by The medical equipment rental market comprises medical devices that are rented to healthcare facilities, patients, and other end users. Some common medical equipment that are rented include crutches, bath equipment, wheelchairs, braces, ambulatory devices, hospital beds, fertility and obesity treatment equipment, and others. Renting medical equipment is more cost-effective than purchasing, eliminating large upfront costs for healthcare facilities and patients.
The global medical equipment rental market is estimated to be valued at US$ 56.68 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the medical equipment rental market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. These companies dominate the market through innovative rental programs and wide service area coverage.
The key opportunities in the medical equipment rental market include growing demand from ambulatory care centers and home healthcare setups. Ambulatory care centers offer a low-cost alternative to hospitalization and have witnessed rapid growth. Home healthcare is a preferred option for recovering or chronically ill patients, driving demand for rental medical devices.
North America dominates the global medical equipment rental market due to high healthcare spending and presence of major market players. However, Asia Pacific is expected to witness highest growth owing to expanding medical infrastructure and improving access and affordability of healthcare services in countries like China and India. Latin America and Middle East & Africa also offer lucrative opportunities for players given the growing privatization of healthcare systems.
Market drivers
One of the major drivers of the Medical Equipment Rental Market Demand is the growing need for cost-effective healthcare solutions. Rising healthcare costs have burdened both patients and medical facilities across the world. Renting medical devices eliminates the need for large capital investments and ongoing maintenance costs. It allows for flexible payment options making advanced medical care affordable for more patients and facilities. This is a key factor driving the acceptance of the rental business model.
PEST Analysis
Political: Changes in healthcare regulations and reimbursement policies influence the demand for medical equipment rentals. Governments enacting favorable regulations boost the growth of this market.
Economic: Downturns negatively impact the spending capability of healthcare providers on large capital equipment. Rental options help manage financial constraints.
Social: Aging populations drive the demand for quality medical care. Growth in lifestyle and chronic diseases increases the need for diagnostic testing and treatment, positively impacting equipment rentals.
Technological: Advancements in medical technology catalyze upgrades of existing devices. Equipment rentals facilitate access to newer innovations. Frequent equipment updates require cost-effective rental models rather than outright purchases.
The North America region dominates the global medical equipment rental market in terms of value. Significant healthcare spending and presence of leading rental service providers drive high adoption rates.
The Asia Pacific region is projected to grow at the fastest pace during the forecast period. Rapid infrastructure improvements, increasing accessibility to healthcare services, and a large patient pool provide lucrative opportunities. China, India and other emerging nations will majorly contribute to regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
