Medical equipment rental market caters to the growing need for short-term access to durable medical equipment. Medical equipment rental provides cost-effective access to devices like patient monitors, respiratory devices, IV pumps, wheelchairs, and crutches for both hospitals and individuals. Renting medical equipment offers significant capital expenditure savings compared to outright equipment purchases.
The Global Medical Equipment Rental Market is estimated to be valued at US$ 56.68 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Medical Equipment Rental Market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.
The growing demand for short-term access to medical equipment amid rising equipment costs is a key factor driving the medical equipment rental market. Additionally, acute shortage of capital for equipment purchase fuels the demand for rental services.
The global medical equipment rental market is expected to witness significant expansion over the forecast period on account of growing prevalence of chronic diseases worldwide resulting in higher hospitalization rates. Furthermore, proliferation of small-scale healthcare facilities especially in developing regions will provide impetus to rental business models.
Market key trends
Digital technologies are transforming the Medical Equipment Rental Market Growth with penetration of IoT devices and sensors. Equipment providers are leveraging technologies like RFID tags, sensors and cloud computing to enable remote monitoring of device usage, geo-tagging, and predictive maintenance of rental equipment. This allows for improved customer experience through transparency, flexible rental packages and ensures optimal equipment utilization through real-time usage tracking. Digital technologies empower medical equipment rental companies to enhance operational efficiencies and business intelligence capabilities.
Porter’s Analysis
Threat of new entrants: The medical equipment rental market requires a large capital investment which makes it difficult for new players to enter the market. Bargaining power of buyers: Individual buyers have low bargaining power in this market due to the lack of substitutes and customized requirements of the hospitals and providers. Bargaining power of suppliers: A few large players dominate the supply market for specialized medical equipment giving them a stronger position in negotiations. Threat of new substitutes: There exist no close substitutes for medical equipment required by healthcare providers. Competitive rivalry: The market is highly competitive with the top players aggressively competing on the basis of product portfolio and service offerings.
Geographical Regions
North America holds the largest share of the medical equipment rental market both in terms of value and volume. This can be attributed to factors such as increased healthcare expenditure, accessibility to advanced medical facilities, and presence of major players in the region. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising medical tourism, improving healthcare infrastructure and increasing disposable incomes in emerging countries such as India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
