The global Durable Medical Equipment Market size is expected to reach USD 331.1 billion and register a CAGR of 5.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by a rise in chronic diseases, such as kidney failure and cancer. Moreover, technological advancements along with a strong reimbursement scenario are likely to boost the durable medical equipment (DME) market over the forecast period.
The growing geriatric population across the globe is likely to contribute to the industry expansion. People aged 60 years or above are more prone to health issues, such as diabetes, mobility issues, Cardiovascular Diseases (CVDs), and other lifestyle problems. This creates demand for DME products. However, stringent regulatory guidelines in developed economies and a lack of skilled professionals may limit the market growth.
The COVID-19 pandemic has initially affected the market due to the shortage of supply of the product. The market players have resulted in a decline in operations, sales, and revenue during the pandemic. The outbreak has temporarily changed the customer’s spending habits due to the restrictions imposed by the government. The pandemic has resulted in rising costs of the product and post-sale services for the recovery of financial loss incurred by the market players.
The availability of technologically advanced products has also played an important role in positively impacting the growth of the market. Countries such as U.S., UK, and Germany are innovators and early adopters of advanced technologies, thus these are the most important customers for medical device markets with rapid technological innovations. Technological breakthroughs concentrating on increasing efficiency are expected to occur during the forecast period, thereby driving market growth.
Related Press Release@ Durable Medical Equipment Market Report
Durable Medical Equipment Market Report Highlights
- Monitoring and therapeutic devices emerged as the largest segment owing to the launch of technologically advanced products with more comfort and portability.
- Home healthcare is anticipated to be the fastest-growing segment in the forecast period as it is less expensive and preferred by aged people.
- North America led the market with the largest share in 2021 and will witness steady growth in the future on account of the presence of major companies in the region.
- Asia Pacific is expected to register the highest CAGR in the forecast period owing to the presence of a large target population base and improving healthcare facilities.
