Durable Medical Equipment Market outlook with industry review and forecasts

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Durable Medical Equipment Market to witness major
growth in coming years
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Durable Medical Equipment
Market

• With growing preferences for home-based care, the
  global durable medical equipment market is
  expected to chalk out remunerative growth trend
  over the coming years through a diverse array of
  verticals.
• Durable medical equipment is an equipment that
  serves a particular medical purpose, is able to
  survive repeated use, and is also suitable for
  being used in-home care settings. These medical
  devices are equipped with high-tech monitoring
  and feedback technologies that ultimately reduces
  the dependency of patients on professional
  caregivers and family.
• Home care settings include skilled nursing care
  along with several health services, which are
  carried out specifically at the patients home
  for effective as well as better treatment of
  illness or injury. These aforementioned facets
  are likely to lead to a rise in patient
  preferences towards home-based care and further
  drive market growth.

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Continued...

• Based on Global Market Insights, Inc., estimates,
  the global durable medical equipment market size
  is set to exceed 275 billion by 2026.
• The product segment includes monitoring and
  therapeutic devices, breast pumps, medical
  furniture, personal mobility devices, incontinent
  pads, bathroom safety devices, catheters,
  consumables and accessories. Among these, the
  personal mobility devices segment was estimated
  to be worth over 18 billion back in 2019 and is
  further expected to register lucrative growth
  during the forecast time period.
• These devices are further segmented into walkers,
  wheelchair scooter, crutches canes, and
  others. Rising patient population suffering from
  some kind of disability that impedes movement is
  expected to further lead to a rise in demand for
  scooters and wheelchairs. Meanwhile, a steadily
  growing disability demographic owing to
  accidental injuries is also expected to boost
  overall segmental demand.

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Continued...

• With respect to payer, the market is divided into
  public, private, and out-of-pocket. Among these,
  the public segment is anticipated to witness
  nearly 5 CAGR over the estimated time frame.
  Medicare covers the use of durable medical
  equipment which serves a medical purpose and is
  suitable for repeated use.
• Additionally, it also provides different plans
  with numerous benefits on durable medical
  equipment for efficiently managing patient
  health. Citing an example, the Spanish National
  Health System gives universal health care for
  free, which will lead to rise in the public payer
  segment demand.
• Based on end-use segment, the market is
  classified into hospitals, ambulatory surgical
  centers, home healthcare, and others. Among
  these, the ambulatory surgical centers accounted
  for approximately 17 revenue share back in 2019.
  The availability of secured healthcare
  infrastructure and the increasing number of
  patients in need of critical care through
  ambulatory surgical centers are likely to favor
  segmental progress.

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Continued...

• Ambulatory surgical centers are capable of
  offering several advantages as compared to
  hospitals and diagnostic centers. Advantages like
  low risk of acquiring hospital acquired
  infection, shorter stays in hospital, and use of
  well-equipped devices are anticipated to further
  improve the market growth.
• Europe market registered over 38 billion back in
  2019. With the presence of a large number of
  manufacturers in the European region, durable
  medical equipment industry is set to witness
  appreciative growth. Development of healthcare
  infrastructure and rising disposable income
  resulting in treatment affordability might
  further favor the regional market growth.
• These industry players have implemented numerous
  growth strategies in order to sustain market
  competition. Citing an example, Sunrise Medical,
  acquired a leading Australian designer and
  manufacturer of power wheelchairs, Magic
  Mobility, back in August 2018. This strategy
  provided customers opportunities to avail the
  benefits offered by power wheelchairs and also
  improves the product range of the firm.

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