The global Durable Medical Equipment Market is estimated to be valued at US$ 196.4 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Durable medical equipment refers to the medical devices and equipment that are prescribed by healthcare professionals and designed to provide therapeutic benefits to patients at home or other non-clinical settings. These devices are crucial in the management and treatment of various chronic diseases and disabilities. Durable medical equipment includes mobility aids, respiratory devices, monitoring systems, prosthetics, and orthotics, among others. The advantages of durable medical equipment include improved patient mobility, enhanced quality of life, reduced healthcare costs, and increased convenience for patients.
Market Key Trends:
One key trend observed in the durable medical equipment market is the growing demand for home healthcare. With the rise in geriatric population and the increasing prevalence of chronic diseases, there is a growing need for medical devices that can be used at home. Home healthcare provides a cost-effective and convenient alternative to hospital stays, allowing patients to receive necessary medical care in the comfort of their own homes. This trend is further supported by advancements in technology, such as remote monitoring systems and telehealth services, which enable healthcare professionals to remotely monitor and provide care to patients. The COVID-19 pandemic has also accelerated the adoption of home healthcare services, as it reduces the risk of exposure to infectious diseases.
PEST Analysis:
Political: The political factors influencing the durable medical equipment market include government regulations and policies related to healthcare and medical devices. This can include laws regarding the approval and safety standards of medical equipment, reimbursement policies, and healthcare funding. Political instability in certain regions can also impact the market.
Economic: The economic factors influencing the market include the overall economic conditions of different countries, healthcare expenditure, and disposable income of individuals. The demand for durable medical equipment is influenced by the affordability and accessibility of healthcare services, as well as the purchasing power of consumers.
Social: The social factors influencing the market include demographic trends, population aging, and changing healthcare preferences. The increasing elderly population and the rising prevalence of chronic diseases are driving the demand for durable medical equipment. Additionally, changing lifestyle patterns and awareness about the importance of healthcare and wellness also impact market growth.
Technological: The technological factors influencing the market include advancements in medical technology, product innovation, and the adoption of digital healthcare solutions. Technological advancements have led to the development of more efficient and user-friendly durable medical equipment, improving patient outcomes and enhancing healthcare delivery.
Key Takeaways:
The Global Durable Medical Equipment Market Demand is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period of 2023-2030. This can be attributed to several drivers, such as the increasing geriatric population and the rising prevalence of chronic diseases globally. The growing awareness about healthcare and wellness, coupled with advancements in medical technology, is also fueling market growth.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the durable medical equipment market. This can be attributed to factors such as the presence of a well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies. The increasing aging population in countries like the United States and Canada further contributes to the market growth.
Key players operating in the durable medical equipment market include 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 companies are focusing on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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