According to the latest report by IMARC Group, titled "Durable Medical Equipment (DME) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global durable medical equipment (DME) market reached a value of US$ 204.2 Billion in 2022. Durable medical equipment is used in clinics, hospitals, and home care settings to provide a better quality of life to patients with debilitating medical conditions, illnesses, or injuries. It is covered in many insurance policies and includes iron lungs, catheters, CPAP, hospital beds, iron lungs, nebulizers, oxygen tents, blood-testing strips and blood glucose monitors, and wheelchairs. It is furnished on a rental basis for a long duration or purchased. It is prescribed by a physician or healthcare provider to accommodate a patient's temporary disability, as in the case of a wheelchair or crutches for a recovering patient, or as part of a patient's long-term care plan for their chronic or life-limiting condition, such as a mechanical ventilator for a patient with advanced lung disease.
Global Durable Medical Equipment (DME) Market Trends:
The global market is majorly driven by the increasing incidences of cancer, cardiac disorders, neurological conditions, and gynecological complications. In line with this, better coverage and favorable reimbursement policies for durable medical equipment products are expected to positively influence the product demand. Furthermore, the rising number of elderly care centers due to the expanding geriatric population base and its susceptibility to skeletal, cardiac, and neurological conditions, which augments the need for long-term care and recovery, are anticipated to increase the demand for DME products. Moreover, the introduction of technologically advanced products with improved patient comfort and portability is creating a positive outlook for the market. Additionally, the escalating preference for availing post-operative and long-term care at home is providing a boost to the market. Some of the other factors driving the market expansion include continual technological advancements in DME, inflating disposable incomes of consumers, and rapid adoption of home-based monitoring devices. On account of the factors above, the market is anticipated to reach a value of US$ 294.4 Billion by 2028, exhibiting a CAGR of 6.2% during 2023-2028.
- On the basis of the product, the market has been categorized into personal mobility devices (wheelchairs, scooters, walker and rollators, cranes and crutches, door openers, and others), bathroom safety devices and medical furniture (commodes and toilets and mattress and bedding devices), and monitoring and therapeutic devices (blood sugar monitors, continuous passive motion (CPM), infusion pumps, nebulizers, oxygen equipment, continuous positive airway pressure (CPAP), suction pumps, traction equipment, and others).
- Based on the end use, the market has been classified into hospitals, nursing homes, home healthcare, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include ArjoHuntleigh, Becton, Dickinson and Company, General Electric Company, GF Health Products Inc., Hill-Rom Services Inc., Invacare Corporation, Koninklijke Philips NV, Medical Device Depot Inc., Medline Industries Inc., Medtronic PLC, Omron Corporation, Siemens Healthineers AG (Siemens AG) and Stryker Corporation.
|Base Year of the Analysis
||Product, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ArjoHuntleigh, Becton, Dickinson and Company, General Electric Company, GF Health Products Inc., Hill-Rom Services Inc., Invacare Corporation, Koninklijke Philips NV, Medical Device Depot Inc., Medline Industries Inc., Medtronic PLC, Omron Corporation, Siemens Healthineers AG (Siemens AG) and Stryker Corporation
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