The Durable Medical Equipment Market size was estimated to be US$ 203901.18 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 339107.30 million by 2031; it is estimated to record a CAGR of 5.3% in till 2031. The market's growth is attributed to key driving factors such as the increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, obesity, and stroke, the increasing geriatric population, and growing incidents of road accidents. Such factors are likely to remain key Durable Medical Equipment Market trends.
Durable Medical Equipment Market Analysis
According to the Centers for Disease Control and Prevention (CDC) report 2018, approximately 9% of the population had diabetes, a leading cause of kidney failure and lower-limb amputations in the U.S. Also, the data suggest that nearly 1.5 million Americans are diagnosed with diabetes every year in the U.S. Cardiovascular diseases (CVD) account for 45.0% of all deaths in Europe and 37.0% of all deaths in the E.U. CVD is the primary reason for death in men and women in all countries. Therefore, a rise in the incidences of CVDs is likely to increase the demand for cardiovascular diagnostic devices, propelling the growth of the durable medical equipment market during the forecast period. Diabetes is becoming a life-threatening disease with no functional cure. It is primarily caused by the body’s inability to produce or utilize insulin. Diabetes is among the most common global health casualties of the 21st century. The incidence rate has increased significantly, leading to life-changing complications.
Rising cases of chronic diseases in both developed and emerging economies are driving the growth of durable medical equipment market.
Durable Medical Equipment Market Overview
Durable medical equipment (DME) is the utilities or devices that can be used for an extended period, which enables a patient to carry out daily activities. This equipment is used alone or can be used along with other devices for monitoring or therapeutic purposes. The products considered DME include personal mobility devices such as wheelchairs, walkers, and scooters and diagnostic devices like cardiac and blood glucose monitors. Monitoring devices help analyze a patient’s physiological parameters, such as blood pressure, heart rate, blood sugar, pulse rate, blood oxygen levels, and vital signs. These devices play a significant role as they help reduce patient hospitalization time and hospital visits. Therapeutic devices help treat respiratory diseases, cardiac conditions, and metabolic disorders like diabetes. Common therapeutic devices available in the market include infusion pumps, nebulizers, and oxygen equipment. The demand for DME has been rising due to the prevalence of chronic disorders such as sleep apnea, respiratory and cardiovascular diseases, and diabetes.
Global durable medical equipment market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the US is the largest market for durable medical equipment. The growth of the durable medical equipment market in North America can be attributed to the rising prevalence of chronic disorders, the increasing geriatric population, and the rise in awareness programs. As per Canadian Lung Association, 26% of Canadian adults 18 years and above are at a higher risk of sleep apnea. The condition is among the underdiagnosed respiratory disease prevalent in Canada. Additionally, Continued Positive Airway Pressure (CPAP) therapy is the most common therapy for patients with sleep apnea. Therefore, there is an increase in CPAP therapy equipment in the country.
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Durable Medical Equipment Market: Strategic Insights
Market Size Value in US$ 170,885.52 million in 2018 Market Size Value by US$ 291,529.57 million by 2027 Growth rate CAGR of 6.5% from 2019 to 2027. Forecast Period 2019-2027 Base Year 2019
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Durable Medical Equipment Market: Strategic Insights
| Market Size Value in | US$ 170,885.52 million in 2018 |
| Market Size Value by | US$ 291,529.57 million by 2027 |
| Growth rate | CAGR of 6.5% from 2019 to 2027. |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Durable Medical Equipment Market Drivers and Opportunities
Increasing number of road accidents to Favor the Overall Market
A significant increase in road accidents has increased the demand and supply of durable medical equipment during the forecast period. As per the estimates by the CDC, road traffic injuries are the eighth driving cause of death worldwide and are estimated to be the seventh driving cause of death by 2030. Injuries caused due to road accidents lead to deformities, amputations of limbs, fractures of bone, and severe pain in the different parts of the body. Other conditions caused due to injuries include spinal cord paralysis, head-brain injuries, facial disfigurement, and wrist and arm injuries. Personal mobility devices such as wheelchairs, walkers, canes, and crutches are advised for individuals recovering from these road accidents. Such a trend is likely to drive the overall durable medical equipment market during the forecast period.
Home Healthcare Market is Expected to Propel the Market Demand – An Opportunity of Durable Medical Equipment Market
Durable medical equipment(DME) can help maintain safety and a sense of independence, especially for the elderly or the geriatric population. They mainly provide support post-surgery at home or any healthcare settings. Four of the most common types of DME are shower chairs, bed rails, walkers and Hoyer lifts. These pieces can be expensive to purchase, and sometimes, renting them is a better use of resources.
Such advancements in recent years is likely to generate attractive growth opportunity for the durable medical equipment market.
Durable Medical Equipment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Durable Medical Equipment Market analysis are device type and end user.
- Based on the device type, the Global Durable Medical Equipment Market is bifurcated into personal mobility devices and monitoring & therapeutic devices. The monitoring & therapeutic devices segment led a larger market share in 2023 and is expected to retain its dominance during the forecast period from 2024 to 2031. In the devices type segment, the personal mobility device market is growing at a higher CAGR during the forecast period. A personal mobility device is an assistive device that helps transport an individual. These devices are used by individuals who have limited or restricted mobility. These devices are available in variants and can be operated manually and powered by a battery. Per the report's scope on the durable medical equipment market, personal mobility devices include wheelchairs, scooters, walkers & rollators, canes & crutches, and other personal mobility devices. Similarly, monitoring and therapeutic devices include blood glucose monitoring devices, infusion pumps market, nebulizers, oxygen equipment, continuous positive airway pressure (CPAP), and cardiovascular devices. Monitoring devices analyzes a patient’s physiological parameters such as blood pressure, heart rate, blood sugar, pulse rate, blood oxygen levels, and vital signs. These devices play a significant role as they help reduce patient hospitalization time and hospital visits.
- Based on end-users, the durable medical equipment market was segmented into hospitals & clinics, ambulatory care centers, and home healthcare. The hospitals & clinics segment held the largest share of the market in 2023. However, the home healthcare segment is expected to grow at the fastest rate in the coming years owing to a rising preference for home care settings for managing various medical conditions since it reduces the time required for regular checkups and restricts the cost associated with hospital visits. In addition, the market is also segmented based on segments offered by the leading participants in the industry to understand widely used market-specific terminologies. For instance, personal mobility devices include wheelchairs, scooters, walkers & rollators, canes & crutches, and other personal mobility devices. Similarly Monitoring & Therapeutic Devices segment includes blood glucose monitors, vital signs monitoring devices, infusion pumps, nebulizers, Oxygen Equipment, Continuous Positive Airway Pressure (CPAP), and cardiovascular devices.
Durable Medical Equipment Market Share Analysis by Geography
The geographic scope of the Durable Medical Equipment Market report is mainly segmented into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
The Asia Pacific durable medical equipment market is expected to be the fastest-growing regionduring the forecast period. The region consists of the countries such as China, India, Japan, Australia, South Korea, and Rest of Asia Pacific. China holds the largest market share in this segment. China is regarded as an aging society, and the demand for related medical devices is expected to increase. By 2030, over 230 million people in China will be 60 or over. The growth of the market is categorized by an increasing number of market players involved in research and development activities. For instance, in January 2018, the global first clinical case of the MitralStitch mitral valve repair system, developed by Hangzhou DeJin Medtech Co., Ltd. (an affiliate company of DiNovA Medtech) was completed at Yunnan Fuwai Hospital, China.
Durable Medical Equipment Market Report Scope
Durable Medical Equipment Market News and Recent Developments
The Durable Medical Equipment Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for durable medical equipment and strategies:
- In November 2022, Cardinal Health launched Velocare, a supply chain network that will provide hospital-level critical products and services for home care (Source: Cardinal Health, Press Release, 2022)
Durable Medical Equipment Market Report Coverage and Deliverables
The “Durable Medical Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device Type and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
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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