Durable Medical Equipment Trends and Forecast
The future of the global durable medical equipment market looks promising with opportunities in the hospital, nursing homes, and home healthcare markets. The global durable medical equipment market is expected to reach an estimated $277.4 billion by 2030 with a CAGR of 4.7% from 2024 to 2030. The major drivers for this market are growth including the rising prevalence of chronic disease, increasing geriatric population base across the globe, and ongoing technological advancement in durable medical equipment.
• Lucintel forecasts that, within the product category, monitoring & therapeutic devices will remain the largest segment over the forecast period due to the increasing incidence of lifestyle-related diseases and a growing number of health and fitness monitoring applications and devices, such as wristwatches, fitness bands, and smart glasses.
• Within the end use category, hospitals will remain the largest segment due to growing cases of chronic diseases and rising financing and services capabilities of these healthcare settings.
• In terms of regions, North America will remain the largest region over the forecast period due to the increasing prevalence of cancer, cardiac disorders, ophthalmic ailments, and neurological conditions, and the growing adoption of advanced products in this region.
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Emerging Trends in the Durable Medical Equipment Market
Emerging Trends Content The global market for durable medical equipment is already changing, with trends such as the formation of new items that will reshape the future market. These trends showcase the embrace within the industry of innovative technologies, changes in population structure, and emerging consumer needs. To provide further insight and explanation, the following outlines five key trends impacting the DME market outlook.
• Rise of Home-Centered Healthcare: With care shifting predominantly to the home, there is an increased demand for portable and easy-to-handle DME that allows patients to reach out for assistance even when they are not physically visiting a clinic.
• Merging of Telemedicine with DME: The merging of telemedicine with DME has enabled patients to be remotely monitored and have their health managed in real-time, with fewer visits made to hospitals and better health outcomes achieved.
• Improvement in the Field of AI and Robotics: The DME business is changing through the introduction of smart devices that are easier and more efficient to handle due to the application of AI and robotics, helping elderly and disabled patients the most.
• Focus on Sustainability and Eco-Friendly Products: Tried and tested, there is an increasing movement towards green and sustainably designed and manufactured DME medical devices due to government requirements and customer preferences.
• Expansion of Digital Health Technologies: The further enhancement of the performance of DME is through the integration of digital health devices such as wearables and connected health devices that provide real-time information and improve patient care. Such trends are changing the durable medical equipment market through innovations, enhancing patient care, and meeting the requirements of an aging population, thus transforming the entire spectrum of healthcare.
Recent Developments in the Durable Medical Equipment Market
Recent Developments Content The durable medical equipment market is undergoing imperative changes based on innovation, medical policies, and customer requirements. The following five key developments shape and influence the market.
• More Use of Telehealth: Telehealth has promoted the use of connected DME, which can help manage chronic diseases from a distance and alter how care is provided to patients.
• Change in Reimbursement Policies: Improved reimbursement or coverage policies in major markets are increasing patient access to advanced DME, thereby expanding the market.
• Improvement in Development Technology: The constant and rapid development of DME devices, such as AI devices, is enhancing the effectiveness of the devices and improving patient health.
• Growth of Elderly Care DME: There is significant growth in the elderly care DME market, particularly in countries where the population aging index is high, like Japan and Germany.
• Portable and Handy Devices are in High Demand: Portable and easy-to-use DME devices are in higher demand due to patientsÄX%$%X desire to move around and perform activities more easily. These trends and developments are transforming the global healthcare durable medical equipment market by making it patient-oriented, technology-intensive, and versatile to the different dynamics of the health industry.
Strategic Growth Opportunities for Durable Medical Equipment Market
Growth Opportunities Content The durable medical equipment market is experiencing several changes aimed at increasing the population structure, chronic disease rates, and modern technology advancements. This growth is driven by strategic opportunities within different applications.
• Home Healthcare: The demand for domiciliary care, owing to its associated advantages and patients’ preferences, is enhancing the demand for DME devices such as oxygen concentrators, wheelchairs, and infusion pumps.
• Chronic Disease Management: The high incidence of chronic illnesses such as diabetes and respiratory diseases creates a demand for DME like glucose monitors, nebulizers, and CPAP machines.
• Aging Population: The increasing geriatric population, along with its health concerns, has resulted in a surge in demand for DME products such as walkers, canes, and hearing aids.
• Technological Advancements: The market is also witnessing rapid advancements due to the improved capability and cost-effectiveness of novel DME technologies, such as remote monitoring devices and wearables.
• Regulatory Changes: Reforms in reimbursement policies are among the favorable regulatory changes that are set to spur the growth of the DME market. These growth opportunities are collectively steering the DME market towards a more patient-oriented and technologically advanced direction.
Durable Medical Equipment Market Driver and Challenges
Several parameters, such as social, technological, political, and economic factors, interact complexly to influence the functioning of DME markets. These parameters promote or impede the growth of the market.
The factors driving the durable medical equipment market include:
• Technological Advancements: Advancements in DME technology, such as Internet of Things (IoT) devices and AI solutions, are improving patient care and increasing the market.
• Aging Population: There is a large elderly population that still faces health complications, creating a robust market for DME products.
• Rising Healthcare Costs: The rise in healthcare service costs is pushing the adoption of SADMEs that are economical.
• Changing Consumer Preferences: Patients are rapidly moving toward better and more efficient DME solutions, which is driving growth in the market.
• Favorable Regulatory Policies: The DME market is also being enhanced by government strategies and changes in reimbursement policies.
Challenges in the durable medical equipment market include:
• Reimbursement Issues: Complicated reimbursement structures and delays or non-payment for DME products can deter market growth.
• Supply Chain Constraints: Supply chain problems regarding purchasing and marketing DME items can affect availability and prices in the market.
• Competitive Landscape: Competition in the DME manufacturing and supplying markets is fierce, affecting market dynamics and the profitability of DME products.
However, the combined outcome of all these drivers and challenges is molding the DME market offering and posing advantages and disadvantages for firms in the industry.
List of Durable Medical Equipment Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies durable medical equipment companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the durable medical equipment companies profiled in this report include-
• Invacare Corporation
• ArjoHuntleigh
• Stryker Corporation
• Hill Rom
• Drive Medical
• GF Health Products
• Sunrise Medical
• Medline Industries
• Carex Health Brands
• Becton and Dickinson
Durable Medical Equipment by Segment
The study includes a forecast for the global durable medical equipment by product, end use, and region.
Durable Medical Equipment Market by Product [Analysis by Value from 2018 to 2030]:
• Personal Mobility Devices
• Bathroom Safety Devices and Medical Furniture
• Monitoring and Therapeutic Devices
Durable Medical Equipment Market by End Use [Analysis by Value from 2018 to 2030]:
• Hospitals
• Nursing Homes
• Home Healthcare
• Others
Durable Medical Equipment Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Durable Medical Equipment Market
The global market for durable medical equipment (DME) is also witnessing rapid changes due to technological advancements, new healthcare requirements, and regulatory changes. Here are trends in the development of the DME markets in the United States, China, Germany, India, and Japan.
• United States: The demand for home healthcare medical devices is increasing in the US, propelled by an aging demographic and changes in the telehealth landscape, which are transforming the US DME industry.
• China: The improving healthcare system, along with rapid urbanization and government support, is driving the growth of the DME market in China, especially for respiratory and mobility equipment.
• Germany: In Germany, there is increasing adoption of sophisticated mobility and assistive devices, with robust reimbursement from health insurance systems.
• India: The expansion of the Indian DME market is facilitated by lowering costs and increasing appreciation and endorsement of healthcare improvements by the state and society in general.
• Japan: An increase in the elderly population, along with a decline in childbirth rates, has boosted the market for DME, particularly elderly care and wellness and healthcare products that can be integrated into the home.
Features of the Global Durable Medical Equipment Market
Market Size Estimates: Durable medical equipment market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Durable medical equipment market size by product, end use, and region in terms of value ($B).
Regional Analysis: Durable medical equipment market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product, end use, and regions for the durable medical equipment market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the durable medical equipment market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q.1 What is the durable medical equipment market size?
Answer: The global durable medical equipment market is expected to reach an estimated $277.4 billion by 2030.
Q.2 What is the growth forecast for durable medical equipment market?
Answer: The global durable medical equipment market is expected to grow with a CAGR of 4.7% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the durable medical equipment market?
Answer: The major drivers for this market are growth including the rising prevalence of chronic disease, increasing geriatric population base across the globe, and on-going technological advancement in durable medical equipment.
Q4. What are the major segments for durable medical equipment market?
Answer: The future of the durable medical equipment market looks promising with opportunities in the hospital, nursing home, and home healthcare markets.
Q5. Who are the key Durable Medical Equipment Market companies?
Answer: Some of the key durable medical equipment companies are as follows:
• Invacare Corporation
• ArjoHuntleigh
• Stryker Corporation
• Hill Rom
• Drive Medical
• GF Health Products
• Sunrise Medical
• Medline Industries
• Carex Health Brands
• Becton and Dickinson
Q6. Which durable medical equipment market segment will be the largest in future?
Answer: Lucintel forecasts that monitoring & therapeutic devices will remain the largest segment over the forecast period due to the increasing incidence of lifestyle-related diseases and a growing number of health and fitness monitoring applications and devices, such as wristwatches, fitness bands, and smart glasses.
Q7. In durable medical equipment market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to the increasing prevalence of cancer, cardiac disorders, ophthalmic ailments, and neurological conditions, and the growing adoption of advanced products in this region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the durable medical equipment market by product (personal mobility devices, bathroom safety devices and medical furniture, and monitoring & therapeutic devices), end use (hospitals, nursing homes, home healthcare, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to durable medical equipment market or related to durable medical equipment companies, durable medical equipment market size, durable medical equipment market share, durable medical equipment market growth, durable medical equipment market research, write Lucintel analyst at email: helpdesk@lucintel.com we will be glad to get back to you soon.