Durable Medical Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Durable Medical Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Durable Medical Equipment Market size is estimated at USD 220.54 billion in 2024, and is expected to reach USD 287.46 billion by 2029, at a CAGR of 5.44% during the forecast period (2024-2029).

The major factors responsible for the high growth of the durable medical equipment market are the increasing prevalence of chronic and lifestyle-related disorders, technological advancements in portability, patient comfort, and utilities, and increasing demand and Funding for monitoring and therapeutic devices.

In addition, the rising focus on home care settings for managing medical conditions and illnesses in patient populations and the increasing awareness about elevating patients’ comfort are the key factors driving the global market for durable medical equipment (DME). According to the key facts updated by the WHO in March 2023, around 1.3 billion people are currently suffering from significant disabilities. This represents 16% of the global population or every 1 in 6 people. Hence, the high prevalence of disability worldwide is projected to drive the demand for personal mobility devices such as wheelchairs, walkers, crutch, and cane, among others, burgeoning the market growth.

Furthermore, the continuous technological advancements by manufacturers of DME are expected to open new opportunities for the studied market. For instance, in April 2023, Australian medical technology pioneer Control Bionics launched an autonomous driving wheelchair module at Deakin University’s new Digital Health Lab. The DROVE module was created with Deakin University’s Applied AI Institute (A2I2). This module can be retrofitted to powered wheelchairs, allowing users to move their chairs autonomously and precisely without a joystick. Moreover, in June 2022, European micro-mobility operator Dott partnered with Omni start-up to launch adapted e-scooters for wheelchair users. Hence, prominent players' rising product developments and partnerships to launch technologically advanced DMEs are projected to drive market growth during the forecast period.

Therefore, the market is expected to project significant growth over the forecast period due to the factors above. However, the high cost, pricing, and reimbursement issues hinder the expansion of the durable medical equipment market.

Durable Medical Equipment Market Trends

The Vital Sign Monitor Segment is Expected to Grow Significantly During the Forecast Period

The vital signs monitor is a tool that helps to provide information to the medical and nursing staff about the patient’s physiologic condition. Nurses usually monitor these critical signs, including blood pressure (BP), heart rate (HR), respiratory rate (RR), oxygen saturation (SpO2), and core temperature. Consistent vital sign monitoring is critically important for early disease detection in patients in hospital settings.

The rising prevalence of cardiovascular diseases such as hypertension, atrial fibrillation, and stroke, among others, are contributing to the market growth. For instance, as per the data updated by the WHO in March 2023, approximately 1.28 billion adults aged 30–79 years worldwide have hypertension, most (two-thirds) living in low- and middle-income countries. Thus, the high prevalence of hypertension worldwide is likely to create a huge demand for various vital sign monitors for regular blood pressure monitoring.

In addition, with the rise in IoT-enabled consumer health wearables, the market is projected to grow significantly during the forecast period. It is now possible for a single wearable device to monitor a range of medical risk factors. These devices can give patients direct access to personal analytics that can contribute to their health, facilitate preventive care, and aid in managing an ongoing illness. For instance, in May 2023, Essence SmartCare launched VitalOn, a comprehensive remote patient monitoring (RPM) platform for active seniors and older adults living with chronic conditions. The system is always on, providing continuous monitoring and chronic conditions management for various healthcare needs at home and on the go. It continually gathers and analyzes patient data from multiple health and monitoring devices to facilitate proactive, predictive, and preventative care. Thus, launching such devices is expected to drive the studied segment. Moreover, several market players focus on developing and launching portable and affordable vital sign monitoring devices, making the segment competitive. For instance, in January 2022, Mindray launched its new VS 9 and VS 8 Vital Signs Monitors in Europe, Australia, and other selected regions.

Hence, the vital sign monitor segment will likely grow during the forecast period due to the high prevalence of hypertension and surging number of product launches by prominent players.

North America Holds a Significant Share and Expected to do Same Over the Forecast Period

The geographical analysis of the Durable Medical Equipment market shows that North America holds a significant market share in the global market. This is due to the rising prevalence of various chronic diseases in the region, the presence of prominent players, and the increasing number of product launches.

For instance, as per the data updated by the CDC in January 2023, approximately one in four adults (26%) adults in the United States are currently having some disability. According to the same source, around 11.1% of adults in the United States have difficulty climbing stairs or walking. Hence, the large proportion of people in the country suffering from various physical disabilities is likely to create a huge demand for personal mobility and bathroom safety devices. In addition, as per the data updated by the CDC in January 2023, nearly half of the adults in the United States (47%, or 116 million) have hypertension. Thus, the large population in the country suffering from hypertension is likely to augment the demand for vital sign monitoring devices, thereby increasing the market growth.

Furthermore, the prominent players are doing various strategic collaborations or partnerships to bring advanced, durable medical equipment to the United States to uphold their position in the market. For instance, in August 2022, United Kingdom-based wheelchair manufacturer RGK and Sunrise Medical North America collaborated to launch RGK’s new window Octane Sub4, a rigid titanium wheelchair custom-fit to every user guaranteed to weigh less than 8.8 pounds. Hence, such collaborations are projected to create lucrative opportunities for market players to enter the North American region, thereby driving market growth.

Thus, the market is expected to grow significantly during the forecast period due to the rising prevalence of various chronic diseases in the region, the presence of prominent players, and the increasing number of product launches.

Durable Medical Equipment Industry Overview

The durable medical equipment market is highly competitive and has several major players. The existing major players in the durable medical equipment market employ robust competitive strategies, leading to an intense rivalry. Some key players in the market include Compass Health Brands, GE Healthcare, Getinge AB, GF Health Products Inc., and Medtronic PLC.

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