Market Trends of Global Durable Medical Equipment Industry
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.
