June 25, 2024
Medical Equipment Rental Market

Medical Equipment Rental Market is Estimated to Witness High Growth Owing to Rental Convenience

The medical equipment rental market enables patients to attain required medical devices without incurring heavy costs. The market allows gaining temporary access to a wide range of products including patient aids, hospital beds, electric wheelchairs, personal mobility devices, suicide prevention products, and emergency care supplies. Renting medical equipment provides more flexibility than buying and reduces upfront capital expenses.

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: 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. Key players are focusing on developing innovative rental programs and services to cater growing needs.

The market provides several opportunities such as increasing preference for rental over purchases, growth of home healthcare, and rising investments and acquisitions. Growing geriatric population, increasing prevalence of chronic diseases, and advancement in rental models are propelling the market growth globally.

With presence across major regions, key players are expanding their global footprint by partnerships and collaboration with local players. For instance, significant growth is expected in the Asia Pacific region owing to rising medical tourism and improvements in healthcare infrastructure.

Market Drivers

The major driver for the Medical Equipment Rental Market Share is the rental convenience it provides. Renting medical equipment helps in reducing upfront capital costs and provides flexibility to utilize advanced equipment as per demands. This is enabling more patients and smaller hospitals to access costly medical devices without large investments. As usage requirements keep changing, renting offers a practical solution compared to purchases. Rising preference for rental over purchases especially among home care patients are thus supplementing the market growth.

PEST Analysis

Political: The industry is regulated by various regulations regarding quality, safety and pricing of medical devices. Changes in healthcare policies and reimbursement structure impact demand trends.

Economic: Rental models help healthcare facilities control costs and manage budget fluctuations better. Growing healthcare spending globally is increasing demand for diagnostic imaging and therapeutic equipment across regions.

Social: Aging population and rising incidence of chronic diseases are major demand drivers. Rental eliminates the need for large capital investments and offers flexible equipment access to meet patient needs.

Technological: Advancements in medical technology are shortening replacement cycles and fueling the demand for latest equipment without ownership. Digitization is helping optimize asset utilization through remote monitoring.

Geographical concentration

North America holds the largest share of the medical equipment rental market owing to the strong presence of rental companies, advanced healthcare infrastructure and availability of funds for research and development. Europe follows North America in terms of market share due to supportive government initiatives for public-private partnerships in healthcare.

Fastest growing region

The Asia Pacific region is expected to grow at the fastest rate due to rising medical tourism, increasing healthcare expenditures, growing incidence of lifestyle diseases and improving access to quality healthcare in developing countries. Public-private investments are expanding diagnostic and surgical capabilities across Asia Pacific countries.

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