The durable medical equipment market comprises devices and equipment that assist individuals with specific medical conditions or disabilities to regain capabilities and lead an independent life. Some commonly used durable medical equipment include wheelchairs, mobility aids, hospital beds, nebulizers, CPAP machines, glucometers, and other home-based monitoring and therapeutic devices. The demand for these devices is increasing across the globe owing to rising lifestyle diseases, growing geriatric population, and increasing healthcare spending.
The Global Durable Medical Equipment Market is estimated to be valued at US$ 5,949.9 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the durable medical equipment market are Stryker Corporation, Baxter International, Inc. Medtronic plc. Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation, Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) Hill-Rom Holdings, Inc., and others. These players are focussing on new product launches and partnerships to strengthen their market position. For instance, in 2022, Stryker Corporation launched new EZIVOTM Elevate Elevation Brace which offers customizable comfort and traction-based therapy.
The growing geriatric population suffering from chronic diseases and disabilities is the major factor driving the demand for durable medical equipment worldwide. According to the United Nations, the number of people aged 65 years and above is expected to grow from 727 million in 2020 to 1.5 billion by 2050. Furthermore, changing lifestyles and rising healthcare expenditure in developing countries will also contribute to the market growth.
Technological advancements are also shaping the durable medical equipment market. Key players are focusing on the development of IoT-enabled devices for remote monitoring, as well as 3D-printed customized equipment. For example, in March 2022, Medline Industries Inc launched the Assured Flex+ EZ connect enteral feeding system with improved component compatibility and set flexibility.
Market Trends
Some key market trends in the durable medical equipment industry include:
1) Growing preference for home healthcare: More patients are preferring to receive treatment and rehabilitation at home rather than visiting hospitals or clinics regularly, boosting demand for home-based monitoring devices and equipment.
2) Increasing adoption of wearable medical devices: Growing popularity of wearable devices for disease management, post-operative care, and remote patient monitoring is opening new opportunities for durable medical equipment companies.
Market Opportunities
The main opportunities in the durable medical equipment market are:
1) Expanding elderly population: A large aging population requiring assistive mobility aids, hospital beds, and therapeutic devices will drive market revenues in the coming years.
2) Convergence of healthcare and technology: Emerging technologies like AI, IoT, 3D-printing provide growth prospects in areas like customized medical devices and smart monitoring equipment.
Impact of COVID-19 on Durable Medical Equipment Market Growth
The COVID-19 pandemic has severely impacted the growth of the durable medical equipment market globally. Lockdowns enforced worldwide resulted in the closure of manufacturing facilities impacting production. Restrictions on import-export disrupted the global supply chain networks delaying equipment delivery. Surging demand for ventilators, oxygen concentrators, and other respiratory equipment from hospitals led to acute shortages. This hampered the access to critical supplies negatively impacting patients.
However, post-lockdown, demand has rebounded as healthcare facilities are procuring equipment to strengthen infrastructure preparedness for future emergencies. Manufacturers are ramping up production capacities and streamlining supply chains. Governments worldwide are supporting local manufacturers through initiatives to fulfill domestic requirements and reduce import dependence. Telemedicine is gaining traction enabling remote monitoring of patients. Wearable medical technology integrating cloud connectivity and artificial intelligence is emerging favorably.
North America Dominates Durable Medical Equipment Market Valuation
North America holds the leading share of the global durable medical equipment market in terms of value. Advanced healthcare infrastructure, availability of reimbursement, growing elderly population requiring long-term care, and presence of major industry players drive the large market size. The US accounts for the major share due to established regulatory frameworks and favorable industry policies supporting technological advancements.
Asia Pacific Poised for Fastest Growth in Durable Medical Equipment Market
Asia Pacific is projected to be the fastest-growing region for the durable medical equipment market during the forecast period. Rapid economic development, increasing healthcare investments, expanding medical tourism industry, large patient pools, and rising income levels are fueling market growth. China and India demonstrate high potential attributable to growing geriatric demographics and improving access to services. Government initiatives to modernize facilities and develop local manufacturing boost regional market expansion
