Durable medical equipment are medical devices used for home healthcare needs to aid in mobility, breathing, nutrition, bathing, and other medical requirements. These devices can range from walkers and wheelchairs to oxygen equipment and CPAP machines. The need for DME has grown significantly as advancements in treatments allow many patients to receive long-term care at home rather than in hospitals or skilled nursing facilities.
The global Durable Medical Equipment Market is estimated to be valued at US$ 5 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Digitization has propelled growth in the durable medical equipment market. Telehealth has enabled remote monitoring of patients through devices that can transmit health data such as blood pressure, glucose level, heartbeat etc. to doctors and caregivers. This trend allows for continuous monitoring of chronic patients at home preventing frequent hospital visits. It also enables quick medical intervention if vital signs show deterioration helping improve health outcomes. Technologies like AI and IoT further aid in remote patient monitoring through durable medical devices enhancing convenience, accessibility and efficacy of home healthcare.
SWOT Analysis
Strength: Durable medical equipment can help improve quality of life for patients. Moreover, technological advancements have led to development of portable and lightweight devices.
Weakness: High costs associated with durable medical equipment can limit access for some patients. Additionally, reimbursement policies vary significantly by region.
Opportunity: Growing geriatric population prone to disabilities and chronic conditions will drive the demand. Furthermore, rise in healthcare expenditure in emerging nations provides new opportunities.
Threats: Stringent regulations around product approval delays market entry for new players. Intense competition from local and established brands also poses challenges.
Key Takeaways
The global durable medical equipment market is expected to witness high growth. The global Durable Medical Equipment Market is estimated to be valued at US$ 5 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030.
Regional analysis related content comprises North America currently dominates the market and is expected to maintain its leading position over the forecast period owing to factors such as high healthcare spending along with favorable reimbursement policies. Asia Pacific is projected to witness fastest growth over the forecast period supported by increasing geriatric population, rising incidence of chronic diseases, growing medical tourism, and improving healthcare infrastructure in the region.
Key players operating in the durable medical equipment market are Invacare Corporation, Sunrise Medical, ArjoHuntleigh, Stryker Corporation, Hill Rom Inc., Medline Industries Inc., Drive DeVilbiss Healthcare, Compass Health Brands. Invacare Corporation is a leading global provider of non-acute medical equipment including wheelchairs, home care beds, patient aids among others. Hill Rom Inc. offers a wide range of medical equipment and devices including beds, lifts, therapeutic support surfaces for hospitals and post-acute care facilities.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it