What are the Growth Drivers of Durable Medical Equipment Market? Cardinal Health, Compass Health Brands, Getinge AB, GF Health Products, Inc, Hill-Rom Services, Inc, Invacare Corporation, Medline Industries. Inc, Stryker, Sunrise Medical
Durable medical equipment market is estimated to record a substantial growth rate over the coming years owing to the therapeutic benefits to the patients on a day-to-day basis. It refers to the supplies and equipment ordered by a health care provider for everyday or long use. Coverage for durable medical equipment includes wheelchairs, oxygen equipment, and crutches or blood testing strips for diabetes patients.
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However, supplies could also include replacement CPAP masks, support braces, nutritional formulas, catheters and diaper supplies. Medical equipment supplier, in addition to supplying these products, also assist the patients with getting the proper equipment.
Some medical device supply companies also have staff to go to the hospital or the patient's home to help them learn the operation of certain equipment like feeding pumps or to get fitted for wheelchairs.
It comprises items that are ordered or prescribed by a physician, are reusable, and are customarily or mainly used to carry out a medical purpose. The equipment are appropriate for use in the home and usually are not beneficial to a person in the absence of injury or illness. A health care provider is responsible for prescribing the medical equipment as well as supplies that are necessary for a person's care.
Individuals can find a durable medical equipment provider through online search. There are numerous providers throughout the globe, who could help in finding the right equipment needed for a healthy and comfortable life.
The durable medical equipment market is segmented in terms of product, payer, and end-use.
Based on product, the market is bifurcated into bathroom safety devices, personal mobility devices, catheters, medical furniture, monitoring and therapeutic devices, consumables and accessories, breast pumps, incontinent pads, and others. Among these, the market value for catheters was more than USD 40 billion in 2019, since it reduces the treatment time.
Catheters are used to drain pus or fluid that is collected in cavities. A common instance is the use of catheters to drain out pus that has accumulated in an abdominal blister.
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With respect to payer, the market is bifurcated into public, private and out-of-pocket. Among these, the out-of-pocket payer segment recorded a CAGR of around 5.5%, as out-of-pocket expenses are cost that individuals pay out of their own cash reserves.
To minimize out-of-pockets costs, it is helpful to know about all possible sources of funds that might be available to the disabled or elderly. It is also useful since it gives options that could help the individual save a considerable amount while also bringing in growth from one of the other two payer segments.
Based on end-use, the market is classified into home healthcare, hospitals, ambulatory surgical centers, and others. Among these, the home healthcare segment accounted for a market value of over USD 60 billion in 2019, as home-based equipment is generally equipped with high-tech monitoring technologies.
Table of Content:
Chapter 1. Methodology
1.2. Market definition
1.3. Forecast parameters
1.4. Data sources
18.104.22.168. Paid sources
22.214.171.124. Unpaid sources
Chapter 2. Executive Summary
2.1. Medical equipment industry 360 degree synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-use trends
2.1.4. Regional trends
Chapter 3. Durable Medical Equipment Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
126.96.36.199. Rising patient preference for home-based care
188.8.131.52. Increasing prevalence of chronic diseases across the globe
184.108.40.206. Growing geriatric population base throughout the globe
220.127.116.11. Technological advancements
3.3.2. Industry pitfalls and challenges
18.104.22.168. Lack of skilled professionals
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By end-use
3.5. Porter's analysis
3.6. Competitive landscape, 2018
3.6.1. Competitive matrix analysis, 2018
3.7. PESTEL analysis
Chapter 4. Durable Medical Equipment Market, By Product
4.1. Key segment trends
4.2. Personal mobility devices
4.2.1. Market size, by region, 2015 - 2026
4.2.2. Wheelchair and scooter
22.214.171.124. Market size, by region, 2015 - 2026
4.2.3. Crutches and canes
126.96.36.199. Market size, by region, 2015 - 2026
188.8.131.52. Market size, by region, 2015 - 2026
184.108.40.206. Market size, by region, 2015 - 2026
4.3. Monitoring and therapeutic devices
4.3.1. Market size, by region, 2015 - 2026
4.3.2. Oxygen equipment
220.127.116.11. Market size, by region, 2015 - 2026
4.3.3. Blood glucose analyzers
18.104.22.168. Market size, by region, 2015 - 2026
4.3.4. Vital sign monitors
22.214.171.124. Market size, by region, 2015 - 2026
4.3.5. Infusion pumps
126.96.36.199. Market size, by region, 2015 - 2026
4.3.6. CPAP devices
188.8.131.52. Market size, by region, 2015 - 2026
184.108.40.206. Market size, by region, 2015 - 2026
220.127.116.11. Market size, by region, 2015 - 2026
4.4. Bathroom safety devices
4.4.1. Market size, by region, 2015 - 2026
4.5. Medical furniture
4.5.1. Market size, by region, 2015 - 2026
4.6. Incontinent pads
4.6.1. Market size, by region, 2015 - 2026
4.7. Breast pumps
4.7.1. Market size, by region, 2015 - 2026
4.8.1. Market size, by region, 2015 - 2026
4.9. Consumables and accessories
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