Durable medical equipment (DME) includes items such as wheelchairs, hospital beds, oxygen equipment, walkers, and other medical devices that are meant for extended use in the home or vehicle. These equipment provide independence and quality of life to patients suffering from chronic conditions, mobility impairment, or injury. With rising cases of cardiovascular, neurological, and respiratory diseases along with growing geriatric population globally, the demand for durable medical devices has increased considerably in recent years. The global Durable Medical Equipment Market is estimated to be valued at US$ 5,949.9 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The geriatric population, aged 65 years and above, is the primary consumer of durable medical equipment. According to the United Nations, the number of people aged 65 years or over is projected to grow from 703 million in 2019 to 1.5 billion in 2050. This rapid rise in the geriatric population is expected to drive the durable medical equipment market during the forecast period. With advancing age, people are more susceptible to chronic diseases, injuries and loss of mobility which results in increased healthcare expenditure on medical devices for independent living and improved quality of life.
Strength: The durable medical equipment market is driven by growing geriatric population and increasing prevalence of chronic diseases.
Weakness: High costs associated with durable medical equipment and maintenance.
Opportunity: Technological advancements leading to development of innovative medical devices.
Threats: Stringent regulatory framework and reimbursement issues.
The global durable medical equipment market is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: North America holds the largest share of the durable medical equipment market due to rising health awareness, growing elderly population suffering from chronic diseases, and availability of advanced treatment facilities in countries like the US and Canada. Additionally, presence of major players and favorable reimbursement policies boost the market growth.
Key players operating in the durable medical equipment market are Stryker Corporation, Baxter International, Inc., Medtronic plc, Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation, Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) and Hill-Rom Holdings, Inc. Stryker Corporation offers a comprehensive range of medical technology products and services for various medical disciplines.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it