Global Medical Equipment Rental Market Set for Robust Growth Through 2028

The global medical equipment rental market has been experiencing growth, with a projected increase from US$ 51.05 billion in 2020 to US$ 70.95 billion by 2028, expanding at a CAGR of 4.2% during the forecast period. Here are the key factors driving this market

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Key Drivers:

1. Rising Healthcare Demand: The increasing prevalence of chronic diseases and the aging population are propelling the demand for medical equipment. Patients with conditions like cardiovascular diseases, diabetes, and respiratory issues require continuous care and monitoring, contributing to the growth in the rental market for medical equipment.
2. Home Healthcare Trend: Due to the COVID-19 pandemic, more patients prefer home-based care, reducing hospital stays. This shift has increased the need for renting medical devices for home healthcare purposes, such as mobility devices and monitoring equipment.
3. Durable Medical Equipment (DME): The demand for durable medical equipment, including devices for long-term and acute care, is prominent. This equipment is often expensive, making rental services an attractive option for individuals and institutions.
4. Preference for Renting Over Purchasing: The increasing preference for renting medical equipment instead of purchasing it outright, especially among small hospitals and individual patients, is a significant growth factor.
5. Technological Advancements: The rise of digital and electronic medical devices is further fueling market growth. Consumers' and healthcare providers' interest in advanced equipment, such as telemedicine and monitoring systems, is expanding the rental segment.

Challenges:

1. Lack of Insurance Coverage: Many medical devices are not covered by insurance policies, and consumers often lack awareness about fair market prices and insurance replacement costs. This leads to higher rental costs than necessary.
2. Pricing Transparency: The lack of clarity in rental agreements, including rates and terms, can deter customers from choosing rental options. Providers need to offer more transparency and better pricing strategies to improve market adoption.

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Regional Insights:

North America and Europe are the leading regions in the medical equipment rental market, with substantial growth expected due to advanced healthcare systems, increased chronic disease incidences, and a preference for renting over buying.

Asia-Pacific is projected to be a lucrative region as well, driven by rising healthcare expenditures and increased disposable incomes, particularly in China, India, and Japan.

Market Segmentation:

By Device Type: The market includes personal/home care equipment, electronic/digital devices, surgical equipment, and durable medical equipment.

By End-User: End-users include hospitals, healthcare centers, nursing homes, and individual home care users.

Key Players:

Major players in the global market include:

• Apria Healthcare Group
• Hill-Rom Holdings, Inc.
• Universal Hospital Services, Inc.
• US Med-Equip, Inc.
• Centric Health Corporation

These companies are adopting strategies like acquisitions, partnerships, and the development of technologically advanced products to expand their market presence.

In conclusion, while the medical equipment rental market faces challenges like pricing transparency and insurance coverage, the demand for home healthcare, durable medical equipment, and advanced digital devices continues to fuel growth.

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