Medical Equipment Rental Market Trends, Drivers, and Impact Analysis 2028

Medical Equipment Rental Market Outlook 2028

• The global medical equipment rental market was valued at US$ 51.05 Bn in 2020

• It is estimated to expand at a CAGR of 4.2% from 2021 to 2028

• The global medical equipment rental market is expected to reach the value of US$ 70.95 Bn by the end of 2028

Durable Medical Equipment Gain Prominence in Long-term Care Requirements

Companies in the global medical equipment rental market are increasing the manufacturing of personal & home care equipment, electronic & digital equipment, surgical equipment, and durable medical equipment, among others. Durable medical equipment is being publicized for long-term care needs, acute care, and emergency care & trauma based on the duration of their requirements and their standards.

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The durable medical equipment segment accounted for a major revenue share of the global market in 2020 due to the high cost and increased demand for state-of-the-art systems. This trend is likely to continue due to the increase in geriatric population across the world.

Need for Home Healthcare Fueling Demand for Equipment Rental amid COVID-19 Pandemic
The rising need for services of home healthcare, owing to diminished hospital stays during the ongoing COVID-19 pandemic, is estimated to fuel growth of the global medical equipment rental market. Furthermore, the increasing number of disabled and geriatric patients is anticipated to generate the demand for rental devices in the forthcoming years.

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Rising incidences of skeletal or brain disorders and muscular dystrophy are resulting in rise in the number of disabled population. The patients suffering from various chronic disorders opt for treatment at home in an effort to avoid long stays at hospitals. These patients could choose from a wide range of medical devices on rent in a bid to avoid long stays at hospital. This factor is likely to support the growth of the medical equipment rental market in the years to come.

Lack of Insurance Coverage and Price Knowledge Affecting Market Growth

The revenue share of durable medical equipment is likely to observe profitable growth during the forecast period, owing to its extensive use in the treatment and diagnosis of different types of disorders. The rising incidences of gynecological complications, neurological disorders, cancer, and cardiac disorders necessitate surgical interventions on many occasions.

This leads to long-term recovery and care, which generates the demand for durable medical equipment. However, it has been found that few medical devices come with insurance coverage, which is likely to act against the expansion of the global medical equipment rental market over the assessment tenure.

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On the other hand, smaller hospitals as well as individual patients enter much more expensive rental agreement than necessary due to the lack of awareness and proper knowledge associated with medical equipment rental & leasing. Hence, med-tech companies should work closely with governments & healthcare organizations to increase acceptance of medical equipment rental, which will encourage insurance companies to include it under reimbursement and will educate potential customers & medical practitioners about adequate rental prices.

Europe Holds Lucrative Revenue Opportunities for Rented Medical Equipment Providers
Considering regional platform, both North America and Europe are likely to emerge as the most promising zones for the medical equipment rental market. The medical equipment rental market in Europe is estimated to witness substantial growth over the projection period. The region is expected to dominate the global market. Rising incidences of chronic diseases with development of the healthcare infrastructure is likely to boost the market in Europe.

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North America is projected to emerge as another prominent region in the global medical equipment rental market. Driven by Canada and the U.S., the medical equipment rental market in the region is likely to observe growth on the back of rising preference for renting such equipment as opposed to buying. Asia Pacific is likely to be one of the most lucrative regions for the market.

Increased disposable income together with rising expenditure for the development of healthcare infrastructure presents ample scope for growth of the medical equipment rental market in Asia Pacific.

Medical Equipment Rental Market: Overview

• According to Transparency Market Research's latest report on the global medical equipment rental market for the historical period 2017-2019 and forecast period 2021-2028, rising health care expenditure and increasing demand for novel medical equipment have led to a surge in the medical equipment manufacturing industry, which, in turn, are key factors that are estimated to drive the medical equipment rental market during the forecast period

Increasing Prevalence of Chronic Diseases to Boost Market Growth: Key Driver

• The number of deaths due to cardiovascular diseases is projected to reach 23.3 million by 2030. Chronic medical conditions, such as high blood pressure, diabetes, along with cardiovascular and respiratory diseases require, regular and continuous monitoring. Furthermore, the American Diabetes Association estimated that one in every three adults in the U.S. would have diabetes by 2050.

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• Increasing number of people diagnosed with such diseases drives the demand for home health care medical devices and services, which, in turn, is projected to boost the demand for rental medical equipment. Thus, rise in number of people diagnosed with chronic diseases boosts the uptake of various home care medical devices such as rehabilitation devices, diabetes supplies, and mobility devices.

Rising Geriatric Population to Drive Medical Equipment Rental Market

• Developments in the medical field have led to the increase in life expectancy of people, with more number of people exceeding the average age of 50 years. According to the United Nations, the number of people aged 60 years & above is likely to increase from 841 million in 2013 to over 2 billion by 2050.

• Changing demographics and rising geriatric population are shifting a substantial population to the higher illness categories, which require continuous medical interventions

• Rising geriatric population across the globe and changing lifestyle are common risk factors associated with the development of chronic diseases. The number of aged population diagnosed with blood pressure, diabetes, and cardiovascular diseases is increasing significantly in developed and developing countries, which in turn is estimated to increase the use of various patient monitoring devices as well as services.

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Poor Pricing Flexibility to Hamper Global Market

• Smaller hospitals as well as individual patients end up agreeing to a much more expensive rental agreement than necessary due to the lack of awareness and proper knowledge associated with medical equipment rental and leasing

• Most rental medical equipment service providers do not reveal historical evidences of lower rates, fair market value, insurance replacement cost and added advantages, including post agreement services. Therefore, consumers remain unaware of the complete rental agreements and are unable to negotiate for a better pricing option.

Medical Equipment Rental Market: Competition Landscape

• This report profiles major players in the global medical equipment rental market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

• The global medical equipment rental market is highly fragmented, with the presence of a number of international as well as regional players

• Leading players operating in the global medical equipment rental market are

o Apria Healthcare Group, Inc.
o Centric Health Corporation.
o Hill-ROM Holdings, Inc.
o Nunn's Home Medical Equipment
o Port Huron Hospital Medical Equipment
o US Med-Equip, Inc.
o Universal Hospital Services, Inc.
o Woodley Equipment Company Ltd.
o Walgreen Co.
o Westside Medical Supply, Inc.

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