The global Medical Equipment Rental Market is estimated to be valued at US$ 46.9 Bn in 2022 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The medical equipment rental market consists of durable medical equipment intended for temporary therapeutic use by patients. This includes equipment such as patient examination beds, patient examination tables, imaging systems, and surgical equipment among others. The demand for rental medical equipment is growing owing to advantages such as reduced upfront capital costs, availability of advanced equipment on demand, and flexibility to upgrade equipment.
Market key trends:
One of the key trends in the medical equipment rental market is increased adoption of digital technologies. Healthcare facilities are increasingly adopting telemedicine, remote patient monitoring, and digital platforms to enhance patient care. This is driving the demand for rental of advanced medical imaging systems, telemetry monitoring devices, and telehealth carts among others. Furthermore, shortage of funds for regular equipment purchase and flexibility to upgrade equipment are compelling healthcare providers to opt for rental of medical technologies.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low in the medical equipment rental market due to high capital requirements and stringent regulatory environment. The industry requires substantial investments and expertise to design, manufacture, and distribute medical devices.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have several options to rent medical equipment from various players. However, switching costs associated with training new medical staff limit the bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low as the industry has many component and raw material suppliers. Suppliers do not pose significant threat due to availability of substitutes.
Threat of new substitutes: The threat of substitutes is moderate. Advances in technology have led to development of alternative treatment methods. However, most medical devices have no close substitutes given distinct functionalities.
Competitive rivalry: The rivalry among competitors is high due to numerous players offering similar products. Players compete based on product innovation, service offerings, and competitive pricing.
Key Takeaways
The Global Medical Equipment Rental Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand for cost-effective treatment options.
Regional analysis
North America dominated the global medical equipment rental market in 2022, accounting for over 35% of the total share. The growth in the region is attributed to rising healthcare expenditure and presence of major players. Meanwhile, Asia Pacific is expected to be the fastest growing market during the forecast period, rising at a CAGR of around 6%, owing to booming medical tourism industry and growing geriatric population.
Key players
Key players operating in the Medical Equipment Rental market are U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others. Hill-Rom Holdings dominates the market with its wide range of medical equipment rental services globally.
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