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Durable Medical Equipment Market Report 2024 - Durable Medical Equipment Market Size, Insights, And Forecast
Durable Medical Equipment Market
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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:
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
Durable Medical Equipment Market 2024 Key Insights:
• The durable medical equipment market will grow to $295.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Aging Population Dynamics Is A Catalyst For Expanding Horizons In The Durable Medical Equipment Market
• Cutting-Edge Technological Innovations Transforming The Landscape Of Durable Medical Equipment
• North America was the largest region in the durable medical equipment market in 2023
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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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