The market is expected to witness a CAGR of 6.3% during the forecast period, owing to the well-developed healthcare infrastructure, the significant presence of multinational medical device companies, and well-planned reimbursement policies, among others. in 2017, Texoma Council of Governemnt launched a project of durable medical equipment. Under this project a loan will be provided for these equipment to the ones who are in necessity. The durable medical equipment market is primarily driven by the rise of chronic diseases, technological advancements, and increasing government initiatives. According to the World Health Organization, in 2018, around 18.1 million cases were recorded for cancer worldwide.
Key Market Trends
Hospital/Clinic Segment holds the Largest Market Share and is Expected to Retain its Dominance
The hospital segment is expected to hold the maximum share in the global durable medical equipment market. The growth of the segment is mainly attributed to a high volume of patients coming to hospitals and greater financing capabilities. Technological advancements in medical equipment are helping in the improvisation in diagnosis and treatment of diseases.
As development in the healthcare sector is being followed, there is an increase in the number of hospitals across the developing and developed nations. These increasing number of hospitals and clinics have well-equipped surgical equipment, such as wheelchairs, beds, walkers, bathroom safety devices, monitoring and therapeutic devices, and other equipment.
There is also a rising number of well-equipped diagnostic centers, which have equipment, such as blood sugar monitors, infusion pump, mattress and bedding devices, etc., that help in improving the total patient outcomes. There are also many insurance plans that reimburse the cost of repair and maintenance of the hospital medical equipment, and, therefore, a majority of hospitals are adopting these insurance policies. Therefore, the growth in the medical devices industry drives the hospital segment of the market
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America holds the largest share in the market, with the United States being the largest contributor to its revenue. In the United States, the Federal Drug and Food Administration (FDA) is responsible for regulating the sale of medical devices/products. The FDA also oversees the monitoring of safety in these regulated products. According to Select USA (a US government sponsored forum), the United States is the largest medical device market in the world. The country represents approximately 40% of the global medical device market. Overall, the United States is the largest market for durable medical equipment and may continue to retain its position over the forecast period. The main drivers for the growth of the market are likely to be the increasing population of elderly people and increasing chronic disease prevalence, which may indirectly fuel the adoption of durable medical equipment.
The global durable medical equipment market is highly competitive and consists of several major players. The existing major players in the durable medical equipment market employ strong competitive strategies, leading to high rivalry between them. Some of the key players in the market are Compass Health Brands, GE Healthcare, Getinge AB, GF Health Products Inc., and Invacare Corporation, among others.The product advancements and improvements in durable medical equipment by the major players are increasing the competitive rivalry.
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