Medical Equipment Rental Market Report 2024 - Future Challenges, Growth Opportunities, Upcoming Trends, Industry Demand, and Forecast until 2033

The medical equipment rental market size has grown strongly in recent years. It will grow from $58.83 billion in 2023 to $61.84 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to cost containment, regulatory compliance, flexibility and scalability, focus on core competencies, emerging markets.

The medical equipment rental market size is expected to see strong growth in the next few years. It will grow to $76.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to rising healthcare costs, demand for short-term solutions, adherence to stringent regulations, agility in healthcare management, global expansion. Major trends in the forecast period include increasing demand for cost-effective solutions, technological advancements driving rentals, rise of home healthcare services, flexibility and scalability needs, focus on sustainable practices.

Market Overview -
Medical equipment rental refers to the service of providing assets like infusion pumps and other medical equipment on a rental basis to lenders such as hospitals, clinics, and other healthcare partners. It allows the customer to choose which store to visit, browse through the store, and place an order for the required medical equipment.

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Expanding Healthcare Infrastructure Fuels Surge In Medical Equipment Rental Industry
The rise in the number of hospitals, diagnostic laboratories, and surgery centers is expected to propel the growth of medical equipment rental going forward. To deliver high-quality healthcare services, these facilities need a variety of medical equipment, but they might not have the funds to buy such equipment altogether. Medical equipment rental companies provide access to a variety of equipment on a short- or long-term basis, offering cost-effective alternatives. For instance, in March 2023, according to the United States Census Bureau, a US-based principal agency of the U.S. Federal Statistical System, the revenue of United States medical and diagnostic laboratories increased from $12.41 billion in Q2 2020 to $16.93 billion in Q2 2021. Furthermore, in August 2022, according to the Centers for Medicare and Medicaid Services (CMS), a US-based federal agency under the United States Department of Health and Human Services, the number of certified clinical laboratories in the United States increased by about 13 percent, from 2,86,396 in 2020 to 3,23,086 in 2021. The rise in the number of hospitals, diagnostic laboratories, and surgery centers is driving the growth of the medical equipment rental market.

Competitive Landscape -
Major companies operating in the medical equipment rental market report are Hill-Rom Holdings Inc., Siemens Financial Service Inc., Nunn's home Medical Equipment, Westside Medical Supply, Universal Hospital Services Inc., Woodley Equipment Company Ltd., Apria Healthcare Group Inc., Centric Health Corporation, AGITO Medical A/S, US Med-Equip Inc., Walgreen Co., General Electric, Huron Consulting Group Inc., China Huarong Financial Leasing Co. Ltd., Meridian Group International, Mizuho Leasing Company Limited, Stryker Corporation, Agiliti Inc., Avante Health Solutions, United Rentals Inc., Block Imaging, Jamie's Medical Imaging, PrizMED Imaging, Radiology Oncology Systems Inc., National Diagnostic Imaging, Providian Medical Equipment Inc., Future Health Concepts Inc., Direct Medical Imaging LLC, Multi Imager Service Inc.

Innovative Technological Advancements Transforming The Landscape Of Medical Equipment Rental
Technological advancements are a key trend gaining popularity in the medical equipment rental market. Major companies operating in the medical equipment rental market are focused on developing new solutions to sustain their position in the market. For instance, in May 2022, US Med-Equip, a US-based provider of medical equipment rentals and hospital equipment rentals, launched the GoUSME App, an online portal and iOS and Android app. It is uniquely designed to help front-line clinicians order and manage rented medical equipment from US Med-Equip with the click of a button. It is an open system that employs passive RFID technology to identify and pinpoint mobile medical equipment that is owned and rented by healthcare providers. The RFID reader scans help hospitals locate RFID-tagged equipment to conduct preventative maintenance.

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Key Segments -
The medical equipment rental market covered in this report is segmented -
1) By Type: Personal Or Home Care Equipment, Electronic Or Digital Equipment, Surgical Equipment, Durable Medical Equipment, Long Term Care, Acute Care, Emergency And Trauma, Storage And Transport
2) By End-User: Hospitals, Personal Or Home Care, Institutional, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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