The need to constantly monitor the increasing prevalence of chronic health conditions, such as diabetes, respiratory and cardiovascular diseases, and hypertension supports the expansion of the global medical equipment rental market
Increased demand for home healthcare solutions, observed during the COVID-19 pandemic, to reduce hospital stays, and stimulate market growth
Wilmington, Dale.And the September 16, 2022 /PRNewswire/ – Players in the global medical equipment rental market are focusing on increasing their efforts in manufacturing electronic and digital equipment, durable medical equipment, personal and home care equipment, and surgical equipment to meet the diverse demands of customers. Increasing demand for durable medical equipment to meet the long-term healthcare needs of patients is positively affecting market expansion. According to a recent professional intelligence report to the world Medical Equipment Rental Market Expected to reach the value 70.95 billion US dollars by the end of the forecast period in 2028.
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Medical Equipment Rental Market – Key Findings of the Report
High demand from the elderly population: The increase in the number of elderly people with chronic diseases, such as diabetes, cardiovascular disease and hypertension, particularly in developing and developed economies, is positively affecting the development of the global medical equipment rental market. Elderly individuals are more likely to develop serious illnesses, and lead to an increased demand for different types of patient monitoring services as well as devices.
High demand for durable medical equipment: Durable medical equipment captured a significant share of revenue in the global medical equipment rental market in 2020. A major contributor to the growth of this segment is the increased demand for advanced and modern medical systems, as well as their affordable cost. The demand for durable medical equipment is expected to increase in the coming years, due to the rising number of elderly people worldwide, driving the need for long-term healthcare solutions.
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Medical Equipment Rental Market – Engines of Growth
Increasing healthcare spending, increasing demand for next-generation medical equipment, and increasing preference to rent high-value medical equipment rather than purchase it is driving the growth of the global medical equipment rental market
The high prevalence of chronic diseases and the increasing need for effective remote patient monitoring are driving the demand for home healthcare solutions in the market
Medical Equipment Rental Market – Major Players
Some of the major companies operating in the global medical equipment rental market are Centric Health Corporation, Nunn’s Home Medical Equipment, and US Med-Equip, Inc. and Woodley Equipment Company, Ltd. and Westside Medical Supply, Inc. and Apria Healthcare Group, Inc., Hill-ROM Holdings, inc., Port Huron Hospital Medical Equipment, Universal Hospital Services, Inc., and Walgreen, Co. With a large number of regional and multinational participants, the global medical equipment rental market is highly fragmented in nature.
Leading strategies used by players in the global medical equipment rental market to increase their industry share include launching new and technologically superior products, entering into cooperative agreements with other players, obtaining regulatory approvals for their new products, and mergers and acquisitions, among others. Players are also focused on expanding their geographical reach to strengthen their presence across the world.
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Medical Equipment Rental Market – Regional Growth Dynamics
Europe It is expected to emerge as a leading regional market in the global medical equipment rental market during the forecast period. Key Factors Contributing to Expansion Europe The market includes the increasing incidence of various types of chronic diseases as well as the increasing focus of governments in the region on strengthening healthcare infrastructures. North Amarica It is also expected to emerge as a leading region in the global medical equipment rental market in the coming years. The growth of this regional market is due to the increasing preference of healthcare professionals and facilities in the region to rent rather than purchase equipment.
in the next years , Asia Pacific It is also expected to contribute significantly to the expansion of the global medical equipment rental market. Some of the main drivers responsible for the growth of this regional market include the rising disposable income of the residents of the region, as well as the increased spending on developing advanced healthcare infrastructure by some governments in the region.
Medical Equipment Rental Market: Retail
Medical Equipment Rental Market by Device Type
Personal/home care equipment
Electronic / Digital Equipment
durable medical equipment
Storage and transportation
Medical equipment rental market, by end user
Medical Equipment Rental Market, by Region
The Middle East & Africa
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