A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Durable Medical Equipment (DME) Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Durable medical equipment market Analysis
The durable medical equipment market is valued at US$ 208.54 Billion and is anticipated to reach US$ 335.36 Billion by the end of 2030 with CAGR of 6.1% from 2023to 2030.
What is Durable Medical Equipment Market?
The durable medical equipment (DME) market refers to the industry that provides medical equipment, supplies, and devices that are designed to be used repeatedly, are appropriate for use at home, and are prescribed by a physician. These products are typically used to assist individuals with disabilities, chronic conditions, or other health issues in their daily lives.
Examples of DME include wheelchairs, hospital beds, walkers, oxygen equipment, and nebulizers. These products are typically reimbursed by health insurance plans, including Medicare and Medicaid.
The DME market is a rapidly growing industry, driven by an aging population and the increasing prevalence of chronic diseases. As technology advances, new and more innovative DME products are being developed to meet the evolving needs of patients. The market is highly competitive, with a large number of companies operating in the space, ranging from small startups to large multinational corporations.
Durable Medical Equipment Market Outlook
The durable medical equipment (DME) market is expected to continue to grow in the coming years. This is due to several factors, including an aging population, the rising prevalence of chronic diseases, and advancements in technology. The increasing demand for home healthcare services and the growing preference for non-invasive therapies are expected to drive market growth.
The COVID-19 pandemic has also had an impact on the DME market, as it has led to an increased demand for remote patient monitoring and telemedicine solutions. This trend is expected to continue even after the pandemic subsides, as patients and healthcare providers have become more comfortable with remote care options.
Overall, the outlook for the DME market is positive, as the demand for these products is expected to continue to grow due to demographic and technological factors.
Segment Analysis:
The durable medical equipment market can be segmented in various ways, such as by product type, by end user and by region.
The durable medical equipment market is segmented into several product types, including Mobility Devices (e.g., wheelchairs, scooters, walkers), Medical Furniture (e.g., hospital beds, chairs), Bathroom Safety Devices (e.g., commodes, bath lifts), Personal Mobility Assistance Devices (e.g., canes, crutches), Monitoring and Therapeutic Devices (e.g., blood glucose monitors, oxygen concentrators), Other Devices (e.g., prosthetics, orthotics).
Based on end user DME market is segmented into hospitals and clinics, long term care centers, home healthcare settings, ambulatory surgical centers and others example sports organizations, military schools
Based on regions DME is further bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The mobility devices segment was the largest segment of the DME market, accounting for the majority of the market share. This is due to the growing aging population and increasing prevalence of disabilities and chronic conditions that require mobility aids. However, other segments such as respiratory equipment and monitoring devices are also expected to experience significant growth due to the increasing demand for home healthcare and remote monitoring services.
Geographical Analysis:
The durable medical equipment (DME) market has been analyzed geographically, and the market trends and opportunities in different regions have been highlighted. North America is the largest market for DME, driven by an aging population, rising incidence of chronic diseases, and favorable reimbursement policies. Europe is the second-largest market, with Germany, France, and the United Kingdom accounting for a significant share of the market. Asia Pacific is the fastest-growing market, driven by increasing healthcare expenditure, growing awareness about healthcare, and the rising prevalence of chronic diseases. Latin America and the Middle East & Africa are also growing markets, driven by factors such as increasing healthcare expenditure and improving healthcare infrastructure. The global DME market is expected to grow significantly in the coming years, driven by an aging population, increasing prevalence of chronic diseases, and advancements in technology, with Asia Pacific expected to be the fastest-growing region. The increasing adoption of advanced technologies such as telemedicine and remote patient monitoring is also driving the growth of the DME market worldwide.
The report offers the revenue of the durable medical equipment market for the period 2020-2030, considering 2020 & 2021 as a historical year, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the durable medical equipment market for the forecast period. The durable medical equipment market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the durable medical equipment market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the durable medical equipment market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the durable medical equipment market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the durable medical equipment market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the durable medical equipment market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the durable medical equipment market. The subsequent section of the durable medical equipment market report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Durable Medical Equipment Market Competitive Landscape:
The market is extremely competitive, as seen by the abundance of both domestic and foreign competitors. For the purpose of providing innovative and cutting-edge products and acquiring a stronger competitive advantage in the market, market participants usually participate in research and development operations. The following companies concentrate on strategic alliances, agreements, and acquisitions for corporate growth.
For instance, Baxter successfully acquired Hillrom in December 2021. The acquisition has increased efficiency across care settings and contributed to better care outcomes. Leading companies in the global market for durable medical equipment include:
The competitive environment of the global market for durable medical equipment market is examined in the report. Major participants in the durable medical equipment market industry around the world have been found and profiled for their distinct commercial characteristics. The characteristics of the firms included in the worldwide durable medical equipment market study include a company overview (company description, type portfolio, geographic presence, employee strength, key management, etc.), financials, SWOT analysis, recent advancements, and key strategies.
Segmentation:
Durable Medical Equipment Market, by Product Type
Durable Medical Equipment Market, by End User
Durable Medical Equipment Market, by Region
Medtronic plc, Abbott Laboratories, Stryker Corporation, Boston Scientific Corporation, Zimmer Biomet Holdings, Inc., Becton, Dickinson and Company, Danaher Corporation, ResMed Inc., Koninklijke Philips N.V., Hill-Rom Holdings, Inc., Cardinal Health, Inc., Baxter International Inc., Smith & Nephew plc, Teleflex Incorporated, Masimo Corporation
Trends: DME is becoming more advanced and connected. This includes the integration of IoT (Internet of Things) for remote monitoring, wearable DME, and the use of smart sensors to enhance patient outcomes.
Drivers: The global aging population, particularly in developed countries, is a significant driver. Elderly individuals often require DME to maintain their independence and quality of life.
Opportunities: Collaboration with telemedicine providers can create opportunities for DME manufacturers to offer integrated remote patient monitoring and care solutions.
Challenges: The DME market is competitive, with many manufacturers vying for market share, making it important to differentiate products and services.
The CAGR is anticipated to be 6.1% during the forecast period.
The U.S. has a robust market for durable medical equipment. The country has a well-established healthcare infrastructure, including hospitals, clinics, and home healthcare services, which contribute to the demand for DME.
The educational devices & software segment is expected to lead the segmental growth over the assessment period.
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