Durable Medical Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Durable Medical Equipment Market Analysis
The Durable Medical Equipment (DME) Market is expected to register a CAGR of 6.2% over the forecast period (2022-2027).
The COVID-19 pandemic had a significant effect on the durable medical equipment market. Many individuals with chronic conditions or physical disabilities were not able to follow the guidelines and procedures to reduce the spread of COVID-19. For example, complete isolation was not possible for a person with a disability as they needed help from home helpers or caregivers. Due to the COVID-19 public health emergency, there was an increased demand for durable medical equipment to expand health care capacity in local hospitals and health care systems through temporary expansion sites and for the proper and effective monitoring of patients. To meet this need, manufacturers from various industry sectors not traditionally associated with medical device manufacturing were looking for resources to manufacture and market these devices to the healthcare community. For instance, in May 2020, the Railway Board of India issued necessary instructions to the General Managers of the production units to explore the feasibility of manufacturing items like simple hospital beds (without mattresses) and stretchers. In consultation with production units and zonal railway workshops, the ministry of railways decided to use its production units' manufacturing facilities to manufacture essential items that can be utilized to treat people affected by the pandemic. Hence, due to such factors, COVID-19 had a pronounced impact on the durable medical equipment market.
Furthermore, the rising focus on home care settings for managing medical conditions and illnesses in patient populations and the increasing awareness about elevating patients' comfort are the key factors driving the market for durable medical equipment (DME) globally. DME is mainly associated with therapeutic benefits and convenience for patients, and the devices are not intended for non-medical uses. The World Health Organization estimated that in 2021 more than 1 billion individuals had a disability. This corresponds to over 15% of the world's population, with up to 190 million (3.8%) adults aged 15 and older experiencing major functional challenges and frequently requiring medical attention. These increased disability statistics are likely to cause the utilization of durable medical equipment to increase and boost the market growth.
Constant technological advancements by manufacturers of durable medical equipment are expected to open new frontiers for the studied market. Besides, the rapid commercialization of better durable medical equipment is expected to influence the market's growth trajectory over the forecast period. For instance, in March 2020, the Invacare AVIVA FX Motorized Wheelchair, a new power wheelchair, was introduced by Invacare Corporation.
Moreover, the demand and funding for therapeutic and monitoring devices are expected to increase steadily, with the rising number of medical device startups further driving the market growth. For instance, in August 2021, the Indian Institute of Technology (IIT) Madras developed India's first indigenous motorized wheelchair vehicle that can be used not only on roads but even on uneven terrain. Product launches are another critical factor for the growth of the market. For instance, in October 2020, Stryker Corporation launched one of the world's first and only wireless hospital beds, ProCuity, an intelligent bed designed to reduce in-hospital patient falls at all acuity levels, improve nurse workflow efficiencies, and safety, as well as help lower hospital costs.
Therefore, owing to the aforesaid factors, the market is expected to project significant growth over the analysis period. However, the high cost, pricing, and reimbursement issues are hindering the expansion of the durable medical equipment market.
Durable Medical Equipment Market Trends
This section covers the major market trends shaping the Durable Medical Equipment Market according to our research experts:
The Vital Sign Monitor Segment is Expected to Grow Significantly During the Forecast Period
The vital signs monitor segment by monitoring and therapeutic devices type is expected to garner a major share of the market. The vital signs monitor is a tool that helps to provide information to the medical and nursing staff about the physiologic condition of the patient. Monitoring of these critical signs is usually done by nurses and includes blood pressure (BP), heart rate (HR), respiratory rate (RR), oxygen saturation (SpO 2), and core temperature. Consistent vital sign monitoring is critically important for the early detection of clinical deterioration in patients in hospital settings. It is mainly monitored by the nurses, who routinely measure and document the primary vital signs of all patients 2-3 times daily to assess their condition.
Moreover, the COVID-19 pandemic created a massive demand for vital sign monitors due to the vast pool of patients getting admitted to hospitals due to infections, and it became mandatory to check the patients' critical parameters during their treatment. Product launches and product approvals related to durable medical equipment during the pandemic boosted the segment's growth. For instance, in May 2020, Phillips received 510k clearance from the United States Food and Drug Administration for its wearable biosensor "Philips Biosensor BX100," a new approach to vital signs measurements to help manage confirmed and suspected COVID-19 patients in the hospital. Such factors are all together contributing to the segment's growth.
In addition, the growing geriatric population is expected to cause a rise in disease rates in the coming years, which in turn is projected to increase hospitalization rates. Monitoring vital signs is crucial in emergencies and intensive care unit admissions, and even in most general hospital admissions. According to the World Ageing Population report, there were 727 million people worldwide who were 65 or older in 2020. This number is projected to exceed 1.5 billion by 2050. The share of elderly people in the global population is expected to increase from 9.3% in 2020 to 16.0% by 2050.
Several market players focus on developing and launching portable and affordable vital sign monitoring devices, making the segment competitive. For instance, in January 2021, Mindray launched its new VS 9 and VS 8 Vital Signs Monitors in Europe, Australia, and other selected regions. Likewise, in August 2021, Numed Healthcare launched the Huntleigh SC300 Vital Signs Monitor for clinical-grade spot-check measurements of blood pressure and other vital signs in hospitals and clinics.
Hence, due to the factors mentioned above, the vital sign monitor segment is likely to grow during the forecast period.
North America Captured the Largest Market Share and it is Expected to Grow Over the Forecast Period
North America holds the largest share of the market, with the United States being the most significant contributor to its revenue. The main drivers for the market's growth are the increasing number of older adults and chronic disease prevalence, which may indirectly fuel the adoption of durable medical equipment.
The emergence of the COVID-19 pandemic created a massive demand for durable medical equipment in the North American region. Companies in the region have increased their manufacturing of essential or critical medical device products. For instance, in March 2020, the press release from Hillrom stated that the company had doubled the production of essential care products, including devices such as ventilators, hospital beds, and vital monitoring devices, to support COVID-19 patients. Similarly, several major companies, such as Medtronic, have also increased their production of essential medical devices.
Furthermore, according to the 2021 update from the Center for Disease Control and Prevention (CDC), 6 in 10 adults in the United States had at least one chronic disease, and 4 in 10 adults in the United States had two or more chronic conditions in 2020. According to the same report, the annual healthcare costs for heart disease, cancer, chronic lung disease, stroke, Alzheimer's disease, diabetes, and chronic kidney disease totaled around USD 4.1 trillion in 2020. Additionally, market players are also focusing on the launch of new products. For instance, in December 2020, Caretaker Medical received Health Canada approval for its Caretaker wearable vital signs monitor, allowing it to be used for quarantined COVID-19 patients.
Hence, due to the abovementioned factors, North America is likely to grow in the studied market over the forecast period.
Durable Medical Equipment Industry Overview
The durable medical equipment market is highly competitive and consists of several major players. The existing major players in the durable medical equipment market employ robust competitive strategies, leading to an intense rivalry between them. The major players' product advancements and improvements in durable medical equipment are increasing the competitive rivalry. Some of the key players in the market include Compass Health Brands, GE Electric Company (GE Healthcare), Getinge AB, GF Health Products Inc., and Medtronic PLC.
Durable Medical Equipment Market Leaders
Getinge AB
Medtronic PLC
Compass Health Brands
GF Health Product Inc.
General Electric Company (GE Healthcare)
*Disclaimer: Major Players sorted in no particular order
Durable Medical Equipment Market News
- In March 2022, DexCom Inc. received the CE Mark (Conformité Européenne) for the Dexcom G7 Continuous Glucose Monitoring (CGM) System for people with diabetes in Europe aged two years and older, including pregnant women.
- In January 2022, ASPIRE launched the ASPIRE SOCIALITE WHEELCHAIR in Australia. The Aspire Socialite is an ultra-lightweight transport chair having a capacity to carry a 115kg safe working load that caters to a broad range of users.
Durable Medical Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic and Lifestyle-related Disorders
4.2.2 Technological Advancements in Portability, Patient Comfort, and Utilities
4.2.3 Increasing Demand and Funding for Monitoring and Therapeutic Devices
4.3 Market Restraints
4.3.1 Stringent Regulatory Requirements Related to Medical Supplies
4.3.2 Lack of Skilled Professionals and Shortage of Facilities
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Device Type
5.1.1 Personal Mobility Devices
5.1.1.1 Wheelchair
5.1.1.2 Crutch and Cane
5.1.1.3 Walker
5.1.1.4 Other Personal Mobility Devices
5.1.2 Medical Furniture and Bathroom Safety Devices
5.1.2.1 Medical Bed and Mattress
5.1.2.2 Commode and Toilet
5.1.2.3 Other Medical Furniture and Bathroom Safety Devices
5.1.3 Monitoring and Therapeutic Devices
5.1.3.1 Blood Glucose Monitor
5.1.3.2 Oxygen Equipment
5.1.3.3 Vital Sign Monitor
5.1.3.4 Infusion Pump
5.1.3.5 Other Monitoring and Therapeutic Devices
5.2 By End User
5.2.1 Hospital/Clinic
5.2.2 Ambulatory Surgical Center
5.2.3 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Compass Health Brands
6.1.2 General Electric Company (GE Healthcare)
6.1.3 GF Health Products Inc.
6.1.4 Medtronic PLC
6.1.5 Invacare Corporation
6.1.6 Masimo
6.1.7 Medline Industries, LP
6.1.8 Koninklijke Philips NV
6.1.9 Nihon Kohden Corporation
6.1.10 Shenzhen Mindray Bio-Medical Electronics Co. Ltd
6.1.11 Becton, Dickinson and Company
6.1.12 Siemens Healthcare GmbH
6.1.13 ride Mobility Products Corp
6.1.14 Patricia Industries (Permobil)
6.1.15 OMRON Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Durable Medical Equipment Industry Segmentation
As per the scope of the report, durable medical equipment (DME) is defined as devices and products that serve medical purposes and can tolerate frequent and subsequent usage. Patients now prefer to avail themselves of post-operative and long-term care at home. Hence, the rising demand for home healthcare services allows DME players to sell and cross-sell various products. The Durable Medical Equipment Market is Segmented by Device Type (Personal Mobility Devices (Wheelchair, Crutch and Cane, Walker and Other Personal Mobility Devices), Medical Furniture and Bathroom Safety Devices (Medical Bed and Mattress, Commode and Toilet and Other Medical Furniture and Bathroom Safety Devices), and Monitoring and Therapeutic Devices (Blood Glucose Monitor, Oxygen Equipment, Vital Sign Monitor, Infusion Pump and Other Monitoring and Therapeutic Devices)), End-User (Hospital/Clinics, Ambulatory Surgical Center, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.
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Durable Medical Equipment Market Research FAQs
What is the current Global Durable Medical Equipment Market size?
The Global Durable Medical Equipment Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in Global Durable Medical Equipment Market?
Getinge AB, Medtronic PLC, Compass Health Brands, GF Health Product Inc. and General Electric Company (GE Healthcare) are the major companies operating in the Global Durable Medical Equipment Market.
Which is the fastest growing region in Global Durable Medical Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Durable Medical Equipment Market?
In 2024, the North America accounts for the largest market share in Global Durable Medical Equipment Market.
What years does this Global Durable Medical Equipment Market cover?
The report covers the Global Durable Medical Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Durable Medical Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Durable Medical Equipment Industry Report
Statistics for the 2024 Durable Medical Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Durable Medical Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
