Durable Medical Equipment Market Share, Size, Trends, Industry Analysis Report, By Product (Monitoring and Therapeutic Devices, Personal Mobility Devices, Bathroom Safety Devices and Medical Furniture); By End-Use; By Region; Segment Forecast, 2023 - 2032
- Published Date:Dec-2023
- Pages: 118
- Format: PDF
- Report ID: PM1064
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global durable medical equipment market was valued at USD 210.85 billion in 2022 and is expected to grow at a CAGR of 6.1% during the forecast period.
Durable medical equipment enhances accessibility for daily living tasks. While Medicare covers DME, it excludes disposable items, with Medicare Part-B beneficiaries responsible for 20% of the approved cost and Medicare covering the remaining 80%. Improved coverage and reimbursement policies for DME products are expected to contribute to market growth. Furthermore, the growing number of elderly care centers, driven by the increasing global geriatric population, is anticipated to propel the DME market further.
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The COVID-19 pandemic disrupted the operations and financial stability of market players. The anticipated rise in the prevalence of cancer, cardiac disorders, neurological conditions, and gynecological complications is expected to drive product demand in the forecast period. Government-imposed lockdowns during the pandemic also led to disruptions in the supply chain of durable medical equipment (DME). Items such as oxygen equipment, CPAPs and RADs, and nebulizers were particularly affected by these interruptions. Storage challenges for the supply have further complicated the situation for high-risk patients, contributing to an overall increased demand for products in the market.
Older people with lower immunity levels are susceptible to skeletal, cardiac, and neurological issues, necessitating increased demand for long-term care and recovery. This is expected to drive the demand for DME products in the coming years.
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Durable medical equipment plays a vital role in supporting long-term post-surgery care, be it at home or in healthcare settings, thereby contributing to the expected durable medical equipment market expansion. Nevertheless, the industry faces potential challenges in the form of stringent regulatory guidelines in developed economies and a shortage of skilled professionals for such equipment, hindering its growth.
Industry Dynamics
Growth Drivers
Increasing Number of People with Disabilities to Drive Market Expansion
The expansion of the durable medical equipment (DME) market is influenced by various factors. DME encompasses a broad array of medical devices and equipment designed to assist individuals with disabilities or medical conditions in their daily activities or medical treatment. The increasing number of individuals with disabilities contributes to the growth of the DME market by generating a higher demand for such products. As more people require DME to aid in their daily activities or medical requirements, the market for these products naturally expands to meet the rising demand.
In general, although the increase in the number of individuals with disabilities is not a positive development on its own, it underscores the significance of ongoing investment and innovation in the DME market. This ensures that people with disabilities can access the necessary tools and equipment for a full and independent life, serving as another factor contributing to the growth of durable medical equipment revenue.
Report Segmentation
The market is primarily segmented based on product, end-use, and region.
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By Product |
By End-Use |
By Region |
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By Product Analysis
The Monitoring and Therapeutic Devices Segment held the Largest Revenue Share in 2022
It is driven by the escalating prevalence of lifestyle-related diseases requiring vital statistics analysis and a rising demand for wireless monitoring devices. This market is becoming increasingly significant, propelled by a surge in the adoption of health and fitness monitoring applications and devices worldwide. Products like wristwatches, fitness bands, and smart glasses, capable of monitoring heart rate, oxygen levels, and temperature, are gaining traction, providing crucial health analyses to mitigate uncertainties.
The bathroom safety device and medical furniture segment experienced the highest growth rate, driven by the global rise in obesity and bariatric surgeries. The introduction of technologically advanced products prioritizing superior patient comfort and portability is anticipated to boost the growth of this segment further.
By End-Use Analysis
The Hospitals Segment Accounted for the Highest Market Share During the Forecast Period
Hospitals segment accounted for the highest market share due to the rising prevalence of chronic diseases worldwide and the enhanced financial and service capabilities of healthcare settings. Nursing homes are recognized for delivering comprehensive care outside of a hospital setting. In addition to fundamental medical treatment, these facilities provide custodial care encompassing skilled services like bathing, dressing, and meal provision. The segment is projected to capture a substantial market share in the foreseeable future, driven by the growing prevalence of such establishments worldwide. Home healthcare is poised to experience the most rapid growth, as it presents a cost-effective solution for patients seeking remote healthcare services.
Regional Insights
North America Held the Largest Market in 2022
North America dominated the market due to primarily attributed to the swift integration of cutting-edge equipment in the U.S. This adoption has contributed to the region's substantial market presence. The presence of prominent manufacturers and the rapid acceptance of advanced products are expected to amplify the region's growth trajectory. North America is consistently innovating cost-effective and advanced devices, aiming to secure a significant market share by catering to patient needs. Furthermore, the increasing number of hospitals and the expanding geriatric population are key factors driving the regional market's expansion.
Europe experienced steady growth during the forecast period. The rise in investments in Eastern Europe is expected to enhance growth opportunities for industrial Durable Medical Equipments. Furthermore, the growing consumer emphasis on user-friendly and energy-efficient products is projected to contribute to market expansion.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- AireTex Compressor
- Atlas Copco
- Bauer Group
- BelAire Compressors
- Compressor Products International (CPI)
- Cook Compression
- Frank Compressors
- Galaxy Auto Stationary Equipment Co. Ltd.
- Gast Manufacturing, Inc.
- GENERAL ELECTRIC
- Ingersoll Rand Plc
- Kaeser Compressors
- MAT Industries, LLC
Recent Developments
- In June 2023, Atlas Copco extended its manufacturing facility in Wuxi, China, with the purpose of accommodating compressor research and development (R&D) as well as manufacturing operations.
- In April 2023, BAUER introduced three new lines of industrial Durable Medical Equipments, namely the K22, BK 23, and BM series. These series showcase directly coupled units, offering a seamless blend of compact design and efficient performance.
- In March 2023, The SmartMedic platform from Stryker's Global Technology enhances the functionalities of existing ICU beds in hospitals. SmartMedic is touted as India's inaugural ICU bed upgrade platform, specifically designed to monitor patients and fulfill various requirements of hospital staff.
Durable Medical Equipment Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 221.96 billion |
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Revenue forecast in 2032 |
USD 377.20 billion |
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CAGR |
6.1% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Product, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
key companies in durable medical equipment market are AireTex Compressor, Atlas Copco, Bauer Group, BelAire Compressors, Compressor Products International (CPI), Cook Compression
The global durable medical equipment market is expected to grow at a CAGR of 6.1% during the forecast period.
The durable medical equipment market report covering key segments are product, end-use, and region.
key driving factors in durable medical equipment market are growing interest in home-based healthcare services.
Durable Medical Equipment Market Size Worth $377.20 Billion By 2032
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