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Medical Equipment Rental Global Market Report 2024 Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview
Medical Equipment Rental Global Market Report
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Medical Equipment Rental Market 2024 Key Insights:
• The medical equipment rental market will grow to $76.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Expanding Healthcare Infrastructure Fuels Surge In Medical Equipment Rental Industry
• Innovative Technological Advancements Transforming The Landscape Of Medical Equipment Rental
• North America was the largest region in the medical equipment rental market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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