to Growing at a CAGR of 7.1% Till 2024 - Study By Technology, Key Players, Product and Regions
Medical equipment rental is referred to the leasing or renting of medical equipment. Renting or leasing of medical equipment have emerged as an alternative to equipment purchasing to various end users such as medical institutions and others. Medical equipment can be rented on the basis of daily, weekly and monthly.
Market Size and Forecast
The global medical equipment rental market is expected to grow at a CAGR of 7.1% over the forecast period i.e. 2017-2024. Further, the market of medical equipment rental is riding on the back of numerous factors such as increasing healthcare infrastructure and rising preference for rental medical equipment due to affordable prices.
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On the basis of device, the global medical equipment rental market is segmented into personal/home care equipment, electronic/digital equipment, surgical equipment, durable medical equipment, and storage and transport. Further, durable medical equipment captured the largest market share in 2016. Additionally, durable medical equipment segment is envisioned to continue its dominance over the forecast period owing to high prevalence of diseases.
In terms of regional platform, Europe and North America regions are the most prominent regional market for medical equipment rental. Europe region is projected to dominate the overall market of medical equipment rental by the end of 2024 aided by Western European countries such as Germany, U.K. and others. Further, this growth of Europe region is attributed to numerous factors such as rapid urbanization and growing adoption of rental medical equipment.
North America region captured the second largest market of medical equipment rental in terms of revenue in 2016. Additionally, U.S. and Canada are the major countries witnessing the augmented demand medical equipment rental due to growing preference for rental medical equipment. Asia-Pacific region is believed to be the most lucrative market of medical equipment rental due to growing emerging economies such as China, India and others. Further, rising disposable income and positive GDP figures across the region are believed to flourish the growth of medical equipment rental market.
Major Key Players of Global Market:
Hill-Rom Holdings, Inc., Nunn’s Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Universal Hospital Services, Inc., Woodley Equipment Company Ltd., Westside Medical Supply, Inc., Medone Group, Apria Healthcare Group, Inc., Siemens Financial Services, Inc., and Others
By Device Type, By End-Users, By Technology, By Regions
Growth Drivers and Challenges
Factors such as growing prevalence of chronic diseases, rising healthcare expenditure, increasing adoption of rental medical equipment and growing old age population are believed to be the dynamic factor behind the rapid growth of medical equipment rental market. Moreover, increasing preference for rental medical equipment due to lower cost is envisioned to foster the growth of medical equipment rental market across the globe. Further, high demand for medical equipment rental from medical and healthcare institutions is also predicted to elevate the global medical equipment rental market.
Likely, rapid urbanization and growing GDP figures of the developed and developing nations are also expected to flourish the growth of medical equipment rental market by the end of 2024. Further, medical equipment rental market is driving on various factors such as shortened medical equipment life due to continuous technological advancement and high prices of new medical equipment. In addition to this, short replacement cycles of medical equipment further boost the demand for rental medical equipment.
However, lack of awareness regarding medical equipment rental is projected to dampen the growth of medical equipment rental market over the forecast period.
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