The worldwide durable medical equipment market is predicted to grow at a robust 6.2% CAGR from 2023 to 2033 and reach a valuation of US$ 403 billion by the end of 2033, according to Fact.MR, a supplier of market research and competitive intelligence. Over the next ten years, the North American regional marketplace is expected to have the biggest demand of any region for durable medical equipment.
Global sales of durable medical equipment are expected to be primarily driven by the rapidly growing senescent population. In the upcoming years, it is anticipated that the increasing incidence of chronic illnesses and government programs to build healthcare infrastructure will boost market growth potential. It is also predicted that the regular release of innovative durable medical items would lead to an appealing future growth potential.
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The well-known medical technology company Stryker announced the opening of its new SmartMedic platform in India in February 2023. The 29th Annual Conference of the Indian Society of Critical Care Medicine marked the introduction of the offering in Indore, Madhya Pradesh. The new platform can lessen patient suffering while improving the capabilities of the ICU beds that are currently in place.
Key Takeaways from Market Study
- In 2023, the market for durable medical equipment is expected to reach US$ 220 billion globally.
- It is anticipated that demand for durable medical equipment will grow at a robust CAGR of 6.2%.
- By the end of 2033, the global market is expected to reach US$ 403 billion.
- Key market drivers include the aging population, the rise in chronic illness prevalence, the growth of healthcare infrastructure, and the availability of favorable reimbursement policies.
- The main challenges faced by manufacturers of durable medical equipment are the high cost of innovative devices and the shortage of qualified medical personnel to operate them.
- Currently, the United States holds a greater than thirty-five percent global market share in sales of durable medical equipment.
- Personal mobility devices are predicted to hold a market share of more than 50% of durable medical equipment worldwide by the end of 2033.
“Growing consumer desire for at-home healthcare will present suppliers of durable medical equipment with additional business prospects in the future,” says a Fact.MR analyst
Winning Strategy
Manufacturers of durable medical equipment are concentrating on developing customized and tailored solutions for the elderly population who prefer to remain at home and take care of themselves. Businesses are also attempting to optimize their worldwide sales potential by utilizing advantageous reimbursement policies and encouraging government initiatives.
- In December 2021, the well-known American healthcare corporation Baxter International said that it has purchased the well-known medical device maker Hill-Rom. The takeover deal, which included HillRom's outstanding financial commitments, was estimated to be worth US$ 12.5 billion.
Key Companies Profiled
- Invacare Corporation
- Sunrise Medical
- Arjohuntleigh
- Hill-Rom
- Stryker
- Medline Industries Inc.
- Medical Device Depot Inc.
- GF Health Products Inc.
- Carex Health Brands
- Baxter International Inc.
- Becton, Dickinson, and Company
- Joerns Healthcare LLC
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What Makes the United States a Lucrative Market for Durable Medical Equipment Suppliers?
Because sedentary lifestyles are becoming more and more common, obesity rates in the US have reached alarming heights. As a result, a sizeable portion of the population is dealing with arthritis and joint discomfort. This contributes to the widespread use of personal mobility aids across the nation.
- It is anticipated that the United States would hold a market share of more than 35% for durable medical equipment worldwide in 2023.
Through 2033, the United States' durable medical equipment companies will have additional growth opportunities due to government initiatives that promote the benefits of mobility aids and expand medical reimbursement and insurance policies' coverage of personal mobility devices. In addition, the country's increasingly aging population—which is more vulnerable to conditions like osteoporosis and rheumatoid arthritis—is anticipated to have a significant impact on market expansion in the near future.
- As a result of a collaboration between GE Healthcare and Apprise Health Insights, the United States unveiled the first-ever "automated real-time hospital bed and resource tracking tool" in October 2021.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global durable medical equipment market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product type (monitoring therapeutic devices, personal mobility devices, bathroom safety devices, medical furniture, incontinence pads, breast pumps, catheters, consumables accessories, others) and end user (hospitals, nursing homes, home healthcare, ambulatory surgical centers, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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