June 18, 2024

Durable Medical Equipment Market Perspective: Market Analysis

Durable Medical Equipment Market

Durable medical equipment refers to the equipment intended for repeated use in the home that are ordered by a health care professional for use in a patient’s home. This include items such as wheelchairs, oxygen supplies, CPAP machines, walkers, hospital beds, and nebulizers. Durable medical equipment helps in disease management, rehabilitation after injuries or surgeries and preventing further disabilities by facilitating mobility. The global Durable Medical Equipment Market is estimated to be valued at US$ 5,949.9 Mn 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:
One of the primary driver for the growth of durable medical equipment market is rising prevalence of chronic diseases such as diabetes, hypertension, cancer and others. Nearly half of all American adults—117 million individuals—suffer from one or more chronic medical conditions According to Centers for Disease Control and Prevention. Durable medical equipment help in managing these chronic diseases and improving the quality of life. Secondly, growth in geriatric population is also fueling the demand. Older adults are more prone to mobility issues, chronic diseases and disabilities which push the demand for durable medical equipment such as wheelchairs and walkers.

According to projection, the population aged 65 years or older is expected to double from 52 million in 2018 to 95 million by 2060. So demand for mobility and daily living aids are expected to grow substantially. Furthermore, advancement in technology is allowing development of more customized and innovative products to address unmet needs of patients. This is attracting more manufacturers and boosting the overall durable medical equipment market.

Segment Analysis
The durable medical equipment market can be segmented into personal mobility devices, bathroom safety devices, and monitoring & therapeutic devices. Personal mobility devices segment dominated the market in 2022, accounting for over 35% share. Growing geriatric population, rising cases of disabilities, and increasing incidence of chronic diseases favor the growth of this segment. Mobility devices aid in mobility and minimize chances of fall and injuries for elderly and disabled population.

PEST Analysis

Political: The favorable reimbursement policies for durable medical devices by governments and private insurance payers are boosting the market growth. However, stringent regulations may increase costs.

Economic: Rising healthcare expenditures, growing disposable incomes, and greater access to insurance are fueling the demand for durable medical devices.

Social: Expanding base of aged and chronic disease populations require continuous medical care at home. This drives the demand for durable medical equipment.

Technological: Advancements in materials and connectivity features are enhancing the performance and user-friendliness of medical devices. Integration of sensors, artificial intelligence, and internet of things is improving outcomes.

Key Takeaways
The global durable medical equipment market is expected to witness high growth between 2023 and 2030.

Regional analysis indicates North America will continue dominating the market owing to rapidly growing aged demographics, high healthcare spending, and presence of major global players. Asia Pacific is anticipated to exhibit fastest growth over the forecast period led by increasing investments in healthcare infrastructure and growing medical tourism across India, China, and several Southeast Asian countries.

Key players like 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., operating in the durable medical equipment market. Stryker Corporation specializes in orthopedic implants and medical & surgical equipment. Medtronic plc focuses on spinal implants, surgical equipment, diabetes care products, and other durable medical products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it