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Medical Equipment Rental Market Overview
Medical Equipment Rental Market size is estimated to reach $5.1 billion by 2027, growing at a CAGR of 4.17% during the forecast period 2022-2027. Medical Equipment Rental is one of the rapidly developing rental industries and one of the excellent methods to acquire modern and up-to-date Healthcare Equipment without expending much money to keep up good health. Durable medical equipment is any medical equipment utilized at home to assist in a superior quality of living. It is again contained in most insurances. Durable medical equipment (DME) rentals are inclusive of portable oxygen concentrator, wheelchair, ramp, CPAP ventilator, home hospital bed, and mobility scooter. Therapeutic devices are of two kinds as follows: those that help a patient in their everyday actions, and those that help medical personal in transferring therapeutic services. Patient assistive devices are inclusive of hearing aids and visual aids. The Global Harmonization Task Force (GHTF) was established in 1992 and is an informal grouping that was shaped to respond to the developing requirement for the international harmonization of regulations in medical devices. Medical Equipment has sometimes termed armamentarium and is targeted to assist with medical diagnosis, monitoring, and treatment. The proliferating technological progress in armamentarium and therapeutic devices is set to drive the Medical Equipment Rental Market owing to the surging preference of hospitals and medical professionals for medical equipment renting rather than purchasing emerging instruments. The budgetary restraints and financial issues of hospitals and other healthcare establishments are set to propel the growth of the Medical Equipment Rental Market during the forecast period 2022-2027. This represents the Medical Equipment Rental Industry Outlook.
Medical Equipment Rental Market Segment Analysis – By Product Type:
The Medical Equipment Rental Market based on product type can be further segmented into Durable Medical Equipment, Surgical Equipment, Personal Mobility Devices, Electronic/Digital Equipment and Storage And Transport Devices. The Durable Medical Equipment Segment held the largest market share in 2021. This growth is owing to the extensive utilization of rented manual wheelchairs, hospital beds, traction equipment, pressure mattresses, and patient lifts. The surging application of rented therapeutic devices like insulin pumps in the treatment of incessant ailments like diabetes is further propelling the growth of the durable medical equipment segment.
Furthermore, the Personal Mobility Devices segment is estimated to grow with the fastest CAGR of 4.9% during the forecast period 2022-2027 owing to the ready accessibility of technologically progressive, compact, and portable mobility devices like powered wheelchairs which are also therapeutic devices.
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Medical Equipment Rental Market Segment Analysis – By End-User:
The Medical Equipment Rental Market based on end-user can be further segmented into Hospitals, Personal/Home Care, Institutional, and Others. The Hospitals segment held the largest market share in 2021. This growth is owing to the increased renting of medical equipment including therapeutic devices during these troubled times of economic downturn in the wake of the COVID-19 pandemic wherein equipment procurement has been replaced with renting. The enormous patient pool and the surging government reforms encouraging the utilization of progressive healthcare infrastructure are further accelerating the growth of this segment. Proliferating requirements for liquefying frozen capital in conjunction with surging issues concerning ineffective capital deployment is further propelling the growth of this segment.
Furthermore, the Personal/Home Care segment is estimated to grow with the fastest CAGR of 5.1% during the forecast period 2022-2027 owing to the expanding predominance of incessant ailments like diabetes requiring application of therapeutic devices like insulin pumps in conjunction with the growing population of the elderly.
Medical Equipment Rental Market Segment Analysis – By Geography:
The Medical Equipment Rental Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Medical Equipment Rental Market) held the largest share with 39.2% of the overall market in 2021. The growth of this region is owing to the soaring concentration of key players like US Med-Equip, Inc. The current economic slow-down, the increasing population of the elderly, the rising predominance of incessant ailments requiring durable medical equipment, and the extensive government initiatives to control spend on healthcare are further propelling the growth of the Medical Equipment Rental Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like an enormous patient pool resulting in great demand for affordable healthcare equipment. The augmented population of the elderly in conjunction with the proliferating initiatives of the government to increase the affordability and availability of therapeutic devices is further fuelling the progress of the Medical Equipment Rental Market in the Asia-Pacific region.
Medical Equipment Rental Market Drivers
Durable Medical Equipment Innovations On Rent Are Projected To Drive The Growth Of Medical Equipment Rental Market:
Firms are financing the development of durable medical equipment. The giant wave of innovation is occurring with connected medical devices that permit patients and healthcare professionals to supervise advancement. Glutrac is a smart wearable for non – invasive glucose supervision. It assesses signals from human bodies with optical sensors of distinct wavebands and accumulates data utilizing four supervising techniques and then develop large data-powered models for individual users to measure users blood glucose levels depending on Artificial Intelligence (AI) and deep learning. Glaukos’s iStent Inject is planned to minimize intraocular pressure securely and efficiently in patients who have been diagnosed with primary open-angle glaucoma, pseudo-exfoliative glaucoma or pigmentary glaucoma. These kinds of innovative durable medical equipment on rent are fuelling the growth of the Medical Equipment Rental Market during the forecast period 2022-2027.
Increasing Rentals Of Therapeutic Devices Are Expected To Boost The Demand Of Medical Equipment Rental:
Therapeutic devices are usually of two kinds as follows: those that help a patient in their everyday activities and those that help medical personal in transferring therapeutic services. Patient assistive devices are inclusive of hearing aids, visual aids, canes, walkers, or any other appliance that permits patients to carry out tasks they otherwise would not be able to do owing to a physical restraint or disability. Examples of therapeutic devices utilized by medical personnel involve oxygen delivery systems, catheters, intravenous lines, and physical therapy equipment. Patient assistive therapeutic devices like canes, crutches, and wheelchairs are increasingly available on rent. Oxygen concentrator and Wound Vacuum-Assisted Closure (VAC) are also available on rent. The surging rentals of therapeutic devices are driving the growth of the Medical Equipment Rental Market during the forecast period 2022-2027.
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Medical Equipment Rental Market Challenges
Non-Adherence Of Rented Medical Equipment To Nationally Identified Quality And Patient Security Standards Is Hampering The Growth Of The Medical Equipment Rental Market:
The hazard that directly affects patient care is that third-party rental providers are not needed to follow the identical high-level, nationally identified quality and patient security standards as makers. This is a crack that is appalling and anonymous. In contemporary healthcare surroundings — where tiny determinants play a large role in clinical quality, patient security and even reimbursement rates — there is just zero room for hazard. There is no concept of a hurtless shortcut. Yet the disquieting practicality is that while a chosen few rental vendors presently self-adhere to crucial, risk-reducing ISO 13485:2016 standards for their medical equipment administration, almost all are either not certified or are certified to a less binding ISO 9001:2015. In reality, this means that crucial life-rescuing medical devices may not be kept up to the anticipated standards— which may result in poor performance or even equipment collapses that endanger patient security. This issue is hampering the growth of the Medical Equipment Rental Market.
Medical Equipment Rental Market – Landscape:
Progressive devices targeted towards superior healthcare services, optimum capital utilization, mergers and acquisitions, agreements, partnerships, collaborations, joint ventures, regional expansion, and R&D activities are key strategies adopted by players Market. Medical Equipment Rental top 10 companies include:
Med One Group
AGITO Medical A/S
Hill-Rom Holdings Inc.
Woodley Equipment Company Ltd
Westside Medical Supply
Nunn’s Home Medical Equipment
Siemens Financial Services, Inc.
Universal Hospital Services, Inc.
In September 2021, shares of Hill-Rom Holdings HRC rallied 4.7% at the closing of the previous day, after it secured a merger deal with medical device major, Baxter International BAX. The hospital-bed manufacturer decisively consented to be gained by Baxter for a total equity value of nearly $10.5 billion and a total enterprise value of near;y $12.4 billion, inclusive of the assumption of debt. The final purchase price, depicting $156 a share of Hill-Rom from the authoritative agreement, implies a 26% premium to Hill-Rom’s closing price of Jul 27.
In April 2021, Hillrom declared principal technological advances to its market-leading physical evaluation appliances with the introduction of the novel Welch Allyn® PanOptic™ Plus Ophthalmoscope and the Welch Allyn® MacroView® Plus Otoscope. The novel appliances depict advances that develop over 100 years of the innovation of the firm in physical evaluation appliances and a novel standard of care in exam rooms. The novel Welch Allyn MacroView Otoscope is characterized by a novel, one-of-a-kind, LumiView clear ear speculum, with four times the brightness by way of an adult speculum in comparison with a standard ear speculum.
In January 2021, Hillrom declared that it has arrived at an authoritative agreement to gain Bardy Diagnostics, Inc. (BardyDx), an innovator in digital health and a chief provider of ambulatory cardiac supervising technologies. Under the terms of the agreement, Hillrom will buy BardyDx for a cash consideration of $375 million and forthcoming possible payments based on the accomplishment of some commercial milestones. Hillrom is also obtaining net operating losses valued at over $20 million that are anticipated to lead to forthcoming tax gains.
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Geographically, North America Medical Equipment Rental Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the soaring inclination for rental medical equipment and therapeutic devices in the North American region.
Medical Equipment Rental Market growth is being driven by the increasing demand for refurbished instruments and therapeutic devices by customers requiring novel versions of existing equipment at economical cost. However, certain hospitals and health care centers may not rent sufficient equipment to minimize overspending on rentals and instead determine to opt for capital buys which is one of the major factors hampering the growth of the Medical Equipment Rental Market.
Medical Equipment Rental Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Medical Equipment Rental Market report.
Refurbished Medical Equipment Market – Forecast (2021 – 2026)
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