However, it has been found that few medical devices come with insurance coverage, which is likely to act against the expansion of the global medical equipment rental market over the assessment tenure. This leads to long-term recovery and care, which generates the demand for durable medical equipment. The rising incidences of gynecological complications, neurological disorders, cancer, and cardiac disorders necessitate surgical interventions on many occasions. The revenue share of durable medical equipment is likely to observe profitable growth during the forecast period, owing to its extensive use in the treatment and diagnosis of different types of disorders. To understand how our report can bring difference to your business strategy, Ask for a brochure Lack of Insurance Coverage and Price Knowledge Affecting Market Growth This factor is likely to support the growth of the medical equipment rental market in the years to come. These patients could choose from a wide range of medical devices on rent in a bid to avoid long stays at hospital. The patients suffering from various chronic disorders opt for treatment at home in an effort to avoid long stays at hospitals. Rising incidences of skeletal or brain disorders and muscular dystrophy are resulting in rise in the number of disabled population. Furthermore, the increasing number of disabled and geriatric patients is anticipated to generate the demand for rental devices in the forthcoming years. The rising need for services of home healthcare, owing to diminished hospital stays during the ongoing COVID-19 pandemic, is estimated to fuel growth of the global medical equipment rental market.
Request a sample to get extensive insights into the Medical Equipment Rental Market Need for Home Healthcare Fueling Demand for Equipment Rental amid COVID-19 Pandemic This trend is likely to continue due to the increase in geriatric population across the world. The durable medical equipment segment accounted for a major revenue share of the global market in 2020 due to the high cost and increased demand for state-of-the-art systems.
Durable medical equipment is being publicized for long-term care needs, acute care, and emergency care & trauma based on the duration of their requirements and their standards. Durable Medical Equipment Gain Prominence in Long-term Care RequirementsĬompanies in the global medical equipment rental market are increasing the manufacturing of personal & home care equipment, electronic & digital equipment, surgical equipment, and durable medical equipment, among others. A shift in trend from procuring to renting of medical devices in the healthcare industry has become a prominent trend. Hence, rented medical equipment providers should team-up with insurance companies that educate customers & medical practitioners about fair market value prices and insurance replacement costs. Therefore, consumers remain unaware of the complete rental agreements and are unable to negotiate for a better pricing option. Most rental medical equipment service providers do not reveal historical evidences of low rates, fair market value, insurance replacement cost, and added advantages, including post agreement services. The global medical equipment rental market is expected to reach the value of US$ 70.95 Bn by the end of 2028Īnalysts’ Viewpoint on Medical Equipment Rental Market Scenarioįuture trends of digitization are translating into value-grab opportunities for rented medical equipment providers post the COVID-19 pandemic period with an anticipated demand for electronic and digital equipment.It is estimated to expand at a CAGR of 4.2% from 2021 to 2028.The global medical equipment rental market was valued at US$ 51.05 Bn in 2020.Medical Equipment Rental Market Outlook 2028
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