The rising Prevalence of Homecare Setups and the Surge in Chronic Illnesses is Escalating the Growth of the Durable Medical Equipment Market

The growing incidence of cancer, cardiac disorders, neurological conditions, and gynecological complications is likely to drive product demand during the forecast period.  Furthermore, better coverage and reimbursement policies for DME products are also likely to help boost the DME market growth. In addition, the rising number of elderly care centers as a result of the increasing geriatric population base across the globe is projected to drive the DME market further. The rising focus on home care settings for patients and the increasing awareness about elevating patients’ comfort are the key factors driving the market for durable medical equipment (DME) globally.

Constant technological advancements by manufacturers of durable medical equipment are expected to create new avenues of opportunities in the market. Besides, the rapid commercialization of better durable medical equipment is expected to influence the market's growth over the forecast period.

According to Marketlook Consulting’ research report “Global Durable Medical Equipment Market Analysis, 2021”, the Durable Medical Equipment market is anticipated to grow at a CAGR of 6.2% during 2021-29. The market would reach USD 317.79 billion by 2029.

Based on the type of durable medical equipment, the market is segmented into Personal Mobility Devices, Bathroom Safety Devices & Medical Furniture, and Monitoring & Therapeutic Devices. The monitoring and therapeutic devices segment is expected to dominate the market owing to the growing incidence of lifestyle-related diseases, which need vital analysis, and increasing demand for wireless monitoring devices.

“Global Durable Medical Equipment Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for durable medical equipment providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

North America Dominated the Market

Based on leading regions, North America dominated the global durable medical equipment market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 due to the increasing number of geriatric population and chronic disease prevalence. Companies in the region are continuously developing cost-efficient and advanced devices for patients to capture a huge share of the market which is projected to fuel the demand for the Durable Medical Equipment market in the forthcoming period as stated in Marketlook Consulting research report “Durable Medical Equipment Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Durable Medical Equipment market are Invacare Corporation, Stryker Corporation, Becton, Dickinson and Company, General Electric Company, GF Health Products, Inc., Sunrise Medical, Medline Industries, Inc., Medtronic PLC, Compass Health Brands, Getinge AB.

Market Segmentation:

• By Device Type (Personal Mobility Devices, Bathroom Safety Devices & Medical Furniture, Monitoring & Therapeutic Devices)
• By End User (Hospitals, Nursing Homes, Home Healthcare, Others)
• By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa)
• By Company (Invacare Corporation, Stryker Corporation, Becton, Dickinson, and Company, General Electric Company, GF Health Products, Inc., Sunrise Medical, Medline Industries, Inc., Medtronic PLC, Compass Health Brands, Getinge AB.)

Key questions answered in the study:

• What are the current and future trends of the Durable Medical Equipment industry?
• How has the industry been evolving in terms of user types, demand, and application areas?
• How has the competition been shaping across the countries followed by their comparative factorial indexing?
• What are the key growth drivers and challenges for the Durable Medical Equipment industry?
• What are the customer orientation, purchase behavior, and expectations from the Durable Medical Equipment firms across various regions?