Durable Medical Equipment Market Overview:
The increased attention to home care facilities for the treatment of health problems and diseases in patient populations and the growing awareness of improving patient comfort are the main factors driving the evolution of the demand for durable medical equipment (MED) market. The durable medical equipment for surveillance and treatment is having the highest demand for medical device management in chronic conditions, especially diabetes. North America dominated the world market in 2016 and was followed by Europe.
Durable Medical Equipment Market Size and Growth Rate:
The global market for durable medical equipment was at the USD 112.30 million in 2016 and is expected to reach the USD 228.65 million by 2025, growing at a promising CAGR of 8.3% in 2016-2025. Medical devices are used in the field of healthcare to aid in the treatment of the patient. They are required to be durable and disposable in nature and can be used for a wide variety of conditions as in surgical procedures, home health care and clinical settings or in a medical office setting.
They are being used for assisting in full surgeries and other medical aid applications. Drug delivery is being made easy with portable applicators. Flexible and semi-rigid ureteroscopy, disposable endoscopes and sinus dilation devices are new innovations that make life easier to provide healthcare. New technologies such as needle-free diabetic care, medication administration equipment, and durable medical equipment, such as medical beds and lift chairs, propel the market growth.
Growth Drivers and Restraints of Durable Medical Equipment Market:
The increased attention to home care facilities for the treatment of health problems and diseases in patient populations and the growing awareness of improving patient comfort are the main factors driving the evolution of the demand for durable medical equipment (MED) in various parts of the world. The use of EMR is primarily associated with therapeutic benefits and convenience for patients and is not intended for non-medical use. Increasing coverage and reimbursement of sustainable medical equipment and associated services, as well as the growing number of favourable medical policies, particularly in developing and developed countries, have contributed to the expansion. The increase in the number of elderly people who need attention also favours the use of sustainable medical equipment, which is observed in the care centres for the elderly in recent years.
Based on the type - of these, the segment of surveillance devices and therapeutic devices is expected to increase at the most attractive CAGR from 2016 to 2025. The durable medical equipment for surveillance and treatment is having the highest demand for medical device management in chronic conditions, especially diabetes. The increase in the number of patients suffering from such diseases has led to an increasing demand for equipment for therapeutic interventions in home care, which has driven the growth of the segment. The monitoring and therapeutic devices are also segmented into blood glucose meters, oxygenation equipment, vital signs monitor and infusion pumps.
Another new segment of growth is the home medical equipment market that is foraying into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. There is stringent regulatory compliance that apply for the field of medical devices. Emerging trends have had a direct impact on the dynamics of the medical device industry. This includes the changing medical technology landscape, software as a differentiator in medical devices, and design and manufacturing of patient portable and smaller devices.
Quantitative and qualitative data analysis of varied kinds are being innovated to deal with the changing scenario of the disease market. Firms are now attempting to make huge investments in the upcoming technologies like portable diagnostic, monitoring, therapeutic, surgical and monitoring tools. Orthopaedic device segment is also attracting deep investments from all over the world. These growing research and innovative solutions are expected to boost the market growth in coming years.
A medical device can be defined as an instrument, apparatus, implant, in vitro reagent or anything similar which can be used to diagnose, prevent or treat a disease within the body. Medical devices are classified in one of three segments, dependent on the intended use of the device and indications for use. For example, the stretcher market alone is divided into fixed stretchers, adjustable stretchers, and stretcher chairs), technology (non-motorized stretchers and motorized stretchers and can be applicable for emergency and transport purposes. Surgical robots have made a substantial effect on the medical market.
Geographical Conditions of Durable Medical Equipment Market:
The various regional markets for durable medical equipment are North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. Among them, North America dominated in 2016 and was followed by Europe. The presence of robust health infrastructures plays a potentially positive role in the expansion of these developed markets during the evaluation period.
On the other hand, the market in the Asia-Pacific region offers many opportunities. This is largely due to the increasing incidence of various types of cancer. In addition, the regional market has potentially benefited from the growing demand for invasive and non-invasive monitoring devices. The increase in demand for pumps and oxygen therapy devices for the treatment of negative pressure wounds (NPT) in recent years in the region is a typical example.
Some of the Key players operating in Durable Medical Equipment Market are listed below
- Stryker Corporation
- Medtronic plc
- Baxter International, Inc
- Medline Industries, Inc
- Dickinson and Company
- Sunrise Medical (US) LLC
- Invacare Corporation
- ResMed, Inc
- Hill-Rom Holdings, Inc
This research report includes following segmentation for the Durable Medical Equipment Market size and forecast until 2025
Durable Medical Equipment Market - By Device Type:
- Therapeutic and Monitoring Devices
- Personal Mobility Devices
- Furniture and Bathroom Safety Devices
Durable Medical Equipment Market - By End-User:
- Specialty Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
- Home Health care
Durable Medical Equipment Market - By Region:
- North America
- Latin America
- Middle East & Africa
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