Durable Medical Equipment Market Is Expected To Rise, Due To Growing Incidence Of Cancer

Durable Medical Equipment Industry Overview

The global durable medical equipment market size is expected to reach USD 331.1 billion and register a CAGR of 5.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by a rise in chronic diseases, such as kidney failure and cancer. Moreover, technological advancements along with a strong reimbursement scenario are likely to boost the durable medical equipment (DME) market over the forecast period.

Durable Medical Equipment Market Segmentation

Grand View Research has segmented the durable medical equipment market based on product, end-use, and region:

Based on the Product Insights, the market is segmented into Personal Mobility Devices, Bathroom Safety Devices And Medical Furniture, Monitoring And Therapeutic Devices.

• In 2021, the monitoring and therapeutic devices segment held a market share of 89.4% owing to the growing incidence of lifestyle-related diseases, which need vital statistics analysis, and increasing demand for wireless monitoring devices.

• The market is gaining prominence due to the rising number of health and fitness monitoring applications and devices globally such as wrist watches, fitness bands, and smart glasses which can monitor heart rate, oxygen, and temperature and provide critical health analysis to avoid uncertainty.

• The bathroom safety device and medical furniture registered the highest growth rate of 6.9% due to the increasing prevalence of obesity and bariatric surgeries worldwide. The introduction of technologically advanced products with supreme patient comfort and portability is expected to fuel the segment growth.

Based on the End-use Insights, the market is segmented into Hospital, Nursing Homes, Home Healthcare, Other End-user.

• Hospitals led the end-use segment with 34.2% in 2021 on account of a high volume of patients due to the increasing chronic diseases globally and increased financing and services capabilities of these healthcare settings.

• Nursing homes are considered to provide the most extensive care that can be offered in a non-hospital setting. Along with the basic line of treatment, nursing homes also offer custodial care, which includes skilled care, such as bathing, dressing, and providing meals.

• The segment is anticipated to witness a lucrative share in the forecast period on account of the increasing number of these establishments across the globe. Home healthcare is expected to witness the highest growth rate over the forecast period due to the cost-saving approach for the patient to get remote healthcare services.

Durable Medical Equipment Regional Outlook

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is highly competitive, marked by the presence of a large number of international and domestic players. The market players frequently invest in research and development activities for offering unique and advanced products and gaining a greater competitive edge in the industry. The following firms focus on strategic acquisitions, agreements, and partnerships for business development.

Some prominent players in the global durable medical equipment market include

• Invacare Corporation

• ArjoHuntleigh

• Stryker Corporation

• Hill Rom, Inc.

• Drive Medical

• GF Health Products, Inc.

• Sunrise Medical

• Medline Industries

• Hill Rom, Inc.

• Carex Health Brands, Inc

Order a free sample PDF of the Durable Medical Equipment Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.