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SAN FRANCISCO , April 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Durable Medical Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Edition: 5; Released: April 2022 Executive Pool: 15003 Companies: 537 - Players covered include Baxter International, Inc.; Becton, Dickinson and Company; Drive DeVilbiss Healthcare; Hill-Rom Holdings, Inc.; Invacare Corporation; Medline Industries, Inc.; Medtronic PLC; Resmed Inc.; Stryker Corporation; Sunrise Medical (US) LLC and Others. Coverage: All major geographies and key segments Segments: Equipment Type (Monitoring & Therapeutic Devices, Personal Mobility Devices, Other Equipment Types); End-Use (Hospitals, Nursing Homes, Home Healthcare, Other End-Uses) Geographies: World; United States ; Canada ; Japan ; China ; Europe (France ; Germany ; Italy ; United Kingdom ; Spain ; Russia ; and Rest of Europe ); Asia-Pacific (Australia ; India ; South Korea ; and Rest of Asia-Pacific ); Latin America (Argentina ; Brazil ; Mexico ; and Rest of Latin America ); Middle East (Iran ; Israel ; Saudi Arabia ; United Arab Emirates ; and Rest of Middle East ); and Africa .
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Global Durable Medical Equipment Market to Reach US$273.5 Billion by the Year 2026 Durable Medical Equipment (DME) represents the non-disposable medical equipment that are extensively used in hospitals, clinics as well as in home care settings for aiding patients lead better lives despite their ailments. A few products also aid in the diagnosis and treatment of illnesses and injuries and support disabled body parts and prevent such conditions from worsening. Increasing prevalence of various diseases and conditions that necessitate use of the DME constitutes the major growth promoting factor for the market. Prevalence of cardiac disorders, ophthalmic ailments, gynecological complications, neurological conditions and cancers among several other diseases is increasing in countries across the world, contributing towards DME market growth at the global level. The number of geriatric patients is also increasing in countries across the world. This constitutes another important market growth promoting factor. By 2050, around 80 percent of the elderly population would be residing in middle- and low-income countries. Demand for products would be high from both home healthcare facilities and PoC treatment facilities. Centers that take care of the elderly are also increasing in number owing to growing proportion of the aged in populations of countries. Another important market growth promoting factor is the rapid technological advancement in the area. Sophisticated products with better features are brought to the market on a regular basis by major companies as well as innovative start-ups. The latest DME are incorporating advanced technologies like AI for ensuring enhanced patient comfort, which is another prominent market growth inducing factor. Demand for the products surged in the recent years, also due to the pandemic. The COVID-19 pandemic and rise in the number of hospitals led to demand surge for various DME products. Another major trend, influencing market growth positively, is the increasing prominence of home care settings in managing various medical conditions.
Amid the COVID-19 crisis, the global market for Durable Medical Equipment estimated at US$207.1 Billion in the year 2022, is projected to reach a revised size of US$273.5 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Monitoring & Therapeutic Devices, one of the segments analyzed in the report, is projected to grow at a 6.8% CAGR to reach US$235.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Personal Mobility Devices segment is readjusted to a revised 7.6% CAGR for the next 7-year period. This segment currently accounts for a 11.5% share of the global Durable Medical Equipment market. The DME category of therapeutic and monitoring devices in particular holds immense promise for future growth of the overall market. There are again various types of these devices including infusion pumps, vital sign monitors, CPAP devices, nebulizers and blood glucose analyzers among others. Growing prevalence of lifestyle diseases requiring routine analysis of vitals of patients creates strong demand growth scenario for these monitoring devices. Cancer, hyperglycemia and diabetes cases are monitored using these devices.
The U.S. Market is Estimated at $77.9 Billion in 2022, While China is Forecast to Reach $27.6 Billion by 2026 The Durable Medical Equipment market in the U.S. is estimated at US$77.9 Billion in the year 2022. The country currently accounts for a 37.76% share in the global market. China , the world's second largest economy, is forecast to reach an estimated market size of US$27.6 Billion in the year 2026 trailing a CAGR of 9.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 5% and 6.7% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 6% CAGR while Rest of European market (as defined in the study) will reach US$14.4 Billion by the close of the analysis period. North America dominates the global market for DME. Incidences of cancer, rheumatoid arthritis and multiple sclerosis among other chronic diseases is rising rapidly in the US, the largest market in the region. Companies offering DME to the US market remain focused on developing innovative products to meet consumer demands. Europe constitutes the second largest regional market for DME driven by the factor of increasing geriatric population and number of surgeries. The market in Asia-Pacific however, is anticipated to report the highest growth over the coming years driven by increased investments in healthcare sector development, especially in emerging countries of the region.
Personal Mobility Devices Segment to Reach $32.9 Billion by 2026 Personal mobility devices market worldwide is witnessing healthy growth led by the consistent rise in number of disabilities, and increasing number of trauma and accident cases. An aging global population prone to various chronic diseases that restrict mobility is also leading to growth in the personal mobility devices market. Also fueling growth is the focus on new and advanced product development. The growing number of people affected by arthritis for instance is expected to drive need for personal mobility devices. The market is also favored by positive reimbursement scenario in countries such as the US and the adoption of schemes to provide assistance to people with disabilities. In the Personal Mobility Devices segment, USA , Canada , Japan , China and Europe will drive the 7.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$18.2 Billion will reach a projected size of US$29.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia , India , and South Korea , the market in Asia-Pacific is forecast to reach US$2.5 Billion by the year 2026, while Latin America will expand at a 8.9% CAGR through the analysis period. More
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