Durable Medical Equipment Market size to exceed $275 Bn by 2026 | Top Players - Medline Industries, Intco Medical, Getinge, Stryker, Cardinal Health, GF Health Products, Hill-Rom Services, Invacare, Compass Health Brands and Sunrise Medical
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.
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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.
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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.
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.
The main goal of home healthcare with durable medical equipment is to provide patients access to trained professionals as well as resources they need to heal.
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