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Aging Population Dynamics Is A Catalyst For Expanding Horizons In The Durable Medical Equipment Market Emerges as a Core Driver of the Durable Medical Equipment Market in 2025
Durable Medical Equipment Market
What Is the Expected CAGR for the Durable Medical Equipment Market Through 2025?
Recent years have witnessed robust growth in the size of the durable medical equipment market. The market is anticipated to expand from a value of $216.92 billion in 2024 to $229.95 billion in 2025, representing a compound annual growth rate (CAGR) of 6.0%. Factors contributing to the growth experienced in the historical period include the prevalence of chronic diseases, healthcare reimbursement policies, expanded awareness and education, development of healthcare infrastructure, government initiatives, global disease epidemics, and patient empowerment.
What's the Projected Size of the Global Durable Medical Equipment Market by 2029?
In the ensuing years, the durable medical equipment market is projected to witness robust growth, reaching a valuation of $311.53 billion by 2029 with a compound annual growth rate (CAGR) of 7.9%. The expected growth within the forecast period is due to various factors such as the expansion in telehealth services, adoption of value-based healthcare, increased healthcare expenses, global health issues, concerns about data security, and focus on preventive healthcare as well as regulatory transformations. The forecast period will also see certain key trends such as rapid advancements in technology, a shift towards lightweight and portable solutions, emphasis on preventive healthcare measures, customization in healthcare solutions, and emerging trends in home healthcare.
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Top Growth Drivers in the Durable Medical Equipment Industry: What's Accelerating the Market?
The expected increase in the elderly population is anticipated to boost the growth of the durable medical equipment market. This projection is based on the presumption that there will be a rise in the number of elder individuals due to differences in population age structure. The aging population typically suffers from age-related diseases and often requires durable medical equipment such as blood glucose analyzers, vital sign monitors, infusion pumps, nebulizers, etc. on a long-term basis. As such, the growth of the durable medical equipment market is being fueled by the increasing aging population. For example, the United Nations, a US-based intergovernmental organization committed to maintaining global peace and security, reported in January 2023 that the global population of individuals aged 65 years or older is projected to grow from 761 million in 2021 to 1.6 billion in 2050. As a result, the acceleration in the aging population is spearheading the progression of the durable medical equipment market.
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Which Emerging Trends Are Transforming the Durable Medical Equipment Market in 2025?
The surge in technological innovation is a significant trend gaining traction in the durable medical equipment market. Many leading firms in this market are embracing novel technologies to consolidate their market presence. For example, in March 2023, Dexcom, a US-based firm that specializes in developing, manufacturing, distributing and producing continuous glucose monitoring systems, introduced their Dexcom G6 CGM System for all qualified patients with type 1 and type 2 diabetes in Canada. This system employs a compact, wearable sensor and transmitter to wirelessly relay continuous glucose measurements to a smart device.
What Are the Main Segments in the Durable Medical Equipment Market?
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
Subsegments:
1) By Personal Mobility Devices: Wheelchairs, Scooters, Walkers And Canes, Crutches
2) By Bathroom Safety Devices And Medical Furniture: Grab Bars, Shower Chairs, Commodes, Hospital Beds, Bedside Tables
3) By Monitoring And Therapeutic Devices: Blood Pressure Monitors, Glucose Monitors, Nebulizers, CPAP Machines
4) By Other Products: Orthotic Devices, Respiratory Equipment, Mobility Aids
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Which Top Companies are Driving Growth in the Durable Medical Equipment Market?
Major companies operating in the durable medical equipment market include 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, Compass Health Brands, GE Electric Company, Pride Mobility, Baxter International Inc., Roche Diagnostic Equipment, SAMAPLAST
Which Regions Will Dominate the Durable Medical Equipment Market Through 2029?
North America was the largest region in the durable medical equipment market in 2024. The regions covered in the durable medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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