Durable Medical Equipment Market worth over $275bn 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.
 

Durable medical equipment market growth is attributable to rising disease burden globally and growing 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 the market expansion.

 

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Increasing cancer prevalence will enhance the demand for durable medical equipment

The rising incidence of chronic diseases such as rheumatoid arthritis, multiple sclerosis and cancer among others is projected to propel the market demand 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 accelerate the industry growth.
 

However, dearth of skilled healthcare professionals operating in the market may impede the industry expansion in developing and underdeveloped economies.
 

Usage of medical furniture for effectively management of patients health will favor the durable medical equipment market progression

The medical furniture segment held around 3% of revenue share in 2019 led by the advancements in healthcare infrastructure in developed and developing economies. 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 augment the segment progression

Global Durable Medical Equipment Market, By Payer

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The private segment is anticipated to witness more than 6.5% growth rate 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 industry progression.
 

Growing application in home healthcare will drive the market revenue

The home healthcare segment in the durable medical equipment market is poised to reach USD 93 billion by 2026. Increasing usage of durable medical equipment amongst the elderly base population for effective and better care will fuel the industry demand over the forecast period. Home-based equipment is generally equipped with high-tech monitoring as well as feedback technologies. Additionally, home-based devices eventually minimize the dependency of patients on family and professional caregivers, that further boost the segment expansion.
 

Increasing R&D funding for introduction of innovative products will influence the growth opportunities for the APAC region

Asia Pacific durable medical equipment market captured over 25% of revenue share in 2019. 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 value. Moreover, robust foothold of foremost business players focusing on product development will further foster the regional growth.
 

Emphasis of market players on novel product launch will favor the industry revenue

Few of the notable companies operating in the market 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 leaders 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.
 

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