Durable Medical Equipment Market Size, Share & Growth [2031]

Report Description

Durable Medical Equipment Market Outlook 2031

The global durable medical equipment market size was USD 221.1 Billion in 2022 and is likely to reach USD 331.3 Billion by 2031, expanding at a CAGR of 5.9% during, 2023–2031. The market growth is attributed to the rising geriatric population and a large number of disabled people.

Increasing geriatric population is expected to fuel the durable medical equipment (DME) market in the coming years. Elderly people have low immunity levels and frequently suffer from chronic diseases. This drives the demand for continuous monitoring of their health condition, which increases the demand for the market. The use of medical equipment that is particularly designed to facilitate daily living for elderly people increases their independence.

• According to the report published by the United Nations Department of Economic and Social Affairs, there were 727 million persons aged 65 years in 2021. This number is projected to be more than double by 2050, reaching more than 1.5 billion individuals. The share of old persons in the global population is expected to increase from 9.3% in 2020 to 16.0% in 2050.

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The market report finds that the COVID-19 pandemic hindered the durable medical equipment market, due to the strict lockdown imposed by the government and the disruption of the supply chain. During the pandemic, several companies had shut down, and the manufacturing process of medical equipment also stopped, which affected the market.

However, during the pandemic, the rising demand for medical devices or products such as hospital beds, vital sign monitoring devices, and others fueled the durable medical equipment market.

Impact of Artificial Intelligence on Durable Medical Equipment Market

Artificial intelligence (AI) technologies are expected to boost the durable medical equipment market during the forecast period. AI-based DME helps healthcare professionals effectively & accurately diagnose and treat their patients as well as improve their overall care.

It is used in DME to synthesize data from several sources, automate tasks, and indicate trends. It also processes and analyzes information from wearable sensors and identifies the onset of disease or medical conditions.

AI-based DME also predicts which patients are at an increased risk of complications, disease, or negative outcomes based on their medical records. The Internet of Things (IoT) for medical devices is a system of interrelated, wireless, and connected digital devices that are used by healthcare providers to keep patients informed, manage data, reduce costs, monitor patients, and work effectively & efficiently.

Durable Medical Equipment Market Dynamics

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Major Drivers

Increasing number of individuals with disabilities is expected to fuel the durable medical equipment market during the forecast period. DME improves safety for wheelchairs, commode chairs, crutches, and others, and it decreases the need for caregiver assistance.

Its sustainability improves the overall quality of life by increasing the independence of an individual with functional mobility and activities of daily living. Governments of different nations are increasing awareness of the healthcare infrastructure, as it offers improved facilities and quality-assured medical care, which increases the adoption of the market.

• In April 2022, the World Health Organization (WHO) and the Government of Canada introduced the Global Diabetes Compact, a new initiative to energize efforts to lessen the risk of diabetes across the globe. The initiative is to make sure that all individuals who are diagnosed with diabetes have access to affordable, comprehensive, equitable, and quality treatment & care.

Existing Restraints

High-cost medical equipment and lack of skilled expertise are expected to hamper the durable medical equipment market in the coming years. Medical equipment or devices such as wheelchairs, continuous positive airway pressure, and home oxygen therapy equipment are costly, which hinders the market.

Additionally, strict regulations and guidelines in developed economies are expected to restrain the market during the forecast period.

Emerging Opportunities

Increasing ongoing technological advancements are expected to create lucrative opportunities for the market players during the forecast period. The adoption of smart beds by hospitals is increasing, as they increase the workflow efficiency of the hospital staff as compared to traditional beds.

Smart beds help physicians monitor patients remotely and administer medicines based on the recorded data. Several companies are focusing on developing new technologies that help hospital staff, which increases the adoption of medical devices.

• In October 2020, Stryker launched ProCuity, the industry’s first and only completely wireless hospital bed. It is designed to help lessen patient falls at all acuity levels, expand nurse workflow safety & efficiency, and reduce hospital costs. It seamlessly connect to nurse call systems without the use of wires or cables.

Scope of Durable Medical Equipment Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Durable Medical Equipment Market Segment Insights

Product Segment Analysis

Based on product, the durable medical equipment market is divided into monitoring & therapeutic devices, personality mobility devices, and bathroom safety devices & medical furniture. The monitoring & therapeutic devices segment is further divided into nebulizers, suction pumps, infusion pumps, blood sugar monitors, traction equipment, and others.

The personality mobility devices segment is further divided into scooters, door openers, wheelchairs, cranes & crutches, and others. The bathroom safety devices & medical furniture segment is further divided into mattress & bedding devices and commodes & toilets.

The monitoring & therapeutic devices segment is expected to expand at a significant pace during the projection period, owing to the increasing incidence of chronic diseases among individuals. The segment growth is further attributed to the high demand for wireless monitoring devices and the increasing prevalence of lifestyle-related diseases, which need crucial statistics analysis.

A large number of fitness and health monitoring devices and applications such as fitness brands, wristwatches, and smart glasses monitor heart rate, temperature, and oxygen as well as provide vital health analysis to avoid uncertainty. This, in turn, is expected to increase the demand for monitoring & therapeutic devices in the market in the coming years.

The bathroom safety devices & medical furniture segment is anticipated to hold a key share of the market in the coming years, due to the rising incidence of bariatric and obesity surgeries across the globe. The usage of bathroom safety devices or products are rising, owing to the increasing aging population.

Cardinal Health bath accessories and safety products such as wheelchairs, walkers, power scooters, and other bathroom essentials are designed to maintain the comfort and safety of the patients.

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End-user Segment Analysis

On the basis of end-user, the durable medical equipment market is segmented into home healthcare, hospitals, nursing homes, and others. The hospitals segment is expected to register a robust growth rate during the forecast period, owing to the rising number of ventilators, hospital beds, and other devices.

The segment growth is further attributed to the increasing prevalence of chronic diseases and injuries as well as the high demand for medical devices in hospitals.

DME refers to a variety of medical equipment to meet all types of medical needs, including hospital beds, nebulizers, catheters, wheelchairs, CPAP/BiPAP machines, and blood glucose monitors. This, in turn, is likely to increase the demand for medical devices in hospitals which increases the demand for the market.

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Regional Analysis

In terms of region, the global durable medical equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the global market during the projection period, due to the increasing prevalence of chronic diseases and the growing number of aged people.

The regional market is further attributed to the increasing adoption of advanced equipment and the approvals & launches of new medical devices in countries such as the US.

• In February 2022, Cheelcare launched Curio, which is a first-of-its-kind powerchair for youth and young adults. It is a complex rehabilitation powerchair built on the Proprietary platform of the company. It utilizes a patented design to provide a wide range of movement and position. Its four legs work independently to allow the wheelchair to elevate, roll, and tilt.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, owing to the increasing investments in the healthcare infrastructure. The regional market growth is further attributed to the increasing prevalence of chronic diseases such as hypertension, high blood pressure, and other health disorders; the rising disposable income of the customers; and the desire to vital medical facilities at home.

• According to the Department of Biotechnology, chronic diseases are increasing worldwide, accounting for 73% of deaths. In India, chronic diseases account for 53%. India has the highest number of people suffering from diabetes across the globe, with approximately 77 million people suffering from diabetes and an estimated 134 million by 2045.

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