Global Durable Medical Equipment Market Size

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.