Medical Equipment Rental Market is Estimated to Witness High Growth Owing to Technological Advancements Reducing Equipment Costs
The global medical equipment rental market provides patients with temporary access to medical equipment needed for various medical conditions or during recovery from illnesses or injuries. Key types of medical equipment available on rent include daily living aids, personal mobility devices, medical furniture, bathroom safety equipment, and monitoring & therapeutic devices. The medical equipment rental market offers an affordable option for those who need such equipment for a short period of time rather than making an outright expensive purchase.
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 are 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.
The medical equipment rental market offers significant opportunities for players to expand their consumer base as more patients and healthcare facilities are attracted to the rental model for cost-efficiency and flexibility. Market players can also look at tie-ups with hospitals and larger alliances for better network coverage and economies of scale.
The global medical equipment rental market is expected to witness increased growth in developing regions as more countries adopt rental models for improving access to medical resources. Regional players can leverage their local knowledge and relationships to gain an early-mover advantage through strategic expansion.
Market Drivers
One of the key drivers for the Medical Equipment Rental Market Demand is the increasing preference for renting over purchasing medical equipment. As newer and more advanced technologies emerge rapidly, purchasing can become an inefficient use of funds as equipment goes obsolete quickly. Renting allows flexibility to easily upgrade as needs change without being locked into long-term ownership of assets. This has made renting an affordable option particularly for smaller clinics and patients requiring short-term medical equipment.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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