Medical Equipment Rental Market Trends 2024 : Rise in Demand for Rental Medical Equipment in Hospitals is Predicted to Surpass to USD 94.5 Billion by 2032 , Claims AMR
According to a new report published by Allied Market Research, titled, “Medical Equipment Rental Market,” The medical equipment rental market was valued at $56.0 billion in 2022, and is estimated to reach $94.5 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032.
The medical equipment rental market pertains to the sector engaged in renting or leasing a diverse array of medical devices, equipment, and instruments utilized in healthcare facilities. This encompasses a broad spectrum of products, including mobility aids like wheelchairs, crutches, and walkers; patient monitoring devices such as pulse oximeters and blood pressure monitors; respiratory equipment like oxygen concentrators and ventilators; hospital beds and furniture like electric beds and patient lifts; surgical instruments such as operating tables and anesthesia machines; diagnostic imaging equipment like X-ray machines and MRI scanners; and rehabilitation equipment including physical therapy devices and orthopedic braces.
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What is Driving Medical Equipment Rental Market ?
The growth of the medical equipment rental market is fueled by several factors including cost efficiency, rising demand for rental medical equipment in hospitals, and an increase in the disabled patient population. Acquiring medical equipment can pose a significant financial burden for hospitals, particularly for expensive and specialized equipment. Renting offers a solution by allowing hospitals to allocate their financial resources more effectively, redirecting funds to other critical areas of patient care. However, stringent regulatory compliance is expected to hinder market growth in the future. Nonetheless, the growing preference for telemedicine and remote healthcare services among patients presents new opportunities for the market in the years ahead.
North America Region Emerged as Highest Revenue Generator.
North America dominated the global medical equipment rental market in 2022, capturing almost two-fifths of the revenue share. This was driven by factors such as a growing elderly population, a shift towards patient-centered care, and the accessibility of medical rental equipment via online platforms. Conversely, the Asia-Pacific region is projected to experience the highest compound annual growth rate (CAGR) of 6.3% from 2023 to 2032. This growth can be attributed to a sizable patient population, the expansion of medical tourism, and advancements in healthcare infrastructure.
Key Findings of The Study
- On the basis of type, the durable medical equipment segment was the highest contributor to the market in 2022.
- On the basis of end user, the hospital segment dominated the market in terms of revenue in 2022. However, the homecare segment is anticipated to grow at the highest CAGR during the forecast period.
- On the basis of region, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Leading Market Players: -
- Med One Group LLC
- Portea Medical Pvt. Ltd.
- Medirent Services Pvt. Ltd
- Us Med-Equip
- Westside Medical Supply
- Agiliti Health, Inc.
- Arjohuntleigh Ab
- Usa Medical Supply
- Baxter International Inc.
- Avante Health Solutions
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Recent Partnership in the Medical equipment rental market
In March 2022, Med One Group, an industry leader in medical equipment rental, leasing, and sales, announced the partnership with Partners Cooperative, Inc. The partnership allows Partners Cooperative members to have greater access to rental equipment from Med One. Partners membership consists of over 130 hospitals, healthcare facilities, and clinics.
Recent Acquisition in the Medical equipment rental market
In October 2021, Agiliti Health, Inc., an essential service provider to the U.S. healthcare industry announced that it has completed the previously announced acquisition of Sizewise Rentals, LLC, a manufacturer and distributor of specialty hospital beds, surfaces, and patient-handling equipment.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical equipment rental market analysis from 2022 to 2032 to identify the prevailing medical equipment rental market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical equipment rental market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical equipment rental market trends, key players, market segments, application areas, and market growth strategies.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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