Medical Equipment Rental Market to Grow at a CAGR of Over 7.1% through 2016-2024 Research Nester

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Medical Equipment Rental Market to Grow at a CAGR
of Over 7.1 through 2016-2024 Research Nester
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Medical Equipment Rental Market By Device Type
(Personal/Home Care Equipment, Electronic/Digital
Equipment, Surgical Equipment, Durable Medical
Equipment, Storage and transport) By End-Users
(Personal/Home Care Medical Equipment Rental,
Institutional Medical Equipment Rental) and
Region - Global Forecast to 2024 Medical
equipment rental is referred to the leasing or
renting of medical equipment. Renting or leasing
of medical equipment have emerged as an
alternative to equipment purchasing to various
end users such as medical institutions and
others. Medical equipment can be rented on the
basis of daily, weekly and monthly.  Market Size
and Forecast The global medical equipment rental
market is expected to grow at a CAGR of 7.1 over
the forecast period i.e. 2017-2024. Further, the
market of medical equipment rental is riding on
the back of numerous factors such as increasing
healthcare infrastructure and rising preference
for rental medical equipment due to affordable
prices.
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On the basis of device, the global medical
equipment rental market is segmented into
personal/home care equipment, electronic/digital
equipment, surgical equipment, durable medical
equipment, and storage and transport. Further,
durable medical equipment captured the largest
market share in 2016. Additionally, durable
medical equipment segment is envisioned to
continue its dominance over the forecast period
owing to high prevalence of diseases. In terms of
regional platform, Europe and North America
regions are the most prominent regional market
for medical equipment rental. Europe region is
projected to dominate the overall market of
medical equipment rental by the end of 2024 aided
by Western European countries such as Germany,
U.K. and others. Further, this growth of Europe
region is attributed to numerous factors such as
rapid urbanization and growing adoption of rental
medical equipment. North America region captured
the second largest market of medical equipment
rental in terms of revenue in 2016. Additionally,
U.S. and Canada are the major countries
witnessing the augmented demand medical equipment
rental due to growing preference for rental
medical equipment.
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Asia-Pacific region is believed to be the most
lucrative market of medical equipment rental due
to growing emerging economies such as China,
India and others. Further, rising disposable
income and positive GDP figures across the region
are believed to flourish the growth of medical
equipment rental market.  Market Segmentation Our
in-depth analysis segmented the global medical
equipment rental market in the following
segments By Region Global medical equipment
rental market is further classified on the basis
of region as follows North America (U.S.
Canada) Market size, Y-O-Y growth Opportunity
Analysis. Latin America (Brazil, Mexico, Rest of
Latin America) Market size, Y-O-Y growth
Opportunity Analysis.
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Europe (U.K., Germany, France, Italy, Spain,
Hungary, Belgium, Netherlands Luxembourg, Rest
of Europe) Market size, Y-O-Y growth
Opportunity Analysis. Asia-Pacific (China, India,
Japan, Singapore, Australia, New Zealand, Rest of
Asia) Market size, Y-O-Y growth Opportunity
Analysis. Middle East and Africa (GCC, North
Africa, South Africa, Rest of Middle East and
Africa) Market size, Y-O-Y growth Opportunity
Analysis. Growth Drivers and Challenges Factors
such as growing prevalence of chronic diseases,
rising healthcare expenditure, increasing
adoption of rental medical equipment and growing
old age population are believed to be the dynamic
factor behind the rapid growth of medical
equipment rental market. Moreover, increasing
preference for rental medical equipment due to
lower cost is envisioned to foster the growth of
medical equipment rental market across the globe.
Further, high demand for medical equipment rental
from medical and healthcare institutions is also
predicted to elevate the global medical equipment
rental market.     Likely, rapid urbanization and
growing GDP figures of the developed and
developing nations are also expected to flourish
the growth of medical equipment rental market by
the end of 2024.
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Further, medical equipment rental market is
driving on various factors such as shortened
medical equipment life due to continuous
technological advancement and high prices of new
medical equipment. In addition to this, short
replacement cycles of medical equipment further
boost the demand for rental medical
equipment. However, lack of awareness regarding
medical equipment rental is projected to dampen
the growth of medical equipment rental market
over the forecast period. Key players The major
key players for medical equipment rental market
are as follows Hill-Rom Holdings, Inc., Company
Overview, Key Product Offerings, Business
Strategy, SWOT Analysis, Financials, Nunns Home
Medical Equipment, Port Huron Hospital Medical
Equipment, US Med-Equip, Inc., Universal Hospital
Services, Inc., Woodley Equipment Company Ltd.,
Westside Medical Supply, Inc., Medone Group,
Apria Healthcare Group, Inc., Siemens Financial
Services, Inc.
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