Durable Medical Equipment Market size to exceed $275 Bn by 2026

Durable Medical Equipment Market size is set to surpass USD 275 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

DME market growth is primarily attributable to rising disease burden globally and surging focus of manufacturers on development of innovative products for the treatment of various chronic diseases. Moreover, focus of industry players on introducing efficient and affordable products is further expected to favor durable medical equipment business growth.

 

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Increasing cancer prevalence will enhance the demand for durable medical equipment

The surging incidence of chronic diseases such as rheumatoid arthritis, multiple sclerosis and cancer among others is projected to propel the overall demand for durable medical equipment across the globe. According to the WHO, cancer is considered as the second most prominent cause of death throughout the globe, accounting for 9.6 million deaths in 2018. Thus, substantial rise in the disease occurrence is estimated to enhance the durable medical equipment industry growth.
 

However, dearth of skilled healthcare professionals operating in durable medical equipment market may impede the industry growth in developing and underdeveloped economies.
 

Durable Medical Equipment Market Share

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Usage of medical furniture for effectively management of patients health will favor market progress

The medical furniture segment held around 3% of the durable medical equipment market share in 2019. Advancements in healthcare infrastructure in developed and developing economies will stimulate the medical furniture market growth over the forthcoming years. A large number of patients are admitted to the hospitals for surgical procedures that eventually increases patient stay in hospitals. Also, increased patient comfort and customizable features of medical beds will lead to its high adoption rate.
 

Furthermore, reduction in risk of injury to patients suffering from dementia and cognitive impairments with the employment of medical beds will have a high impact on the growth of durable medical equipment.
 

Browse key industry insights spread across 200 pages with 307 market data tables & 15 figures & charts from the report, “Durable Medical Equipment Market Size By Product (Personal Mobility Devices {Wheelchair and Scooter, Crutches and Canes, Walker}, Monitoring and Therapeutic Devices {Oxygen Equipment, Blood Glucose Analyzers, Vital Sign Monitors, Infusion Pumps, Continuous Positive Airway Pressure [CPAP] Devices Nebulizers}, Bathroom Safety Devices, Medical Furniture, Incontinent Pads, Breast Pumps, Catheters, Consumables and Accessories), By Payer (Public, Private, Out-of-Pocket), By End-use (Hospitals, Home Healthcare, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/durable-medical-equipment-dme-market
 

Strong presence of private sector in the healthcare industry will propel segmental progression

According to the report, the durable medical equipment market demand from private payer segment will witness over 6.5% CAGR through 2026. Private payer majorly includes private insurance companies, that offer various types of plans to meet or exceed basic standards specifically set by the federal and state government. Private sector has undertaken several initiatives to deliver efficient and modern medical treatment at a certain price. In addition, this sector has a strong presence in healthcare industry, that will surge the overall market demand.
 

Growing application in home healthcare will drive the market growth

The home healthcare segment is poised to exceed USD 93 billion by 2026. Growing usage amongst the elderly base population for effective and better care will drive the durable medical equipment market revenue through 2026. Home-based equipment are generally equipped with high-tech monitoring as well as feedback technologies. In addition, home-based devices eventually minimize the dependency of patients on family and professional caregivers, that further boosts the segmental expansion.
 

Increasing R&D funding for introduction of innovative products will drive the Asia Pacific DME market demand

Asia Pacific durable medical equipment market held more than 25% revenue share in 2019 and will showcase a comparable trend over the analysis period. Growing healthcare expenditure in China and Japan along with surging investment in R&D activities to introduce innovative equipment for effectively managing patient health favors the market progression. Moreover, robust foothold of foremost business players focusing on product development will further augment the regional market expansion.
 

Emphasis of market players on novel product launch will favor market growth

Few of the notable players operating in the durable medical equipment market share include Medline Industries, Intco Medical, Getinge, Stryker, Cardinal Health, GF Health Products, Hill-Rom Services, Invacare, Compass Health Brands and Sunrise Medical among others. Industry players are majorly focusing on strategic alliances such as collaborations, mergers, acquisitions as well as new product launches to capitalize on market opportunities and expand their product portfolio. For instance, in November 2019, Stryker entered into a definitive agreement and acquired Wright Medical, a global medical device company. This strategy enhanced the product portfolio of the firm and thus improved its customer base.
 

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