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Durable Medical Equipment Market Size, Share, Analysis, Growth, Trends And Outlook
Durable Medical Equipment Market Size
The Business Research Company offers in-depth market insights through Durable Medical Equipment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The durable medical equipment market size has grown strongly in recent years. It will grow from $207.04 billion in 2023 to $222.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to chronic disease prevalence, reimbursement policies, awareness and education, healthcare infrastructure development, government initiatives, global disease outbreaks, patient empowerment..
The durable medical equipment market size is expected to see strong growth in the next few years. It will grow to $295.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to telehealth expansion, value-based healthcare, rising healthcare costs, global health challenges, data security concerns, focus on preventive healthcare, regulatory changes.. Major trends in the forecast period include rapid technological advancements, lightweight and portable solutions, emphasis on preventive healthcare, personalization of healthcare solutions, home healthcare trends..
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Market Segmentation:
The durable medical equipment market covered in this report is segmented -
1) By Product: Personal Mobility Devices, Bathroom Safety Devices And Medical Furniture, Monitoring And Therapeutic Devices, Other Products
2) By Payer: Public, Private, Out-Of-Pocket
3) By End-Use: Hospitals, Nursing Homes, Home Healthcare, Other End-Uses
Major Driver - Aging Population Dynamics Is A Catalyst For Expanding Horizons In The Durable Medical Equipment Market
The rise in the aging population is expected to propel the growth of the durable medical equipment market going forward. An aging population refers to an increase in the number of older people due to changes in the age composition of a population. The aging population most commonly experiences aging-associated diseases that require the assistance of durable medical equipment such as blood glucose analyzers, vital sign monitors, infusion pumps, nebulizers, and others on a long-term basis. Therefore, the rise in the aging population is driving the growth of the durable medical equipment market. For instance, in January 2023, according to the United Nations, a US-based intergovernmental organization that maintains international peace and security, the population aged 65 years or older across the globe is expected to increase from 761 million in 2021 to 1.6 billion in 2050. Therefore, the rise in the aging population is driving the growth of the durable medical equipment market.
Competitive Landscape:
Major companies operating in the durable medical equipment market report are Invacare Corporation, GF Health Products Inc., Stryker Corporation, Hill-Rom Holdings Inc., Siemens Healthcare GmbH, Koninklijke Philips NV, Sunrise Medical Inc., Drive Medical, Masimo Corporation, Becton Dickinson and Company, Getinge AB, Medtronic PLC, Nihon Kohden Corporation, Mindray Medical International Limited, ArjoHuntleigh, Permobil AB, ResMed Inc., OMRON Corporation, Medline Industries Inc., Abbott, Cheelcare Canada, Compass Health Brands, GE Electric Company, Pride Mobility, Minnesota Mining and Manufacturing Company, Edwards Lifesciences, Baxter International Inc., Roche Diagnostic Equipment, Saint-Gobain Performance Plastics, SAMAPLAST .
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Top Trend - Cutting-Edge Technological Innovations Transforming The Landscape Of Durable Medical Equipment
Technological advancements are a key trend gaining popularity in the durable medical equipment market. Major companies operating in the durable medical equipment market are adopting new technologies to strengthen their position in the market. For instance, in March 2023, Dexcom, a US-based developer, manufacturer, producer, and distributor of continuous glucose monitoring systems, launched Dexcom G6 CGM System for all eligible patients with type 1 and type 2 diabetes in Canada. A small, wearable sensor and transmitter are used in this system to measure and send glucose levels wirelessly to a smart device continuously.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Durable Medical Equipment Market Characteristics
3. Durable Medical Equipment Market Trends And Strategies
4. Durable Medical Equipment Market - Macro Economic Scenario
5. Durable Medical Equipment Market Size And Growth
…..
27. Durable Medical Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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