Medical Equipment Rental Market Size 2031 | Drivers and Opportunities
The Medical Equipment Rental Market is expected to register a CAGR of 5.9% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX million by 2031.
The report is segmented by Medical Equipment Rental Market By Product (Surgical Equipment, Durable Medical Equipment, Storage and Transport); End-Use (Institutional, Hospital, Homecare), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Medical Equipment Rental Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Medical Equipment Rental Market Segmentation
Product- Surgical Equipment
- Durable Medical Equipment
- Storage and Transport
- Institutional
- Hospital
- Homecare
Strategic Insights
Medical Equipment Rental Market Growth Drivers- Increased Preference for Home Healthcare: Due to patient preferences for obtaining treatment in familiar settings, home healthcare is becoming more and more popular. Better patient care at home is being made possible by this change, which is increasing demand for rental medical equipment such respiratory devices, mobility aids, and monitoring systems.
- Cost-Effectiveness: By renting medical equipment, healthcare providers—particularly smaller clinics and hospitals—can access cutting-edge technologies without having to pay the high upfront expenses of buying. Facilities are able to distribute resources more effectively while upholding high standards of care because to this financial flexibility.
- Shortened Product Lifecycles :Shorter lifecycles for medical devices due to rapid technology breakthroughs make it financially difficult for healthcare providers to stay up to date with the newest equipment. They can use the newest gadgets without having to worry about ownership and depreciation when they rent.Such a factor has assisted the overall market growth in the recent past and is expected to continue a similar trend during the forecast period.
- Rising Geriatric and Disabled Population: There is a greater need for durable medical equipment (DME) as the number of elderly and disabled people rises. The necessity for rental services that offer the equipment these populations require is fueled by this demographic transition.Such a factor has assisted the overall market growth in the recent past and is expected to continue a similar trend during the forecast period.
- Regulatory Support: Medical equipment leasing services are one of the ways that several governments are supporting the adoption of cutting-edge healthcare infrastructure. This assistance may take the form of advantageous laws and financial programs meant to enhance the availability and caliber of healthcare.Such a factor has assisted the overall market growth in the recent past and is expected to continue a similar trend during the forecast period.
- Growing Demand from Healthcare Facilities: In order to satisfy the needs of an expanding patient population, hospitals and long-term care facilities are increasingly choosing leasing options. This trend has been further accelerated by the COVID-19 pandemic, as there was an immediate need for respiratory devices and other essential equipment.
- Technology Advancements: New medical gadgets that improve patient outcomes are introduced as a result of ongoing breakthroughs in the field. Healthcare providers seeking to enhance their service offerings without making a sizable capital commitment may be drawn to rental services that incorporate the newest technologies.
- Increased Demand for Rental Equipment:The need for rental medical equipment, including respiratory devices, monitoring systems, and mobility aids, is growing as more patients choose home-based treatment to treat chronic illnesses or recuperate from surgeries. This tendency is especially noticeable in older people and those with disabilities who need continuous assistance yet would rather stay in familiar settings.
- Flexibility and Accessibility:Through the leasing approach, patients can get equipment that is customized to meet their unique needs without having to make long-term commitments. For short-term illnesses or temporary disabilities, this flexibility is especially helpful because it allows patients to hire equipment like wheelchairs or crutches as needed, which speeds up their recuperation and lowers expenses.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Medical Equipment Rental Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Medical Equipment Rental Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
In Europe, the UK held the second largest share in 2023.
Technology Advancements
North America held the largest share in 2023 and is expected to retain its dominance during the forecast period
The Medical Equipment Rental Market is estimated to witness a CAGR of 5.9% from 2023 to 2031
Increased Preference for Home Healthcare
Hospital segment held the largest share in 2023.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Medical Equipment Rental Market - By Product
1.3.2 Medical Equipment Rental Market - By End-Use
1.3.3 Medical Equipment Rental Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MEDICAL EQUIPMENT RENTAL MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. MEDICAL EQUIPMENT RENTAL MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. MEDICAL EQUIPMENT RENTAL MARKET - GLOBAL MARKET ANALYSIS
6.1. MEDICAL EQUIPMENT RENTAL - GLOBAL MARKET OVERVIEW
6.2. MEDICAL EQUIPMENT RENTAL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MEDICAL EQUIPMENT RENTAL MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. SURGICAL EQUIPMENT
7.3.1. Overview
7.3.2. Surgical Equipment Market Forecast and Analysis
7.4. DURABLE MEDICAL EQUIPMENT
7.4.1. Overview
7.4.2. Durable Medical Equipment Market Forecast and Analysis
7.4.3. Personal Mobility Devices Market
7.4.3.1. Overview
7.4.3.2. Personal Mobility Devices Market Forecast and Analysis
7.4.4. Bathroom Safety and Medical Furniture Market
7.4.4.1. Overview
7.4.4.2. Bathroom Safety and Medical Furniture Market Forecast and Analysis
7.4.5. Monitoring and Therapeutic Devices Market
7.4.5.1. Overview
7.4.5.2. Monitoring and Therapeutic Devices Market Forecast and Analysis
7.5. STORAGE AND TRANSPORT
7.5.1. Overview
7.5.2. Storage and Transport Market Forecast and Analysis
8. MEDICAL EQUIPMENT RENTAL MARKET - REVENUE AND FORECASTS TO 2028 - END-USE
8.1. OVERVIEW
8.2. END-USE MARKET FORECASTS AND ANALYSIS
8.3. INSTITUTIONAL
8.3.1. Overview
8.3.2. Institutional Market Forecast and Analysis
8.4. HOSPITAL
8.4.1. Overview
8.4.2. Hospital Market Forecast and Analysis
8.5. HOMECARE
8.5.1. Overview
8.5.2. Homecare Market Forecast and Analysis
9. MEDICAL EQUIPMENT RENTAL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Medical Equipment Rental Market Overview
9.1.2 North America Medical Equipment Rental Market Forecasts and Analysis
9.1.3 North America Medical Equipment Rental Market Forecasts and Analysis - By Product
9.1.4 North America Medical Equipment Rental Market Forecasts and Analysis - By End-Use
9.1.5 North America Medical Equipment Rental Market Forecasts and Analysis - By Countries
9.1.5.1 United States Medical Equipment Rental Market
9.1.5.1.1 United States Medical Equipment Rental Market by Product
9.1.5.1.2 United States Medical Equipment Rental Market by End-Use
9.1.5.2 Canada Medical Equipment Rental Market
9.1.5.2.1 Canada Medical Equipment Rental Market by Product
9.1.5.2.2 Canada Medical Equipment Rental Market by End-Use
9.1.5.3 Mexico Medical Equipment Rental Market
9.1.5.3.1 Mexico Medical Equipment Rental Market by Product
9.1.5.3.2 Mexico Medical Equipment Rental Market by End-Use
9.2. EUROPE
9.2.1 Europe Medical Equipment Rental Market Overview
9.2.2 Europe Medical Equipment Rental Market Forecasts and Analysis
9.2.3 Europe Medical Equipment Rental Market Forecasts and Analysis - By Product
9.2.4 Europe Medical Equipment Rental Market Forecasts and Analysis - By End-Use
9.2.5 Europe Medical Equipment Rental Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Medical Equipment Rental Market
9.2.5.1.1 Germany Medical Equipment Rental Market by Product
9.2.5.1.2 Germany Medical Equipment Rental Market by End-Use
9.2.5.2 France Medical Equipment Rental Market
9.2.5.2.1 France Medical Equipment Rental Market by Product
9.2.5.2.2 France Medical Equipment Rental Market by End-Use
9.2.5.3 Italy Medical Equipment Rental Market
9.2.5.3.1 Italy Medical Equipment Rental Market by Product
9.2.5.3.2 Italy Medical Equipment Rental Market by End-Use
9.2.5.4 Spain Medical Equipment Rental Market
9.2.5.4.1 Spain Medical Equipment Rental Market by Product
9.2.5.4.2 Spain Medical Equipment Rental Market by End-Use
9.2.5.5 United Kingdom Medical Equipment Rental Market
9.2.5.5.1 United Kingdom Medical Equipment Rental Market by Product
9.2.5.5.2 United Kingdom Medical Equipment Rental Market by End-Use
9.2.5.6 Rest of Europe Medical Equipment Rental Market
9.2.5.6.1 Rest of Europe Medical Equipment Rental Market by Product
9.2.5.6.2 Rest of Europe Medical Equipment Rental Market by End-Use
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Medical Equipment Rental Market Overview
9.3.2 Asia-Pacific Medical Equipment Rental Market Forecasts and Analysis
9.3.3 Asia-Pacific Medical Equipment Rental Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Medical Equipment Rental Market Forecasts and Analysis - By End-Use
9.3.5 Asia-Pacific Medical Equipment Rental Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Medical Equipment Rental Market
9.3.5.1.1 Australia Medical Equipment Rental Market by Product
9.3.5.1.2 Australia Medical Equipment Rental Market by End-Use
9.3.5.2 China Medical Equipment Rental Market
9.3.5.2.1 China Medical Equipment Rental Market by Product
9.3.5.2.2 China Medical Equipment Rental Market by End-Use
9.3.5.3 India Medical Equipment Rental Market
9.3.5.3.1 India Medical Equipment Rental Market by Product
9.3.5.3.2 India Medical Equipment Rental Market by End-Use
9.3.5.4 Japan Medical Equipment Rental Market
9.3.5.4.1 Japan Medical Equipment Rental Market by Product
9.3.5.4.2 Japan Medical Equipment Rental Market by End-Use
9.3.5.5 South Korea Medical Equipment Rental Market
9.3.5.5.1 South Korea Medical Equipment Rental Market by Product
9.3.5.5.2 South Korea Medical Equipment Rental Market by End-Use
9.3.5.6 Rest of Asia-Pacific Medical Equipment Rental Market
9.3.5.6.1 Rest of Asia-Pacific Medical Equipment Rental Market by Product
9.3.5.6.2 Rest of Asia-Pacific Medical Equipment Rental Market by End-Use
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Medical Equipment Rental Market Overview
9.4.2 Middle East and Africa Medical Equipment Rental Market Forecasts and Analysis
9.4.3 Middle East and Africa Medical Equipment Rental Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Medical Equipment Rental Market Forecasts and Analysis - By End-Use
9.4.5 Middle East and Africa Medical Equipment Rental Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Medical Equipment Rental Market
9.4.5.1.1 South Africa Medical Equipment Rental Market by Product
9.4.5.1.2 South Africa Medical Equipment Rental Market by End-Use
9.4.5.2 Saudi Arabia Medical Equipment Rental Market
9.4.5.2.1 Saudi Arabia Medical Equipment Rental Market by Product
9.4.5.2.2 Saudi Arabia Medical Equipment Rental Market by End-Use
9.4.5.3 U.A.E Medical Equipment Rental Market
9.4.5.3.1 U.A.E Medical Equipment Rental Market by Product
9.4.5.3.2 U.A.E Medical Equipment Rental Market by End-Use
9.4.5.4 Rest of Middle East and Africa Medical Equipment Rental Market
9.4.5.4.1 Rest of Middle East and Africa Medical Equipment Rental Market by Product
9.4.5.4.2 Rest of Middle East and Africa Medical Equipment Rental Market by End-Use
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Medical Equipment Rental Market Overview
9.5.2 South and Central America Medical Equipment Rental Market Forecasts and Analysis
9.5.3 South and Central America Medical Equipment Rental Market Forecasts and Analysis - By Product
9.5.4 South and Central America Medical Equipment Rental Market Forecasts and Analysis - By End-Use
9.5.5 South and Central America Medical Equipment Rental Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Medical Equipment Rental Market
9.5.5.1.1 Brazil Medical Equipment Rental Market by Product
9.5.5.1.2 Brazil Medical Equipment Rental Market by End-Use
9.5.5.2 Argentina Medical Equipment Rental Market
9.5.5.2.1 Argentina Medical Equipment Rental Market by Product
9.5.5.2.2 Argentina Medical Equipment Rental Market by End-Use
9.5.5.3 Rest of South and Central America Medical Equipment Rental Market
9.5.5.3.1 Rest of South and Central America Medical Equipment Rental Market by Product
9.5.5.3.2 Rest of South and Central America Medical Equipment Rental Market by End-Use
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. MEDICAL EQUIPMENT RENTAL MARKET, KEY COMPANY PROFILES
11.1. HILL-ROM HOLDINGS, INC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. SIEMENS FINANCIAL SERVICES, INC
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. NUNN’S HOME MEDICAL EQUIPMENT
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. WESTSIDE MEDICAL SUPPLY
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. UNIVERSAL HOSPITAL SERVICES, INC
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. WOODLEY EQUIPMENT COMPANY LTD
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. STRYKER CORPORATION
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. APRIA HEALTHCARE GROUP INC.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. CENTRIC HEALTH CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WESTSIDE MEDICAL SUPPLY
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Hill-Rom Holdings, Inc
2. Siemens Financial Services, Inc
3. Nunn's Home Medical Equipment
4. Westside Medical Supply
5. Universal Hospital Services, Inc
6. Woodley Equipment Company Ltd
7. Stryker Corporation
8. Apria Healthcare Group Inc.
9. Centric Health Corporation
10. Westside Medical Supply
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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