Future of Durable Medical Equipment Market Growth Rate and Revenue Forecast 2019-2027

The global durable medical equipment market, based on device type, was segmented as, personal mobility devices and monitoring & therapeutic devices. In 2018 monitoring & therapeutic devices held the largest share of the market, by device type, since they enable efficient diagnosis of medical conditions and also help in reducing the patient hospitalization time and also minimizes hospital visits.

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The key players influencing the market are:

Invacare Corporation
Medtronic
BD
Hillrom Services Inc
Medical Depot, Inc
GF Health Products, Inc.
Sunrise Medical (US) LLC
Medline Industries, Inc.
Koninklijke Philips N.V
ResMed

The market for durable medical equipment is expected to grow owing to factors such as the prevalence of chronic diseases, increasing elderly population, and rising incidents of road accidents. Also, the rising demand for home-based treatments is likely to have a positive impact on the growth of the market in the coming years.
According to The Insight Partners market research study titled 'Durable Medical Equipment Market to 2027 - Global Analysis and Forecasts by Device Type, End User, and Geography.' The global durable medical equipment market is expected to reach US$ 291.53 Bn in 2027 from US$ 170.89 Bn in 2018. The market is forecasted to grow with a CAGR of 6.5% during 2019-2027. The report highlights the trends prevalent in the global durable medical equipment market and the factors driving the market along with those that act as deterrents to its growth.

Market Insights

Rising Number of Road Accidents

Road accidents have been increasing significantly across the United States. Road crashes are among the leading annual cause of death of US citizens without any medical history. As per data published by the US Department of Transportation, in 2016, there were around 7,277,000 police-reported cases of accidents, out of which approximately 37,461 people were estimated to be killed and 3,144,000 were injured. The fatalities due to road accidents in the US has increased by almost 5.6% compared to the numbers of 2015.

As per the estimates by the CDC, road traffic injuries are the eighth driving cause of death worldwide. Moreover, it is estimated that by 2030, road traffic injuries will be the seventh, driving cause of death globally. Road accident injuries lead to a substantial economic burden on the lower and middle-income countries. For instance, it was expected that the approximate cost of US$ 518 billion across the globe and near around US$ 65 billion in the lower-income and middle-income countries.

Continuous Technological Advancements

There have been significant changes along with technological advancements in the healthcare services and better facilities for the treatment of chronic conditions. The increasing prevalence of chronic diseases is leading to rising demand for technically advanced devices for the diagnosis and treating the patients with effective and efficient care.

For instance, among the cardiovascular devices, Boston Scientific launched the Resonate family of cardiac resynchronization therapy defibrillator (CRT-D) systems. Similarly, in February 2019, Medtronic plc. received approval for its Resolute Drug-Eluting Stent (DES) platform. It comprised of Resolute Onyx(TM) and Resolute Integrity(TM) (DES) for the treatment of coronary artery disease and de novo chronic total occlusion (CTO). These advancements have helped in offering better therapy for cardiovascular disorders.

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