Durable Medical Equipment Rental Industry Overview
The global durable medical equipment rental market size was valued at USD 24.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. This growth can be attributed to the high demand for home care and the high costs of medical equipment as well as the increasing need to curb healthcare expenditure. The market is also driven by the increasing geriatric and disabled population, leading to rising demand for long-term care as well as personal mobility and safety devices.
Rental services require short-term arrangements as compared to leasing and are much economical than buying. Benefits of rental services are immediate accessibility, flexible terms allowing extension options, little capital outlay, inclusive of service coverage (in some cases). These benefits of rental services are expected to fuel market growth.
Gather more insights about the market drivers, restraints and growth of the Global Durable Medical Equipment Rental Market
Some companies like Block Imaging, include service coverage in the rent prices. Preventive maintenance, parts replacement and engineer labor, uptime guarantee, and 24/7 call centers are some of the features provided by the durable medical equipment (DME) rental providers. These featured services, thus, help in reducing the quality concerns associated with DME rental services. Since the target population for these devices is mostly elderly or disabled individuals, having access to such services promotes no hassles and a better standard of living.
Rapid technological advancements leading to early product obsolesce is one of the factors promoting consumers and healthcare organizations to adopt DME rental services. For instance, walking aids with advanced accessories are being developed, which provide more comfort to the users, while rollators are a sophisticated version of traditional wheelchair or walker. Such advancements are anticipated to encourage DME rental services as it provides access to new and advanced products to consumers. Upgrading medical devices is a key marketing strategy adopted by renting companies to generate additional revenues.
Furthermore, the COVID-19 pandemic is also straining hospital systems across the globe and is adversely affecting the financials of several hospitals and small-medium clinics. This, in turn, is anticipated to reduce future expenditures on capital equipment by these healthcare settings, thereby hampering the purchase of capital-intensive equipment and favoring preference for rental equipment by these healthcare settings. Hence, we can also conclude that the pandemic has presented the rental industry with lucrative opportunities and one can expect the introduction of new participants into the market space over the next 3-5 years.
Browse through Grand View Research's Healthcare Industry Related Reports
Durable Medical Equipment Market - The global durable medical equipment market size was valued at USD 196.4 billion in 2021 and is anticipated to expand at a CAGR of 5.9% over the forecast period.
Medical Equipment Rental Market - The global medical equipment rental market size was valued at USD 48.89 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2020 to 2025.
Durable Medical Equipment Rental Industry Segmentation
Grand View Research has segmented the global durable medical equipment rental market on the basis of application, end-use, and region:
DME Rental Application Outlook (Revenue, USD Billion, 2016 - 2028)
- Personal Mobility Devices
- Bathroom Safety and Medical Furniture
- Monitoring and Therapeutic Devices
DME Rental End-use Outlook (Revenue, USD Billion, 2016 - 2028)
- Personal/Home care
- Institutes and laboratories
- Hospitals
Durable Medical Equipment Rental Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Key Companies profiled:
Some prominent players in the global Durable Medical Equipment Rental Industry include
- Hill-Rom Holdings, Inc.
- Siemens Financial Services, Inc.
- Nunn’s Home Medical Equipment
- Westside Medical Supply
- Universal Hospital Services, Inc.
- Woodley Equipment Company Ltd.
- N.Y Medical Products Inc.
- All American Medical Supply Corp.
- Homepro Medical Supplies, LLC
Order a free sample PDF of the Durable Medical Equipment Rental Market Intelligence Study, published by Grand View Research.
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