Rising Adoption of Home Healthcare Propels the Durable Medical Equipment Market Growth
The durable medical equipment market involves manufacturing and distribution of medical equipment meant for home healthcare and extended care facilities. The equipment includes mobility aids like wheelchairs and walkers, bathroom safety devices, medical furniture, monitoring and therapeutic devices. Surging geriatric population suffering from chronic diseases and preference for home healthcare over hospitals have increased demand for these products. Home healthcare provides independence, comfort and cost savings compared to institution-based long term care. Additionally, technological improvements have made durable medical equipment more compact, effective and easy to use.
Global durable medical equipment market is estimated to be valued at US$ 5,949.9 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2023 to 2030.
Key Takeaways
Key players operating in the durable medical equipment market are 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., and others. These players are focusing on new product launches, mergers, acquisitions and geographic expansion to lead the competitive market.
In terms of opportunities, favorable reimbursement policies for home medical equipment and increasing healthcare expenditure will propel the market growth. Continuous technological advancements are enabling development of miniature, ambulatory and digital medical devices to improve patient care and outcomes.
Globally, the market is expected to witness high growth in Asia Pacific region owing to rapid population aging, improved access to healthcare facilities and rising healthcare budgets in China and India. North America dominates the market currently due to high prevalence of chronic diseases, well established healthcare infrastructure and greater affordability.
Market Drivers and Restraints
Favorable government policies promoting home healthcare over expensive hospital stays is a key driver for durable medical equipment market. Aging population across the globe leads to increased incidence of mobility issues and chronic diseases, thereby driving the demand for assistive products.
However, lack of awareness about available assistive solutions in developing nations and affordability issues are major challenges for wider acceptance of these products. Strict regulatory approvals and reimbursement policies also restrain faster market growth. Lack of standardization increases the costs of these medical devices.
Segment Analysis
The Durable Medical Equipment market is dominated by the mobility devices sub segment. It accounts for nearly 38% of the total market share owing to increasing cases of disabilities and accidental injuries across the world. Mobility devices help patients in moving independently and assist in their day to day activities. This reduces the dependency on caretakers and improves the quality of life of patients. The hospital beds sub segment also has a significant share due to rising number of hospital admissions and growing prevalence of chronic conditions that require long term care.
Global Analysis
The North America region currently holds the largest share in the global Durable Medical Equipment market due to high healthcare expenditure and presence of major players in the region. Asia Pacific is expected to witness the fastest growth during the forecast period. This can be attributed to rising healthcare infrastructure, growing medical tourism industry and increasing focus of international players to tap opportunities in emerging countries of China and India. Additionally, expanding patient pool of cardiovascular, respiratory and lifestyle diseases will further drive the growth of Durable Medical Equipment market in Asia Pacific.
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