Medical Equipment Rental Market (Device Type: Personal/Home Care Equipment, Electronic/Digital Equipment, Surgical Equipment, Durable Medical Equipment, Storage & Transport and End-user)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Medical Equipment Rental market size accounted for USD 56.26 billion in 2022 and is estimated to achieve a market size of USD 90.66 billion by 2030 growing at a CAGR of 6.15% from 2022 to 2030.

Growing adoption of medical assist devices coupled with rising economic crisis owing to speedy technological development is among the key trends stimulating market growth. Rising R&D activities in the medical device industry are resulting in the introduction of advanced variants with enhanced efficacy and effectiveness, which is leading to a surge in prices of various equipment.

A shift in trend from procuring to the leasing of devices has been observed over the past few decades in the healthcare industry. Healthcare providers across the globe are aiming towards improved infrastructural facilities and reduction in capital required to achieve the same. The trend is likely to stay, thereby will drive the market. However, the presence of insurance coverage for a few medical devices is expected to pose a threat to the rental/leasing market.

The shortened product lifecycle is another factor anticipated to stoke the growth of the market during the forecast period. Constant availability of advanced devices is leading to price hike and hence, causing a burden on healthcare providers. In order to keep up with the competition, healthcare providers need to pay keen attention to technological upgrades. Therefore, rising involvement in R&D is poised to propel the market. 

In addition, rising need for home healthcare owing to reduced hospital stays and widening geriatric and disabled patient pool is boosting the demand for rental devices. Increasing mishaps such as muscular dystrophy, spinal malfunctioning, and brain or skeletal injury/ disorders are leading to a rise in the pool of the disabled population. All these factors are working in favor of the market.

Availability of various grants and government provisions for the disabled population is projected to impede the growth of the market. Provision grants such as financial support for the procurement of equipment and funds for building infrastructural facilities for the disabled are lowering the need for renting equipment. This, in turn, is estimated to limit the market from realizing its utmost potential.

Report Scope of the Medical Equipment Rental Market

Report Coverage

Details

Market Size

USD 90.66 Billion by 2030

Growth Rate

CAGR of 6.15% from 2022 to 2030

Largest Market

Asia Pacific

Fastest Growing Market

North America

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

Device Type, End-user, and Region,

Companies Mentioned

  • Apria Healthcare Group, Inc.
  • Centric Health Corporation.
  • Hill-ROM Holdings, Inc.
  • Nunn’s Home Medical Equipment
  • Port Huron Hospital Medical Equipment
  • US Med-Equip, Inc.
  • Universal Hospital Services, Inc.
  • Woodley Equipment Company Ltd.
  • Walgreen Co.
  • Westside Medical Supply, Inc.

Medical Equipment Rental Market Trends

Growing geriatric population, which is prone to diseases that can lead to immobility, is expected to have a direct positive impact on demand for patient care devices, such as mobility devices, bathroom assist devices, and hospital furniture. In addition, the increasing incidence of paralysis and spinal injuries is leading to a rise in the disabled patient population. Other factors contributing to the increase in disabled population include growing prevalence of muscular dystrophy, arthritis, Parkinson’s disease, Huntington’s disease, and other CNS disorders.

Increase in concerns regarding palliative care, coupled with regulatory transformations for the same is expected to propel the market. The regulatory transformation or the programs adopted by hospitals for palliative care are boosting the demand for rental equipment. As a result, reduced hospitalization and long-term care patients shifting to home care is propelling the market for medical equipment rentals.

Increasing demand for world-class healthcare facilities in developing economies is likely to earn the attention of private and public players. Hence, the investment of government and private entities in improving the healthcare infrastructure is offering lucrative opportunities for healthcare service providers. Hospital grants and inclusion of favorable insurance policies are encouraging the purchase of home care and assist devices by patients, further propelling the market.

Despite the investment required to maintain good inventory in the rental business, there has been a constant increase in number of players operating in this sector. Absence of regulatory framework and operatory guidelines of rental market can boost the entry of new players. High demand for advanced equipment and quality of rental service are prime factors driving the rental market. Hence, excellent inventory management is the major competitive strategy adopted by existing players.

Increasing Prevalence of Chronic Diseases to Boost Market Growth: Key Driver

  • The number of deaths due to cardiovascular diseases is projected to reach 23.3 million by 2030. Chronic medical conditions, such as high blood pressure, diabetes, along with cardiovascular and respiratory diseases require, regular and continuous monitoring. Furthermore, the American Diabetes Association estimated that one in every three adults in the U.S. would have diabetes by 2050.
  • Increasing number of people diagnosed with such diseases drives the demand for home health care medical devices and services, which, in turn, is projected to boost the demand for rental medical equipment. Thus, rise in number of people diagnosed with chronic diseases boosts the uptake of various home care medical devices such as rehabilitation devices, diabetes supplies, and mobility devices.

Rising Geriatric Population to Drive Medical Equipment Rental Market

  • Developments in the medical field have led to the increase in life expectancy of people, with more number of people exceeding the average age of 50 years. According to the United Nations, the number of people aged 60 years & above is likely to increase from 841 million in 2013 to over 2 billion by 2050.
  • Changing demographics and rising geriatric population are shifting a substantial population to the higher illness categories, which require continuous medical interventions
  • Rising geriatric population across the globe and changing lifestyle are common risk factors associated with the development of chronic diseases. The number of aged population diagnosed with blood pressure, diabetes, and cardiovascular diseases is increasing significantly in developed and developing countries, which in turn is estimated to increase the use of various patient monitoring devices as well as services.

Poor Pricing Flexibility to Hamper Global Market

  • Smaller hospitals as well as individual patients end up agreeing to a much more expensive rental agreement than necessary due to the lack of awareness and proper knowledge associated with medical equipment rental and leasing
  • Most rental medical equipment service providers do not reveal historical evidences of lower rates, fair market value, insurance replacement cost and added advantages, including post agreement services. Therefore, consumers remain unaware of the complete rental agreements and are unable to negotiate for a better pricing option.

Some of the prominent players in the Medical Equipment Rental Market include:

  • Apria Healthcare Group, Inc.
  • Centric Health Corporation.
  • Hill-ROM Holdings, Inc.
  • Nunn’s Home Medical Equipment
  • Port Huron Hospital Medical Equipment
  • US Med-Equip, Inc.
  • Universal Hospital Services, Inc.
  • Woodley Equipment Company Ltd.
  • Walgreen Co.
  • Westside Medical Supply, Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Medical Equipment Rental market

  • By Device Type
    • Personal / Home care Equipment
    • Electronic / Digital Equipment
    • Surgical Equipment
    • Durable Medical Equipment
      • Long Term Care
      • Acute Care
      • Emergency and Trauma
    • Storage and Transport
  • By End-user
    • Personal / Home Care Medical Equipment Rental
      • Chronic and Geriatric Patients
      • Preventive Care / Monitoring
      • Short Term and Outpatient Care
    • Institutional Medical Equipment Rental
      • Hospitals
      • Healthcare Centers
      • Medical Nursing Homes
      • Medical Research Laboratories/Institutions

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Medical Equipment Rental industry analysis from 2022 to 2030 to identify the prevailing Medical Equipment Rental industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Medical Equipment Rental industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Medical Equipment Rental industry trends, key players, market segments, application areas, and market growth strategies.

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