Currently valued at over US$ 207 billion, the durable medical equipment market is projected to develop at a rapid CAGR of 7% through 2026. By the end of 2026, it is predicted that the market for durable medical equipment (DME) will be worth US$ 271 billion.
Market value for personal mobility gadget sales is projected to reach US$ 33 billion by 2026.The rise in the prevalence of chronic illnesses in children, such as anaemia, asthma, diphtheria, chickenpox, leukaemia, measles, whooping cough, mumps, TB, pneumonia, and Lyme disease, has been linked to an increase in the sales of pediatric durable medical equipment.
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Major Stakeholders
- Invacare Corporation
- Sunrise Medical
- Arjohuntleigh
- Hill-Rom
- Stryker
- Medline Industries, Inc.
- Medical Device Depot, Inc.
- GF Health Products Inc.
- Carex Health Brands
- Baxter International, Inc.
- Becton, Dickinson, and Company
- Joerns Healthcare LLC
Intense competition among key players of the market
Market is highly competitive for durable medical equipment. Moreover, key players are following aggressive competitive strategies used by the top durable medical equipment companies currently operating in the market.
Competition is getting more stringent due to leading durable medical equipment manufacturers focusing on product developments and advancements
- For instance, In Australia, ASPIRE company launched the Aspire Socialite Wheelchair in January 2022.
- This wheelchair was an extremely lightweight transport chair with a safe working load limit of 115kg that addressed a wide range of users.
- In October 2021, A first-in-the-nation ‘automated real-time hospital bed and resource tracking tool’ was offered in the United States owing to a partnership between GE Healthcare & Apprise Health Insights.
Market Trends
- Technological advancements: The DME market has seen significant technological innovations, leading to more sophisticated and user-friendly products. Advancements in materials, sensors, connectivity, and miniaturization have resulted in more efficient and personalized devices, improving patient outcomes and experience.
- Growing aging population: The global population has been aging, especially in developed countries. An aging population typically requires more medical assistance and DME, such as mobility aids, home care equipment, and respiratory devices. This demographic trend has contributed to the growth of the DME market.
- Increase in chronic diseases: Chronic diseases, such as diabetes, cardiovascular conditions, respiratory disorders, and mobility-related issues, have been on the rise globally. As a consequence, there has been an increased demand for DME products that assist in managing these conditions and enhancing the quality of life for patients.
- Home-based care: There is a growing preference for home-based care over hospitalization, which has driven the demand for DME that enables patients to receive medical treatment and assistance in the comfort of their homes. This trend has also been accelerated by the COVID-19 pandemic.
- Rise of online sales channels: The emergence of e-commerce platforms has significantly influenced the DME market. Patients and caregivers increasingly prefer purchasing medical equipment online due to convenience, a wide range of products, and often more competitive prices.
- Sustainability and eco-friendly products: There has been a shift toward environmentally friendly and sustainable DME products. Manufacturers are exploring ways to reduce the environmental impact of their products through better recycling practices, energy efficiency, and the use of eco-friendly materials.
- Regulatory changes: Regulatory bodies in different countries have been updating their guidelines and policies concerning DME. Compliance with these regulations has become crucial for manufacturers and suppliers, impacting the market landscape.
- Personalized healthcare: Advancements in precision medicine and personalized healthcare have also influenced the DME market. Customized devices and solutions tailored to individual patient needs have gained traction.
- Telemedicine and remote monitoring: The adoption of telemedicine and remote patient monitoring technologies has grown, driving the demand for DME that can be integrated with these systems to facilitate remote healthcare services and real-time data collection.
Industry Research
· By Product:
-
- Monitoring & Therapeutic Devices
- Personal Mobility Devices
- Bathroom Safety Devices
- Medical Furniture
- Incontinent Pads
- Breast Pumps
- Catheters
- Consumables & Accessories
- Others
· By End User:
-
- Hospitals
- Nursing Homes
- Home Healthcare
- Ambulatory Surgical Centers
- Others
· By Region:
-
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
What does the durable medical equipment research holds for the readers?
- One by one company profile of key vendors.
- Influence of modern technologies, such as big data & analytics, artificial intelligence, and social media platforms on the global durable medical equipment.
- Evaluation of supply-demand ratio in every end use industry.
- Regional analysis on the basis of market share, growth outlook, and key countries.
- Positive and negative aspects associated with the consumption of Lawn Edge Trimmer Market.
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