Publication Month: Oct 2019 | Report Code: TIPRE00005163 | No. of Pages: 195 | Category: Medical Device | Status: Published
Durable medical equipment (DME) are devices that can be used for an extended period, which enables a patient to carry out daily activities. These types of equipment are used as standalone products or can be used along with other devices for monitoring or therapeutic purposes. The products considered as durable medical equipment include personal mobility devices such as wheelchairs, walkers, and scooters, as well as diagnostic devices such as cardiac monitors and blood glucose monitors, and therapeutic devices such as infusion pumps, nebulizers, and others. Durable medical equipment assists in diagnosing or treating an illness or injury, supporting a disabled body part, and preventing a condition from becoming worse. Besides this, it also provides therapeutic benefits intended to manage several medical ailments. As it is durable and reusable, DME is prescribed by physicians and usually covered in healthcare plans across the globe.
The durable medical equipment market growth is attributed owing to rising technological advancements in the medical equipment, increasing elderly population, and rising number of neurological and cardiovascular disorders cases. However, rising adoption of minimally invasive surgeries and issues related to reimbursement against the purchase of DME may hinder the growth of market.
|Market Size Value in||US$ 170,885.52 million in 2018|
|Market Size Value by||US$ 291,529.57 million by 2027|
|Growth rate||CAGR of 6.5% from 2019 to 2027.|
|No. of Pages||195|
|No. of Tables||99|
|No. of Charts & Figures||72|
|Historical data available||Yes|
|Segments covered||Device Type and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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The growing elderly population is highly susceptible to heart diseases and other chronic conditions due to weak immunity and other health problems. The aging factors lead to stiffening the heart and blood vessels that cause heart disorders. With growing age, the systolic blood pressure also rises, and it leads to incidences of cardiovascular diseases. Various challenges have been witnessed owing to the demographic shift across the globe. As per the US Census Bureau’s national population projection reports, the older population in the US consists of around 15% of the total population. The percentage is anticipated to increase by up to 23.5% by the end of 2060.
The elderly population is more susceptible to suffer from chronic disorders such as heart diseases, diabetes, and other respiratory diseases. As per the National Institute on Ageing, around 85% of older adults suffer from at least one chronic health condition. Also, nearly 60% of the aged population have at least two chronic disorders, as per the Centers for Disease Control and Prevention. The aging population requires considerable support from society in the future to live with as well as manage chronic conditions over the long term, as they are more significant to develop these conditions. The chronic diseases witnessed among the geriatric population include cancer, cardiovascular disease, chronic respiratory disease, and diabetes. Hence, the rising geriatric population and its increased susceptibility to chronic disorders are expected to fuel the demand for durable medical equipment during the coming years. Medicaid reimburses for durable medical equipment (DME) and medical supplies appropriate for use in the recipient's home. DME may be rented, purchased or rented-to-purchase. For instance, some of the reimbursable equipment and supplies include augmentative and assistive communication devices. Up to 19% of elderly individuals in the US require assistance to ambulate and may benefit from the use of a cane, crutch, or walker. These devices can increase efficiency of gait, reduce pain, and enhance function with lower extremity osteoarthritis. Such factors are expected to aid the overall durable medical equipment market over the forecast period.
The global durable medical equipment market, based on device type, is segmented into personal mobility devices and monitoring & therapeutic devices. The monitoring & therapeutic devices accounted for a largest share in 2018 and is expected to grow owing to accurate diagnosis provided by the concerned products as well as treatment of chronic medical conditions. Recently, therapeutic shoes are being increasingly used by diabetic patients and this helps the patients in prevention of diabetic ulcers. However, the personal mobility devices segment is expected to witness the fastest CAGR during 2019–2027.
The global durable medical equipment market, based on end user, is segmented into hospitals & clinics, ambulatory care centers, and home healthcare. The hospitals & clinics segment accounted for the largest share in 2018. However, the home healthcare segment is expected to witness the highest growth during 2019–2027. The hospitals & clinics segment is expected to grow owing to the up-gradation with modernized equipment and installation of digital pathology and artificial intelligence. These technologies assist in communicating in the inter-departments and also allows to share data across the domain.
Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the durable medical equipment market players focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world. The durable medical equipment market share is anticipated to flourish with the development of new innovative products by market players. Some of the players operating in the durable medical equipment market are Hillrom Services Inc; Carex Health Brands, Inc.; Cardinal Health; NOVA Medical Products; Drive DeVilbiss Healthcare; Medical Depot, Inc; GF Health Products, Inc.; Medline Industries, Inc.; Invacare Corporation; Sunrise Medical (US) LLC; Resmed Inc.; Medtronic; BD; and Koninklijke Philips N.V.
The List of Companies