May 20, 2024

The Durable Medical Equipment Market is Trending Towards Customized Healthcare Solutions

The durable medical equipment market plays an integral role in enhancing patients’ quality of life by offering a wide range of devices for treatment, rehabilitation, and everyday assistance. Durable medical equipment includes hospital beds, wheelchairs, walkers, orthopedic braces, therapeutic shoes, respiratory therapy equipment, and other home medical equipment. These products help support Americans with injuries, disabilities, chronic illnesses, and terminal diseases. The demand for durable medical equipment and home healthcare solutions is growing worldwide due to the increasing incidence of chronic disorders, the rising geriatric population, and technological advancements.

The Global Durable Medical Equipment Market is estimated to be valued at US$ 5,949.9 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Durable Medical Equipment are Stryker Corporation, Baxter International, Inc. Medtronic plc. Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation, Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) Hill-Rom Holdings, Inc., and others.

The growing geriatric population and increasing incidence of chronic diseases are major factors fueling the demand for durable medical equipment globally. According to estimates, more than 50% of Americans over the age of 65 need some form of durable medical equipment, driving the need for greater access.

The major players in the durable medical equipment market are expanding their global footprint to tap the growing demand from emerging economies. For instance, Stryker Corporation has operations in over 100 countries and exports their products worldwide. Meanwhile, players are focusing on developing customized and innovative products tailored to patients’ specific needs through R&D investments to gain market share.

Market Key Trends

One of the key trends gaining traction in the durable medical equipment market is the rising popularity of home healthcare devices and customized care solutions. Manufacturers are increasingly developing smart and connectivity-enabled devices that can be controlled remotely for monitoring health indicators. This allows patients to receive medical care while living independently and reduces the burden on healthcare facilities. Furthermore, 3D printing and artificial intelligence technologies are enabling the production of personalized medical equipment tailored precisely to individual body types and conditions. The adoption of advanced digital technologies is expected to transform the durable medical equipment landscape during the forecast period.

Porter’s Analysis
Threat of new entrants: High capital requirements and certification processes create barriers for new companies. Bargaining power of buyers: Buyers have moderate bargaining power as they can choose between various suppliers and products. Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers for raw materials and components. Threat of new substitutes: Substitution threat is low as medical equipment has limited alternatives. Competitive rivalry: Fierce competition exists between existing companies to gain market share and create brand loyalty.

North America region
North America region accounts for the largest market share in terms of value due to increase in number of hospitals equipped with medical devices and increased healthcare spending. The United States holds majority of the market share owing to advanced healthcare infrastructure and availability of reimbursement policies for medical devices.

Asia Pacific region
Asia Pacific region is expected to witness the fastest growth during the forecast period owing to enhancement of healthcare infrastructure, rise in chronic diseases, increase in disposable income, and growing medical tourism industry in emerging countries such as India, China and Japan. Other factors driving the demand include rising geriatric population, growing investments from government and private bodies, and expansion of private-sector healthcare facilities.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it