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Durable medical equipment refers to medical devices and equipment prescribed by a physician for diagnostic or therapeutic purposes at home. This includes wheelchairs, hospital beds, nebulizers, insulin pumps, home oxygen equipment, walkers, and others. These equipment provide medical aid and mobility assistance to people with disabilities, chronic illnesses, injuries or limited mobility. Elders recovering from surgical procedures also rely on such medical devices in their homes. With the growing geriatric population globally and surge in chronic and lifestyle-related diseases, demand for durable medical equipment is rising steadily.
The global durable medical equipment market is estimated to be valued at US$ 125 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing geriatric population remains a prominent driver for the durable medical equipment market. As per estimates, over 700 million people will be aged 65 or older globally by 2030. This exponential rise in elderly population fuels the need for medical equipment facilitating independent living at home and avoiding costly hospital stays. As mentioned in the heading, the growth in aged population suffering from limited mobility and co-morbidities is flourishing the demand for wheelchairs, walkers, hospital beds and other supportive medical devices. Additionally, increasing incidence of chronic illnesses like diabetes, cancer, respiratory diseases etc. also propels the sales of durable medical equipment like insulin pumps, oxygen concentrators and nebulizers. With favorable insurance policies covering major medical equipment, their uptake is expected to amplify during the forecast period.
Segment Analysis
The durable medical equipment market is dominated by the Mobility aids sub-segment which holds more than 30% share of the overall market. With rising geriatric population and cases of disability, the need for mobility aids such as wheelchairs, walkers, crutches etc. has increased substantially. These medical devices help patients to move independently and improve their quality of life.
PEST Analysis
Political: Regulations around the usage and specifications of medical devices are well defined by governments and regulatory bodies to ensure safety and efficacy. Favourable reimbursement policies further drive the adoption of DME.
Economic: Growing healthcare expenditure along with rising income levels in developing nations is boosting investments in DME. However, high price points of specialized equipment limits the market growth.
Social: With greater health awareness, people are open to using medical devices that enhance mobility and make life comfortable. This social trend supports the market expansion.
Technological: Introduction of lightweight, durable and user-friendly DME incorporated with technologies like artificial intelligence and IoT benefits both patients and healthcare providers.
Key Takeaways
The global durable medical equipment market is expected to witness high growth over the forecast period of 2023 to 2030 backed by rapid aging of population and growing prevalence of chronic diseases. The global durable medical equipment market is estimated to be valued at US$ 125 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis shows that North America will continue dominating the market owing to the presence of major players, high healthcare spending and supportive insurance policies in the US and Canada. The Asia Pacific region is poised to experience the fastest growth during the forecast period on account of rising healthcare infrastructure, growing medical tourism industry and increasing disposable incomes in developing countries like India, China and Indonesia. Key players like Invacare Corporation, ArjoHuntleigh and Hill Rom Holdings Inc. are focused on expanding their presence in Asia Pacific to gain from high growth opportunities.
Key players operating in the durable medical equipment market are Invacare Corporation, Medtronic, Sunrise Medical, ArjoHuntleigh, Stryker Corporation, Hill Rom Holdings Inc., GE Healthcare, Getinge Group.
Key players operating in the durable medical equipment market are adopting strategies like new product launches, mergers and acquisitions to strengthen their market position and cater to the rising demand. For instance, in 2021, Stryker Corporation acquired OrthoSpace to enhance its orthopedic portfolio. Growing focus on personalized care and remote monitoring will further contribute to the revenue generation for DME providers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
